Universal Life Insurance Quotes

What is universal life insurance?

John Hancock and USAA have teamed up to provide universal life insurance options that let you customize the timing and amount of your premium. Lifetime protection and potential for cash value accumulation give you the freedom to meet your needs today, plan for tomorrow and help protect your family.

Universal life insurance is a type of permanent coverage. Its features include:

Coverage that lasts a lifetime if premiums are paid.
Flexibility to increase or decrease coverage or payments.^{See note1}^{See note,}^{See note2}
Policies that have the potential to build tax-deferred cash value.
Potential cash value can be used to fund retirement, pay premiums and offset the cost of health care.^{See note3}
Available with the John Hancock Vitality Program.

Why buy universal life insurance?

Flexible Payment Options

Within certain limits, you can decide how much to pay and when. If you've built enough cash value, you may even be able to skip a few payments.
Adjustable Coverage

You can decrease your coverage amount, and your monthly payment may go down as a result. You can't increase your coverage.
Cash Value Potential

Part of your premium is used to build cash value with a guaranteed minimum interest rate or market index performance. You can choose to let it grow or withdraw it if you need it.

Is universal life insurance right for me?

If any of these statements apply to you, universal coverage might be a good choice.

I already have term insurance.

Term policies are great, but they expire. You should consider adding permanent coverage to ensure you have adequate protection.
I'm about to turn 70.

If you have a term policy that expires after you turn 70 and you still need protection to cover a mortgage, debt or burial expenses, a universal policy may be a good option.
I want a policy with tax advantages.

Universal life insurance offers the opportunity to build tax-deferred cash value. You can also borrow against it. You won't pay taxes unless the amount you borrow is more than you've paid.^{See note4}

Explore our universal life insurance options.

Both policies feature a number of optional benefits, including the John Hancock Vitality Program, return of premiums and a critical illness benefit, among others.^{See note5} Call for additional details.

Universal Life

Best for

Members seeking flexible premiums, a no-lapse guarantee^{See note6} and:

Less risk.
A 1% minimum guaranteed interest rate.
Growth tied to a current credited interest rate.

Indexed Universal Life

Best for

Members seeking flexible premiums, a no-lapse guarantee and:

Moderate risk.
0% guaranteed floor on annual index crediting.
Growth tied to a market index, subject to a maximum capped rate.

Still not sure if universal life is right for you?

Depending on your needs and goals, you may decide it's better to purchase one of our other types of permanent life insurance.

USAA Life Insurance Company and USAA Life Insurance Company of New York

Simplified whole life

This policy has fixed payments and a coverage amount that can be adjusted with major life events.^{See note7}

Learn about simplified whole life
Guaranteed issue whole life

This policy doesn't require health questions or a medical exam. You can buy up to $25,000 in coverage. It has fixed payments but is typically more expensive than simplified whole life.^{See note8}

Learn about guaranteed issue whole life

Have more questions?

Speak to a USAA representative at 800-531-LIFEThat's 800-531-5433, Monday to Friday, 7:30 a.m. to 8 p.m. CT.

Use of the term "member" or "membership" refers to membership in USAA Membership Services and does not convey any legal or ownership rights in USAA. Restrictions apply and are subject to change.

Note 1 Changes to Universal Life Insurance premiums may cause the policy to become underfunded and potentially lapse. Make sure you consult with an insurance professional prior to making changes in your policy's premiums.

Note 2 Universal life insurance coverage is designed to last as long as sufficient premiums are paid or enough cash value is maintained to cover the policy's monthly deductions.

Note 3 Loans and withdrawals will reduce the death benefit and the cash surrender value, and may cause the policy to lapse. Lapse or surrender of a policy with a loan may cause the recognition of taxable income. Withdrawals in excess of the cost basis (premiums paid) will be subject to tax and certain withdrawals within the first 15 years may be subject to recapture tax. Additionally, policies classified as modified endowment contracts may be subject to tax when a loan or withdrawal is made. A federal tax penalty of 10% may also apply if the loan or withdrawal is taken prior to age 59 1/2. Cash value available for loans and withdrawals may be more or less than originally invested. Withdrawals are available after the first policy year.

Note 4 The contents of this document are not intended to be, and are not, legal or tax advice. The applicable tax law is complex, the penalties for non-compliance are severe, and the applicable tax law of your state may differ from federal tax law. Therefore, you should consult your tax and legal advisers regarding your specific situation.

Note 5 Some riders may have additional fees and expenses associated with them.

Note 6 Guaranteed product features are dependent upon minimum premium requirements and the claims-paying ability of the issuer.

Note 7 The Life Event Option (LEO) rider is a benefit provided at no additional cost with the Simplified Whole Life (SWL) insurance policy. It allows you to request additional whole life insurance up to six times after specified events. Increases limited to amount of SWL coverage, with total coverage after increases limited to $1 million. Increases provided by additional whole life policies and require payment of additional premiums. Rider expires at age 45. SWL policy form: NWL99614NY 11-20; LEO form: NBR61208NY 08-06.

Note 8 When comparing permanent policies on a "per unit" basis (the amount of premium required for each $1,000 of coverage), typically universal life costs the least per $1,000, simple whole life costs more, and guaranteed whole life insurance costs the most.

Universal Life is known as Flexible Premium Adjustable Life in several states.

The interest rate for your cash value is either set periodically by the insurance company or based on the performance of the underlying index.

Additional benefits provided by riders attached to your policy. Call for details on specific costs, benefits, limitations and availability in your state.

Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock. John Hancock form number ICC19 20HER.

Universal life Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. Protection Universal Life LCC21 22PROUL, Protection Indexed Universal Life ICC24 24PIUL, Accumulation Indexed Universal Life ICC24 24AIUL. Form numbers may vary by state.

Guaranteed Issue Whole Life Insurance is not available in Montana. Benefits may vary by state. These policies contain benefits, reductions, limitations and exclusions.

Guaranteed Issue Whole Life Insurance is underwritten by United of Omaha Life Insurance Company, 3300 Mutual of Omaha Plaza, Omaha, NE 68175, which is licensed nationwide except for NY and does not solicit business in New York. In New York, Companion Life Insurance Company, Melville, NY 11747 underwrites life insurance and annuities. Each underwriting company is responsible for its own financial and contractual obligations along with any and all administrative and claims paying decisions.

Guaranteed Issue Whole Life Insurance includes a graded death benefit. During the first two years, if you die from natural causes (any cause other than accidental), your beneficiaries will receive all premiums paid, plus 10%. The policy pays a specific death benefit amount to your beneficiary, the beneficiary may or may not use it to help pay final expenses.

Guaranteed Issue Whole Life Insurance policy Form ICC18L198P (D787LFL19P in FL;1002Y-0119 in NY) or state equivalent. Motor Vehicle Accidental Death Rider Form C783LNA09R (C787LFL09R in FL; C791LLA09R in LA; C794LNC09R in NC; C799LOK09R in OK; C800LOR09R in OR; C818LPA09R in PA; C801LTX09R in TX; C817LWA09R in WA) or state equivalent.

USAA Life General Agency, Inc. (LGA) (known in CA and NY as USAA Health and Life Insurance Agency) acts as an agent for select insurance companies to provide additional products to USAA members. LGA representatives are salaried and receive no commissions. However, LGA receives commissions from those companies which can include compensation based on the total quantity and quality of insurance coverage purchased through LGA. Plans not available in all states.

USAA Life Insurance Company and USAA Life Insurance Company of New York are not affiliated with John Hancock Life Insurance Company (U.S.A.) or its affiliates nor do we guarantee the quality of their products or services. Although we may promote and/or recommend the products offered by this company, consumers should review the product carefully prior to making a purchasing decision.

Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.

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Universal Life

Universal Life Insurance

Universal life insurance is flexible coverage for life.

What is universal life insurance?

Why buy universal life insurance?

Flexible Payment Options

Adjustable Coverage

Cash Value Potential

Is universal life insurance right for me?

I already have term insurance.

I'm about to turn 70.

I want a policy with tax advantages.

Explore our universal life insurance options.

Universal Life

Indexed Universal Life

Help protect your family with flexible coverage options.

Still not sure if universal life is right for you?

Simplified whole life

Guaranteed issue whole life

Have more questions?

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