Finder’s life insurance experts research life insurance companies to help 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.
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:
Term life
Universal life
Variable universal life
2
Northwestern Mutual
6.33%
$10,550,806,418
A++
Term life
Universal life
Whole life
3
New York Life
5.63%
$9,385,843,168
A++
Term life
Whole life
4
Prudential
5.50%
$9,170,882,825
A+
Term life
Universal life
Indexed universal life
Variable universal life
5
Lincoln Financial Group
5.30%
$8,825,313,514
A+
Term life
Universal life
Indexed universal life
Variable universal life
6
MassMutual
4.13%
$6,874,972,173
A++
Term life
Whole life
Universal life
Variable universal life
7
Transamerica
2.92%
$4,867,310,545
A+
Term life
Whole life
Universal life
Indexed universal life
8
John Hancock
2.80%
$4,657,312,330
A+
Term life
Whole life
Universal life
Indexed universal life
Variable universal life
9
State Farm
2.78%
$4,636146885
A++
Term life
Whole life
Universal life
10
Securian Financial (formerly Minnesota Mutual)
2.66%
$4,426,864,482
A+
Term life
Whole life
Universal life
11
Guardian Life
2.43%
$4,055,519,169
A++
Term life
Whole life
Universal life
Variable universal life
12
Pacific Life Group
2.26%
$3,770,583,797
A+
Term life
Whole life
Universal life
Indexed universal life
Variable universal life
13
Nationwide
2.02%
$3,365,468,867
A++
Term life
Whole life
Universal life
Indexed universal life
Variable universal life
14
AIG
2.01%
$3,346,569,919
A
Term life
Whole life
Universal life
Variable universal life
15
AXA
1.86%
$3,097,395,418
A
Term life
Whole life
Universal life
Variable universal life
16
Voya Financial
1.60%
$2,668,108,182
N/A
Universal life
Indexed universal life
Variable universal life
17
Brighthouse
1.52%
$2,525,047,001
A
Term life
Universal life
18
Protective Life
1.86%
$3,097,395,418
A+
Term life
Whole life
Universal life
Indexed universal life
Variable universal life
19
Primerica
1.43%
$2,376,600,888
A+
Term life
20
Globe Life (formerly Torchmark Corporation)
1.42%
$2,367,071,744
A+
Term life
Children’s whole life
21
Sammons (Midland National & North American Company)
1.40%
$2,326,222,148
A+
Term life
Whole life
Universal life
Indexed universal life
Variable universal life
22
UNUM Group
1.38%
$2,295,140,931
A
Term life
Whole life
23
Mutual of Omaha
1.37%
$2,287,294,687
A+
Term life
Whole life
Universal life
24
Principal Financial
1.27%
$2,108,396,107
A+
Term life
Universal life
Indexed universal life
Variable universal life
25
Penn Mutual
1.14%
$1,897,658,081
A+
Term life
Whole life
How to compare life insurance companies
When you’re researching insurers, it’s important to get the whole picture on what each offers.
Policies offered
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.
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.
Bottom line
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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Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
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