Guaranteed Universal Life Insurance Companies, Your Best Options

If you are interested in guaranteed universal life insurance, you probably want to learn more about it. It is good to know exactly what you are getting into before you commit to anything major.

In addition to learning about guaranteed universal life insurance, you will want to do your research about each of the companies that you get to choose from. They all offer something different. They might have unique terms and conditions. You can learn a lot from comparing these companies.

In short, guaranteed universal life means that you will be guaranteed a death benefit. This is similar to whole life insurance, but there’s a major difference. You will be paying less, which is more like term life insurance.

As you learn more about guaranteed universal life insurance, you will see how it might work for you. Keep in mind that there is no right or wrong answer when it comes to guaranteed universal life insurance. Each individual will need to figure out what is best for them and their needs. With the right advice and help from an independent insurance agent, you will get what you need.

We’ve made the process simpler by explaining guaranteed universal life companies and why you might choose them. We want to keep things easy on you so that you do not have to do all of the research on your own.

What Makes a Good Guaranteed Universal Life Company?

Before you begin looking for a good guaranteed universal life company, you should be aware of what is important in a guaranteed universal life company. This will help you to refine your search and make a solid decision later on.

When you know what to look for in a company, your search can be much more efficient. You will not have to waste time on companies that are not comparable to your top picks.

These are just a few of the things you should be looking for in a good guaranteed universal life insurance company:

Variety of policy size

Everyone needs a different policy. There is no cut and dry answer when it comes to guaranteed universal life insurance policies. Many seniors want a small policy that will cover their final expenses without a problem. Others are interested in leaving an inheritance to their children and grandchildren. Depending on what you plan to do with the death benefit, you will need a different policy size. It can be helpful to use a guaranteed universal life insurance company that offers a wide range of different policies. This will help you to see all of your options in one place and make comparisons.

Financial ratings

There are many different types of financial ratings out there. Several different companies regularly research insurance companies and evaluate them financially. You can take a look at this rating to help you make a decision on the company you end up choosing. Remember that these financial ratings are done by professionals in the financial field. You can trust the ratings that they have decided to give to a company. If possible, compare a few different ratings from each of the companies you find. Look for consistencies between the ratings to ensure that you are looking at the most accurate financial ratings.

Flexible age limits

Though many seniors are able to get guaranteed universal life insurance, age requirements can be tricky to deal with. Keep in mind that, if you are over the age of 80, you will likely have to go through a medical exam. In some cases, insurance companies may deny you coverage due to some health conditions. Note that guaranteed universal life insurance policies are meant to live longer than the insured individual. Coverage should be offered for as long as possible, but be aware that the longer-term guaranteed universal life insurance policies cost more.

Clear terms

You do not necessarily want to commit to a big decision without understanding all of the details. You should look for a guaranteed universal life insurance company that offers very understandable terms. You should not get done reading about a company and feel confused. Though you can ask some questions about the company before committing, you should be able to understand some of what you read. The terms will need to be looked at again from time to time if you have any questions about your policy. Make sure you know what they mean and ask for help if you need it.

Helpful customer service

It is not always fun to talk about needing help with your guaranteed universal life insurance plan. It is totally inevitable though. When you do have to make a call to the help center at the insurance company, you want to make sure you can get through to the representatives. It can be hard to know for sure before you actually start working with a guaranteed universal life insurance company. You might be able to find information about the company’s customer support by searching online. You can also ask an independent insurance agent if you choose to go that route.

Few to no complaints

Did you know that there is a way to look up the complaints that have been filed against a particular company? On the National Association of Insurance Commissioners’ website, you can do a specific search for a company. There, you can see if any customers have filed complaints. Not all of the details will be disclosed, depending on the state rules. Obviously, you should look for a company with few complaints. Zero does not have to be the goal because it may be unachievable. Look for the more recent complaints to get the most accurate and up to date information about the insurance company.

Good feedback

As you talk to your friends or family, you might find out that they too have a guaranteed universal life insurance policy. Remember that everyone has different needs when it comes to life insurance. Still, you can learn something based on someone’s opinion. Additionally, your insurance agent can give you some personal feedback about the company. Just make sure that they do not have any ties to the company so that they do not endorse one unfairly.

Flexible living benefits

As you age, you may find yourself needing additional treatments or operations that were unplanned. This is more likely in seniors who show some signs of risk, but this cannot always be anticipated. With flexible living benefits, you will be able to add on insurance benefits which are known as riders. These help to pay for any necessary medical costs. Though these costs come out of the death benefit, they are a preferred alternative to having debt as a result. Look for an insurance company that offers living benefit riders to help offset the medical costs.

Guaranteed level premiums

One common concern with insurance is that premiums will go up over time. This can happen with some insurance companies and their policies so it is necessary to be aware. Companies often advertise low rates just to get you interested. Each year, that rate will increase significantly. To prevent this from happening, you should look for guaranteed universal life insurance companies that offer guaranteed level premiums. This essentially means that you will pay the same annual price every year for the life of your policy.

As you navigate all of the guaranteed universal life insurance companies, you will learn more about what is important to you and what can be found from these companies. These factors can help you to make a good final decision!

It can be helpful to have a list of the most important factors to you as you look for a guaranteed universal life insurance company. For example, maybe you know that your health concerns may lead to surgeries and treatments. You might be on the lookout for a company that has policies that offer generous benefits to help cover those costs.

You might also talk to your independent insurance agent about your health and other concerns. When the agent knows about your needs, they should be able to direct you to the policies that will be the best match.

10 Best Guaranteed Universal Life Insurance Companies

We have created this list of the 10 best guaranteed universal life insurance companies. Keep in mind that these cannot be ranked from best to worst. Each and every person has their own individual needs when it comes to life insurance.

You may look at this list and rank the companies yourself. We simply cannot due to the personal nature of guaranteed universal life insurance. There’s no right or wrong answer for us to give you.

We tried to keep things general so that you would be able to find the right plan for your needs at any of the companies listed. Most of them are pretty flexible as far as age is concerned. Many offer living benefits too.

Each of these companies listed includes a financial rating or two. This rating measures the insurance companies and how well they function financially. This should not be the only factor that you consider, but it can definitely be helpful.

Take a look at these companies and reach out to them to learn more about what they have to offer.

New York Life

Why is this a good option? New York Life is a great option because it offers multiple flexible policies. This means that you will have more options, even after you have already made a commitment. Depending on the policy that you purchase, you may be able to make some changes to the premiums and face amounts.

Having flexible policies is not essential, by any means. It is simply a nice option to have in case you need it.

Financial ratings:

A.M. Best: A++

J.D. Power: 3/5

Coverage starts at $25,000.

Best for: Anyone who will be experiencing changes throughout their life, such as marriage, retirement, and more. The flexibility at New York Life is helpful for changing lifestyles.

American General

Why is this a good option? One of the best reasons to choose American General is the advantages that come with their policies. They really want to give you the benefits you need while you’re living. One of these options is the Lifestyle Income Solution, which begins at age 85.

If you live longer than expected when you first set up your guaranteed universal life insurance policy, you will be able to receive an income from your insurance. Whatever money is left over would then be given to the beneficiaries.

This can definitely come in handy for those who can no longer work but are still in good health and want to enjoy themselves.

Financial ratings:

A.M. Best: A

Coverage starts at $100,000

Best for: Anyone in good health who may live longer than expected and require a supplemental income.

ANICO – American National Life Insurance

Why is this a good option?

American National Life Insurance is a great choice for anyone who may not want to spend a lot of money on their life insurance. You will still get some great benefits though, so there is no need to worry about the quality of the insurance. You do not need to spend a lot of money to get the coverage you deserve.

Some of their life insurance options do not even require a medical exam, which makes things easier on you. This depends on the policy you go with, but it is a nice option to have.

Another upside is that American National Life Insurance offers Late Payment Forgiveness on some of their policies. The policy lapse dates are not affected negatively as long as you pay within one month.

Financial ratings:

A.M. Best: A

Coverage starts at: $25,000

Best for: Anyone looking for affordable life insurance that does not compromise on quality.

North American Life

Why is this a good option?

There are a few reasons why you might choose to go with North American Life. One of the best ones is that they are one of the lowest priced guaranteed universal life insurance companies. This means that their policies will work for nearly any income and budget.

One unique thing about North American Life is that they have a chronic illness benefit. With most life insurance companies, this benefit has to be added on later as a rider. Riders cost a bit more from other life insurance companies. North American Life automatically adds the chronic illness benefit on so you don’t have to worry about it!

Financial ratings:

A.M. Best: A+

Coverage starts at: $100,000

Best for: Anyone with a chronic illness or anyone who is looking for low rates without compromising quality.

Lincoln Financial

Why is this a good option?

One of the best reasons to choose Lincoln Financial is their large death benefits. This means that your family will be left with more when you pass away. This will be useful so that your family can continue to receive the income that they need. 

When compared to other guaranteed universal life insurance companies, Lincoln Financial has much greater death benefits. If you still have children—or other family members— at home at the time of death, they will benefit from this large death benefit that Lincoln Financial offers. 

Lincoln Financial also has lots of other features, like a variety of rider types and more. Be sure to look into these if you are interested in Lincoln Financial.

Financial ratings:

A.M Best: A+

J.D. Power: 3/5

Coverage starts at: $100,000

Best for: Individuals who still have children or other family members to provide for.

MetLife

Why is this a good option?

MetLife offers a Coverage Continuation Benefit, which comes with some of the policies. This essentially guarantees the death benefit until the insured individual reaches the age of 95.

Another great thing about MetLife is its customization options. You have the opportunity to select both the amount and the duration on your guaranteed universal life insurance policy. This is one way that MetLife keeps their insurance policies personalized to your needs. They understand that there is no “one size fits all” for insurance.

Financial ratings:

A.M. Best: A+

Coverage starts at: $100,000

Best for: Anyone who wants a more personalized policy instead of a generic one that may or may not meet their needs.

Banner Life

Why is this a good option?

One of the best reasons to go with Banner Life for your guaranteed universal life insurance policy is that they will give you flexible payment plans. Though some other insurance companies do offer these, Banner Life seems to have the most payment plans to choose from.

Having this flexibility and the choice can really help if you have a tight budget. Banner Life understands that not everyone has the same financial situation so they have made it easy.

Financial ratings:

A.M. Best: A+

Coverage starts at: $50,000

Best for: Anyone who needs some flexibility from their policy or might be on a tight budget.

Nationwide

Why is this a good option?

We like Nationwide for its low rates. Recently, individuals—especially women— have been able to get exceptionally low guaranteed universal life insurance rates. Their competitive rates can greatly benefit you and ensure you get a great deal.

For many folks, Nationwide is a name you know and trust. This reputation, paired with low rates, makes this company an excellent choice for guaranteed universal life insurance.

Financial ratings:

A.M. Best: A+

Coverage starts at: $100,000

Best for: Anyone looking for affordable guaranteed universal life insurance.

Protective Life Insurance

Why is this a good option?

One of the best things about Protective Life Insurance is its income provider option. With most guaranteed universal life insurance policies, the death benefit is paid in full immediately. With Protective Life Insurance, you have the opportunity to set up the death benefit as a guaranteed income. This may be monthly or annually.

This is a good way to provide for your family without having to worry about how the death benefit will be spent. Plus, it ensures that your family will have enough money each month.

Financial ratings:

A.M. Best: A+

Coverage starts at: $100,000

Best for: Anyone who wants a little bit more control over the death benefit.

Mutual of Omaha

Why is this a good option?

We like Mutual of Omaha because of their high-quality customer service. Not all insurance companies can offer you such a helpful team of customer service representatives. This comes in handy for anything as small as a quick question. You may also need reliable customer service for bigger situations and policy changes.

Having a reliable customer service team is essential to keeping customers happy. Mutual of Omaha works with their customers well to make changes and resolve any issues in a timely manner.

Mutual of Omaha is also reasonably priced. Still, you will get the coverage that you want and need with no problems at all.

Financial ratings:

A.M. Best: A+

J.D. Power: 3/5

Coverage starts at: $50,000

Best for: Anyone—Mutual of Omaha is a great all-around company with affordable rates and excellent customer service.

Is It Possible to Get Life Insurance Without an Exam?

You can still get life insurance if you do not get a medical exam. This is only a good option for those with serious medical needs though. If you have a serious health issue, it is a good idea to forgo the medical exam. This is because you may get denied coverage due to these health issues.

If you are in good health and have a medical exam done, you will likely save money. This medical exam shows the insurance providers that they can insure you without losing a ton of money.

In short, you should get a medical exam if you do not have many serious health issues. If you do have some serious health concerns, it is best to skip the exam so that you do not get denied coverage.

What is Guaranteed Universal Life Insurance Used for?

In most cases, guaranteed universal life insurance is only needed to cover final expenses, like a funeral and burial. For this reason, you can choose a small policy and not have to make any sacrifices. Your family will be able to bury you and not have to worry about paying for it while they are working through everything else.

If you are wanting to leave an inheritance, you will have to choose a larger policy, but this is not a big deal. It is fairly common to leave an inheritance so this can be set up easily.

It is simply good to be aware of the options you have with guaranteed universal life insurance and how you will need to set each one up. The policy size is the most important piece to pay attention to here.

Many guaranteed universal life insurance companies are prepared to handle either option mentioned. Be sure to talk to your independent insurance agent to explain what you are looking for in a policy. Then they will be able to help you get there.

Conclusion

There is no right or wrong answer when it comes to choosing a company to use for guaranteed universal life insurance. There are lots of options out there. The best choice depends on the following:

• Your personal situation: Nobody can give you a specific recommendation unless they have been in your place and understand it. They might give you a few ideas, but the final decision about guaranteed universal life insurance will have to be made by you.
• Your reasons for getting guaranteed universal life insurance: Since your situation is unique, you will also have a unique reason for getting guaranteed universal life insurance. Not everybody gets it for the same reason so this is another explanation as to why there is no right or wrong answer here.
• The coverage available to you: Depending on the company you go with or your own personal situation, you might have a variety of coverage options with guaranteed universal life insurance. Which company you choose will depend on how good the coverage is for you.

To make the best choice with guaranteed universal life insurance, you should work with an independent agency. This is different than buying a guaranteed universal life insurance policy from a specific company. An independent insurance agent will be able to show you all of your options without pushing you to choose one over the other.

Since an independent agent does not work directly with one company, they shouldn’t have a strong bias or seem like they are trying to force you into a decision. They should also be a lot more honest. You should not feel like you’re being tricked if you work with an independent agent.

By working with an independent agent, you will have the opportunity to talk to the agent and learn more about the insurance options you have. These experienced agents can be a helpful resource. With the help of an independent agent, you should be able to get guidance that is specific to your individual needs.

Guaranteed universal life insurance is a great choice for many folks out there. Make sure you do your research to make sure you know exactly what you are looking for. Independent agents are the best choice because they won’t try to sway you one way or another.

Start Here

The good news is you’re in the right place. At CFAinsure we shop around with all of the Guaranteed Life Insurance companies to get you the lowest rate, at no extra cost to you. You can use our life insurance quote engine or give us a call at 212-573-5563 and we’ll answer all your questions.