Best Variable Life Insurance Companies

There are several different types of life insurance coverage on the market. Which type of insurance you choose depends on your specific needs and financial goals.

Each type of life insurance policy has different advantages and disadvantages that you will need to consider to ensure that you’re getting the best protection available.

While term plans are wildly popular, and for good reason, there are a lot of people who want more from their life insurance than what a traditional term policy might offer.

Those people might want to consider a variable life insurance plan, which offers policyholders peace of mind and investment potential.

What is a Variable Life Insurance Plan?

Variable life insurance is a unique type of coverage that has several pros and cons you should be aware of when you’re shopping for life insurance. These types of plans are not perfect for everyone.

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The first thing that you should know is that variable life insurance is a whole life insurance plan, which means that it’s permanent coverage. As long as you pay the monthly premiums, you will have life insurance.

best variable life insurance companies

Not only is variable life insurance a whole life plan, but it is also an investment opportunity. Here’s how it works. Inside of the variable life insurance plan is a cash value component.

The longer that you pay the premiums for your variable life insurance plan, the more value will accumulate inside of that policy. With a traditional whole life insurance policy, you can use that cash value to secure a loan against, or to pay the monthly premiums, for the policy.

One of the ways that a variable life insurance policy is different is that the cash value component of the plan is going to be invested into sub-accounts. These sub-accounts are composed of many mutual funds that you can only invest in through your life insurance policy.

These policies might allow you to invest in a mutual fund, stocks, bonds, or a money market account fund. While this added cash value component can be highly rewarding, investing is fraught with uncertainty. That also means you could actually lose some of the cash value of the plan as well.

Bottom line: a universal life policy comes with fixed rates, a guaranteed death component, tax-deferred funds, the freedom to borrow from the policy, and a whole host of choices for where to invest.

While a term life policy is typically the most affordable life insurance product we recommend, a variable life policy could be a good fit for you, especially if the benefits above are important to you. If so, take a look at the best carriers of variable life insurance policies below.

Our selections are based on customer reviews, rates, and rankings from the four major credit rating agencies who determine a company’s likelihood to fulfill its financial commitments.

Northwestern Mutual

Northwestern is one of the most popular financial institutions on the marketplace. They have been around for quite a while, and they are also very financially stable.

With the A.M. Best, they hold an A++, which is “superior.” That excellent rating reflects the fact that you won’t have to worry about the company going bankrupt.

For a large company, they have very few complaints. They continue to have excellent customer service and customer relations. If you’re looking for a stable company with responsible and kind representatives, Northwestern is a very good choice.


Prudential offers three different variable life insurance policies that you can choose from. All of them are slightly different and will have various pros and cons.

Prudential has excellent credit ratings from A.M. Best, Standard and Poor’s, Moody’s, and Fitch.

If you purchase a variable life insurance plan through Prudential, your premiums will be invested in 50 investments options. They also have several excellent riders that you can add to your coverage to personalize your life insurance plan.


MassMutual is one of the oldest companies on our list. They were originally founded in 1851, which means they have had over 150 years of working with insurance clients across the nation. There is a reason that they have been around for so long. They offer competitive rates on all of their life insurance products.

One of the advantages of the variable life insurance plan with MassMutual is that they allow you to choose your investments inside of the plan. That’s a unique benefit that a lot of insurance companies don’t have.

With a superior rating from A.M. Best and droves of content clients, you can count on MassMutual for your variable life insurance needs.


Transamerica has been known for their no exam life insurance coverage for a long time, but that’s not the only life insurance that they offer. They also have great rates for their variable life insurance coverage. Not only do they have good rates, but they also hold an A+ Rating with A.M. Best, and when you’re shopping around for variable life insurance, the financial rating is critical.

Additionally, they also have great underwriting, which means that if you aren’t in perfect health, you can still get better rates for your life insurance coverage.

Voya Financial

While Voya is not the largest company on our list, they have recently started making a name for themselves. They have put a lot of money towards advertising their life insurance options. Previously, they were known as ING, before they switched in 2014.

They have a wide variety of permanent universal life insurance plans that you can choose from. Because they have more options, it’s more than likely that you will find a plan that fits your needs. Much like the other companies on our list, they have an excellent rating from all third-party rating companies.

Variable Life Insurance or Other Options

When you’re shopping for variable life insurance coverage, it’s important to note that it’s not going to be the cheapest option for life insurance protection. If you want to get the most affordable insurance policy, you should choose a standard term life insurance policy.

They are a temporary form of life insurance protection, but they are going to be around three times cheaper than a permanent form of coverage.

While term policies are not guaranteed for life like a variable policy, term lengths are flexible, ranging anywhere from a few years to a few decades.

Regardless of which type of life insurance you buy, it is important to start the application as soon as possible.

If any concerns creep into your mind about variable life policies or the carriers that offer these plans, you can reach out to our agents today!

Our agents are all considered independent agents, and the short of it means that we can show you highly rated companies across the nation. Since our access to quotes is unlimited, you will feel safe knowing that our ultimate goal and responsibility is enrolling you in a plan that suits your needs best.

Tomorrow might be the last day for you or a loved one, so make the time now to choose a plan. Leaving debt and expenses behind that could go unpaid will cause a lot of stress for your family, so let us do our job by finding the plan while you do yours to live the rest of your life knowing your dependents will be taken care of.


Susan Wright, CLU, ChFC, RHU, REBC, ADPA, CITRMS, CIPA has been in the insurance and financial field for over 27 years. Even with years of experience, she continues to create new resources for others. Everything from books to training material.

Susan received her MBA from St. Louis University and her BA from Michigan State University.

She has worked in several areas but excels in writing material for both finances and insurance. Her goal is to give professionals credibility and assist in streamlining the sales process.

She has written countless articles for a variety of websites.

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