A universal tool for installing annular parts, components, or devices such as tapered and non-tapered bearings on shafts includes a cap, a tube, and cooperating interchangeable force distributors. A first interchangeable tapered force distributor attaches to the tube and includes a tapered or beveled edge allowing for proper visual alignment with, and isolated force distribution on, the inner race of a tapered bearing. A second interchangeable non-tapered force distributor also attaches to the tube and includes an annular flange with a substantially flat surface that cooperates with the inner and outer races of the ball bearing such that force applied to the cap of the universal tool is evenly distributed around the inner and outer races of the ball bearing. A connector piece can be used to connect two tubes in order to accommodate longer shafts. For a press-through design, a modified cap comprising an external non-tapered force distributor can be substituted when a machine press is used to install the bearing on the shaft. The non-tapered force distributor allows the shaft to extend therethrough and supports the universal tool when it is inverted and secured to the machine press.