Powered by HomeInsurance.com (NPN: 8781838)
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Insurance Disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Lizzie Nealon Lizzie Nealon
Written by
Maggie Kempken Maggie Kempken
Edited by
Kenneth Chavis IV Kenneth Chavis IV
Reviewed by
Updated Mar 14, 2024
Editorial integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU — the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a stricteditorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Insurance Disclosure
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for .This content is powered byHomeInsurance.com(NPN: 8781838). For more information, please see our.
On This Page
On This Page
- List of life insurance companies
- Choosing small vs. large life insurance companies
- Frequently asked questions
Life insurance can provide a financial safety net for your loved ones if you pass away. It can be overwhelming to figure out the best life insurance companies to purchase a policy from. Researching the largest life insurance companies in the U.S. can provide a guide to some of the top options, as the majority of Americans work with large life insurance providers. The top 10 largest life insurance providers account for nearly 53.1% of market share. Large life insurance companies often provide a significant web of resources and the likelihood of financial stability to customers.
Advertising Disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisem*nt are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.
Compare life insurance providers quickly and easily
See which provider is right for you.
Your information is kept secure
Please select age
The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses.
Please select Coverage amount
Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
Please select Policy type
Powered by HomeInsurance.com (NPN: 8781838)
Insurance Disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
List of life insurance companies
The National Association of Insurance Commissioners (NAIC) keeps an updated list of the largest life insurance companies. The list is ordered by market share, calculated based on the value of premiums written per year.
Northwestern Mutual is the largest life insurance company, according to 2022 NAIC data, holding a little over 7 percent of market share. Northwestern Mutual is followed closely by New York Life Group and Metropolitan Group, holding 6.45 percent and 6.37 percent of market share, respectively. Also on the list are many other life insurance companies you will likely find familiar. We have also included each company’s rating in the 2022 J.D. Power U.S. Individual Life Insurance Study to help you get a sense of customers’ satisfaction with each company.
| Rank | Company | Market share | Premiums written (billions) | J.D. Power rating (774 industry average) |
|---|---|---|---|---|
| 1 | Northwestern Mutual Group | 7.20% | 13.944 | 791/1,000 |
| 2 | New York Life Group | 6.45% | 12.480 | 775/1,000 |
| 3 | Metropolitan Group | 6.37% | 12.325 | 786/1,000 |
| 4 | Prudential of America Group | 5.45% | 10.547 | 773/1,000 |
| 5 | Mass Mutual Life Insurance Group | 4.93% | 9.550 | 780/1,000 |
| 6 | Lincoln National Group | 4.42% | 8.562 | 764/1,000 |
| 7 | Nationwide Corporate Group | 3.15% | 6.101 | 791/1,000 |
| 8 | State Farm | 2.84% | 5.505 | 839/1,000 |
| 9 | Minnesota Mutual Group (Securian) | 2.61% | 5.047 | 754/1,000 |
| 10 | Transamerica (Aegon US Holding Group) | 2.60% | 5.035 | 740/1,000 |
Choosing small vs. large life insurance companies
When choosing the best life insurance company, is it best to stick with an insurer on the list of life insurance companies who write the most premiums? Not necessarily. There are certainly advantages to going with a major insurer, but taking a look at smaller companies is, at the very least, worthy of consideration.
What to look for beyond size
The most obvious reason to go with a large life insurance company is that they typically have more financial assets and, therefore, probably have an easier time achieving financial stability. A company’s financial stability rating is a good indicator of the company’s historic ability to pay out claims. Choosing a company with a high financial strength score may provide peace of mind when buying life insurance, as it is considered a financial product.
AM Best rates the ability of insurance companies to meet their insurance obligations on a scale from A++ (Superior) to C (Poor). The financial strength scores of A++ (Superior) and A+ (Excellent) are highly coveted.
There are other factors to consider, as well. Things like a company’s business ethics, customer service, community endeavors and technology development are all things that can help one company to stand out over another.
Choosing a large life insurance company
Large life insurance companies also tend to have more years in the business. Northwestern Mutual, for example, the biggest life insurance company in 2022, was founded in 1857. With more than a century and a half writing policies, this company is a leader in the industry with a strong track record of policyholder satisfaction.
The digital tools offered by large life insurers are often superior to those offered by smaller competitors. For example, you might be able to manage your life insurance policy through a smartphone app or get instant quotes online from a company that has the resources to put into these features. Smaller companies may not have the budget to develop advanced technological tools.
On a similar note, larger life insurance companies can sometimes offer easier access to customer service channels. You may be able to get in touch with a company representative without having to pick up the phone, thanks to mobile apps and live web chat. But if you would rather dial in, larger companies typically extend phone hours or even provide 24/7 support.
Choosing a small life insurance company
On the other hand, small life insurance companies can sometimes have the upper hand by providing more tailored and personalized customer service. If you do business with a small life insurer, you might work with the same representative for years or even decades. This type of relationship may offer better recommendations for your individual needs – not to mention possibly providing friendlier and more personal service overall.
Smaller life insurance companies sometimes provide more specialized coverage. For example, some small life insurers are created specifically for certain groups such as military members or educators. A small specialty life insurer might also be a good choice if you are looking for a very precise type of coverage, such as final expense insurance.
Last but not least, if you have been denied coverage from a major life insurance company, it is worth asking around with smaller competitors. While large life insurers can afford to turn down customers, small companies may be more flexible in order to win business. It is possible that a smaller insurer may be willing to accept greater risk than a larger insurance company.
Frequently asked questions
Lizzie Nealon is an insurance contributor for Bankrate and enjoys making home, auto and life insurance digestible for readers so they can prepare for the future.
Edited by Maggie Kempken Maggie Kempken
Reviewed by Kenneth Chavis IV Kenneth Chavis IV
