Largest Life Insurers in the U.S.
The United States life insurance market features numerous providers, with over 700 insurers operating across the country according to the American Council of Life Insurers. The major players in this space are characterized by their financial strength, diverse policy offerings, and long-standing histories.
Top 25 Life Insurers by Market Share
Based on the latest available data from S&P Global Market Intelligence for 2024, the top 25 life insurers in the U.S. control over 74% of the market share for individual policies. Here’s a breakdown of the leading companies:
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Northwestern Mutual: 10.92% market share
- Offers: Term life, Whole life, Universal life, Variable universal life
- NerdWallet rating: 5.0
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New York Life: 6.86% market share
- Offers: Term life, Whole life, Burial life, Universal life, Variable universal life
- NerdWallet rating: 4.5
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MassMutual: 6.31% market share
- Offers: Term life, Whole life, Universal life, Variable universal life
- NerdWallet rating: 5.0
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Prudential: 5.37% market share
- Offers: Term life, Whole life, Burial life, Universal life, Variable universal life, Indexed universal life, Indexed variable universal life
- NerdWallet rating: 3.5
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Lincoln Financial: 3.72% market share
- Offers: Term life, Variable universal life, Indexed universal life
- NerdWallet rating: 4.0
The remaining top 20 companies include State Farm, Guardian, Protective Life, Pacific Life, John Hancock, Transamerica, Nationwide, Corebridge Financial, National Life Group, Penn Mutual, Primerica, Mutual of Omaha, Equitable, Globe Life, MetLife, Sammons, Principal Financial, Securian, and Western & Southern Life.
Key Factors in Choosing a Life Insurance Company
When selecting a life insurance provider, consider the following:
- Financial Strength Ratings: Indicators from agencies like AM Best that reflect a company’s ability to pay claims.
- Complaint Ratios: Lower complaint volumes relative to company size indicate better customer satisfaction.
- Policy Options: Companies offering a range of policies (term, permanent, etc.) to meet different needs.
Types of Life Insurance Companies
- Mutual Life Insurance Companies: Owned by policyholders, examples include Northwestern Mutual and Mutual of Omaha.
- Stock Insurance Companies: Owned by shareholders and publicly traded.
Considerations for Consumers
Both large and small insurance companies have their advantages. Larger companies offer financial stability and comprehensive resources, while smaller ones may provide more personalized service. Comparing quotes from different providers is essential to finding the best coverage at a competitive price.
