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This article was reviewed by Andrew Flueckiger, a member of the Finder Editorial Review Board and certified insurance counselor and licensed insurance agent in five states.
Finder’s life insurance experts spent over 500 hours researching 100 life insurance companies, helping you narrow down the 780+ insurers available. Read unbiased, expert reviews on the top life insurers with key factors to consider, including types of policies, coverage comparisons, customer satisfaction ratings and more.
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Ask an expert: What is the #1 factor to consider when choosing a life insurance company?
CEO East Insurance Group
You want to go with companies that are financially capable. You’re likely expecting to be with them for the long-term, so you’d want to make sure they’re capable of providing for you financially in times of need. They should be able to withstand the volatility and unpredictability of financial markets.
You’ll know this by looking at a company’s financial strength ratings posted on AM Best.
Also, keep in mind your initial price quote may change once your policy has been written up. Your safest bet would be to compare multiple quotes and then assess what would be best for you.
Largest life insurance companies in the US
These are the biggest players in the life insurance market, according to the 2018 National Association of Insurance Commissioners (NAIC) market share report. Together, these insurers wrote $166 billion in direct premiums.
These companies also have high financial ratings from AM Best, keeping plenty of cash reserves to pay claims. Their ratings can reassure your loved ones who may not need to file a claim for years to come.
|Rank||Company||Market share||Direct premiums written||AM Best rating||Life insurance types|
|1||MetLife||6.53%||$10,877,336,635||A+||Group life insurance:|
|3||New York Life||5.63%||$9,385,843,168||A++|
|5||Lincoln Financial Group||5.30%||$8,825,313,514||A+|
(formerly Minnesota Mutual)
|12||Pacific Life Group||2.26%||$3,770,583,797||A+|
(formerly Torchmark Corporation)
(Midland National & North American Company)
|23||Mutual of Omaha||1.37%||$2,287,294,687||A+|
How to compare life insurance companies
When you’re researching insurers, it’s important to get the whole picture on what each offers.
Take the time to find the right policy now, ensuring that your family stays fully protected. You can’t always switch life insurance while keeping the same coverage and premium.
Two areas to consider:
- Look for companies with the type of life insurance you need, like a whole or term policy.
- Consider whether the policy features and coverage amounts give plenty to pay any debts and support your family.
Riders are add-ons to your life insurance policy that create wider coverage, and different life insurers offer different riders.
For example, a conversion rider on a term life policy lets you convert to a permanent policy without taking another medical exam.
Customer ratings and financial strength
Check out J.D. Power rankings and customer reviews to see how easy it is to work with a company. Too many complaints may mean a headache when managing your policy — or worse, when your beneficiaries file a claim.
Look into each life insurer’s financial strength from independent agencies like AM Best to understand how it manages its cash reserves. A company with an A rating or higher can offer loved ones financial peace of mind.
Payments and cost
Check your billing options and how long the application process will take. If you want immediate coverage, you probably should look for a policy that doesn’t require a medical exam.
When comparing costs, make sure you’re comparing apples to apples. Each policy should have the same coverage, term lengths and riders to ensure you’re getting an accurate comparison.
The right life insurance policy can protect you and your family’s assets, offer peace of mind and provide financial security after you die.
To find a policy that fits your needs at the right price, compare life insurers and get quotes from your top choices
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