When purchasing for life insurance coverage, you need to be certain the corporate you’re coping with goes to be round for some time. And whereas dimension isn’t all the pieces, corporations with a bigger market share have a extra intensive buyer base which may translate to higher monetary stability.
That can assist you in your search, I’ve compiled an inventory of the largest life insurance coverage suppliers within the US by market share and premiums obtained, in response to the latest knowledge (filed on March 13, 2023, with the Nationwide Affiliation of Insurance coverage Commissioners [NAIC]). A number of of those suppliers have been in enterprise for over a century, and all have wholesome monetary power scores.
Desk of Contents
- The Largest Life Insurance coverage Corporations in america
- 1. Northwestern Mutual Life
- 2. New York Life
- 3. MetLife
- 4. Prudential
- 5. MassMutual
- 6. Lincoln Monetary Group
- 7. Nationwide
- 8. State Farm
- 9. Securian
- 10. Transamerica
- 11. John Hancock
- 12. Guardian Life
- 13. Pacific Life
- 14. Protecting
- 15. AIG
- Our Rating Methodology
- Ultimate Ideas
The Largest Life Insurance coverage Corporations in america
Along with itemizing the businesses by dimension, I present an summary of every supplier, in the event that they personal a number of insurance coverage manufacturers, and what further insurance coverage and wealth administration merchandise they provide.
1. Northwestern Mutual Life
Northwestern Mutual is the most important life insurance coverage firm in america, with a 7.21% market share and $13.9 billion in direct premiums obtained in 2022. It additionally ranks #4 with an total buyer satisfaction ranking of 794 out of 1,000 within the J.D. Energy U.S. Particular person Life Insurance coverage Examine.
Along with time period life insurance coverage, clients can purchase complete and common life insurance coverage, incapacity insurance coverage, and wealth administration providers. Northwestern has glorious monetary scores from all 4 ranking companies (A++ from A.M. Finest, AAA from Fitch Rankings, AAA from Moody’s, and AA+ from S&P World.
2. New York Life
New York Life Group has a 6.45% market share with $12.48 billion in direct premiums. This life insurance coverage firm is likely one of the nation’s oldest, and 2023 marks the 169th consecutive yr of dividend payouts for complete life insurance coverage policyholders. Complete life protection isn’t the best choice for a lot of, however contemplate New York Life should you’re purchasing for complete life.
New York Life ranks #10 with the J.D. Energy buyer satisfaction ranking. They’ve over 12,000 brokers throughout america. Clients work with native brokers to check time period and everlasting life insurance coverage merchandise. Different wealth planning providers can be found too.
MetLife is a part of the larger Metropolitan Group, that’s additionally a publicly-traded inventory (NYSE: MET). Its market share is 6.37%, with $12.3 billion in direct premiums. It presents time period life insurance coverage to people and group common protection choices and ranks #8 in J.D. Energy’s survey.
Together with life insurance coverage, MetLife is considered one of our favourite renter’s insurance coverage corporations. You may also get well being protection, long-term care, and pet insurance coverage to highlight a few of its notable insurance coverage merchandise.
As one of many world’s largest insurers, Prudential instructions a 5.45% share of the US market with $10.5 billion in premiums. It additionally ranks #11 in buyer satisfaction. The insurance coverage supplier has been in enterprise for over 145 years and has over 50 million clients in 40 international locations.
Its life insurance coverage merchandise embody time period, common, listed common, and variable common. Clients can request on-line quotes or converse with an agent. Prudential additionally presents monetary planning, funding, and retirement providers.
MassMutual and its online-only Haven Life platform have a 4.94% market share with $9.5 billion in direct premiums. Its buyer satisfaction ranking is the ninth-best. It presents time period, everlasting, and life insurance coverage with no medical examination.
MassMutual additionally presents long-term care and incapacity insurance coverage, and your employer can also accomplice with MassMutual to supply group life insurance coverage.
6. Lincoln Monetary Group
Lincoln Monetary has a 4.42% market share with $8.5 billion in direct premiums and ranks #14 in J.D. Energy buyer satisfaction. People can request quotes for a time period or everlasting coverage after contacting an area agent. Sadly, its level-term insurance policies are unavailable in New York. Lincoln Monetary additionally presents long-term care insurance coverage and is a distinguished supplier of dental insurance coverage.
Many individuals affiliate Nationwide with low-cost automobile insurance coverage, but they provide a number of insurance coverage merchandise and are one of many nation’s largest life insurance coverage corporations. Their market share is 3.15%, with $6.1 billion in direct premiums.
Your life insurance coverage choices embody time period, complete, variable, common, and long-term care. Nationwide additionally has an above-average J.D. buyer satisfaction rating (#6 total). Nationwide could also be a good selection should you can obtain a multi-policy low cost and pay much less in your auto or house insurance coverage.
8. State Farm
Over 19,000 State Farm brokers are positioned in most small and huge cities throughout the nation. That they had the best J.D. Energy buyer satisfaction ranking in 2022, and their market share registers at 2.84% with $5.5 billion in direct premiums.
State Farm presents time period and everlasting life insurance coverage to people and small companies, along with auto and home-owner’s insurance coverage.
With State Farm, you can begin the method on-line and nonetheless select to work with an area agent. Whereas going by means of an agent can require extra effort, State Farm has the most effective buyer satisfaction ranking within the 2022 J.D. Energy research.
Securian Monetary and its affiliate, Minnesota Life Insurance coverage Firm, preserve a 2.49% market share and $5.04 billion in direct premiums. However whereas it’s one of many largest insurance coverage corporations within the US, its buyer satisfaction ranking is beneath common and ranked 16 out of twenty-two in 2022.
That mentioned, the corporate has offered insurance coverage since 1880 and maintains excessive scores with the ranking companies. Its highest ranking is with A.M. Finest at A+ (Superior) which is that company’s second-highest ranking.
Transamerica (and its mum or dad firm Aegon US Holding Group), has a 2.60% market share with $5.03 billion in direct premiums. This insurer has supplied time period and everlasting life insurance coverage to US residents for over 100 years. For over 20 years, it’s offered life insurance coverage for international nationals who repeatedly go to or work in america.
To acquire a coverage, you might want to converse with a close-by agent. Transamerica can be well-known for its long-term care insurance coverage and varied worker advantages, together with retirement accounts and group insurance coverage.
11. John Hancock
For over 160 years, John Hancock has supplied life insurance coverage and different monetary planning merchandise. Its market share is 2.54% of the trade, with $4.9 billion in direct premiums. Its J.D. Energy buyer satisfaction ranking is beneath the trade common, rating 18 out of twenty-two.
People can get an internet quote and take part within the Vitality rewards program by collaborating in wholesome behaviors. For instance, policyholders can obtain as much as 25% in premium reductions by means of common train, physician visits, and consuming properly (knowledge sharing opt-in is required for optimum financial savings). You may also get reductions on FitBits and different health-related providers and units.
John Hancock additionally presents journey insurance coverage, and you’ll be a part of their funding and wealth administration platforms.
12. Guardian Life
Guardian Life is a notable supplier of a number of insurance coverage merchandise, together with life, incapacity, dental, imaginative and prescient, accident, essential sickness, and hospital indemnity. Many contemplate this service one of many greatest incapacity insurance coverage suppliers. You may acquire protection by means of your employer, by your self, or by working with a monetary consultant.
Concerning life insurance coverage, time period protection is the preferred possibility, though complete and common merchandise can be found too. The corporate’s market share is 2.49%, with $4.8 billion in direct premiums. Its buyer satisfaction ranking is above-average and #7 total within the J.D. Energy research.
13. Pacific Life
Pacific Life presents time period and everlasting life insurance coverage merchandise by means of native monetary professionals. The model has a 2.45% market share with $4.7 billion in direct premiums and probably the greatest J.D. Energy buyer satisfaction scores, at #5 total.
Protecting has been providing time period and everlasting life insurance coverage inside america for over 110 years and at present has a 2.18% market share and $4.2 billion in obtained premiums. This service was acquired by Japan-based Dai-Ichi Holdings in 2014, which owns life insurance coverage corporations internationally.
Its J.D. Energy buyer satisfaction ranking is #12 out of twenty-two corporations which is center of the pack. You may request on-line quotes for its Protecting® Basic Alternative Time period life product, with phrases of as much as 40 years. Potential clients should inquire by telephone about complete and everlasting life insurance coverage merchandise.
AIG (American Insurance coverage Group) has its tentacles in lots of insurance coverage and monetary industries throughout the globe. For US life insurance coverage, you should buy time period and everlasting merchandise on-line by means of AIG Direct or by talking with a phone-based licensed agent. For these preferring in-person service, locally-affiliated brokers additionally present protection.
The corporate’s US life insurance coverage market share is 1.83% with $3.5 billion in direct premiums, and has helped over six million clients acquire insurance policies since 1995. Nonetheless, its buyer satisfaction ranking is beneath the trade common at 19 out of twenty-two.
Our Rating Methodology
We listed the most important suppliers first utilizing the most up-to-date report from the Nationwide Affiliation of Insurance coverage Commissioners (NAIC) measuring the market share of the US life insurance coverage corporations (knowledge filings are from March 13, 2023).
J.D. Energy outcomes have been taken from the J.D. Energy 2022 U.S. Particular person Life Insurance coverage ExamineSM, launched in October 2022. It lists the ranking for 22 life insurance coverage suppliers.
The most important life insurance coverage corporations in america supply many protection choices that may insure youthful or older candidates with varied medical backgrounds and monetary backgrounds. Some corporations concentrate on on-line product supply, whereas others deal by means of native brokers and employer plans.
Earlier than deciding on a life insurance coverage plan, I like to recommend that you simply get a quote from a number of suppliers. Whereas underwriting requirements and costs are aggressive, you need to make sure you get the absolute best protection on the proper value. Additionally, many life insurance coverage corporations supply different merchandise, which can open the door to bundling reductions.