What are the three biggest life insurance companies in the U.S.?

According to the National Association of Insurance Commissioners (NAIC), the largest insurance companies offering life insurance are New York Life Group, followed by Northwestern Mutual Group, with Metropolitan Group in third place. Each of these companies has slightly more than six percent of the North American market share.

What are the top reasons for buying life insurance?

According to the 2024 LIMRA and Life Happens Insurance Barometer Study, people purchase life insurance for various reasons. Here are some key motivations: Covering burial and final expenses: 28 percent of people buy life insurance to cover burial and final expenses, ensuring their families are not burdened with these costs. Income replacement: 29 percent of policyholders aim to replace lost income to support dependents, providing financial stability for loved ones. Debt repayment: 27 percent of respondents use life insurance to ensure debts such as mortgages are paid off in the event of the policyholder’s death. Leaving an inheritance: 24 percent of individuals purchase life insurance to transfer wealth or leave an inheritance, ensuring their financial legacy. The study also found that 51 percent of Americans currently own life insurance, with 22 percent of policyholders feeling they do not have enough coverage. Additionally, 30 percent of non-owners recognize the need for life insurance, indicating a significant market opportunity. Understanding these motivations can help consumers make informed decisions about the best life insurance for young adults and others.

What are the different types of life insurance?

There are several key types of life insurance to consider, each catering to different needs and preferences: Term Life Insurance: This is a straightforward form of life insurance that covers you for a specific period of time, such as 10, 20 or 30 years. It's often chosen for its affordability and simplicity, providing a death benefit if the policyholder passes away during the term. Whole Life Insurance: This offers coverage that lasts your entire lifetime and includes a cash value component that grows over time. However, it’s important to note that “lifetime,” as it pertains to life insurance, means a maximum coverage age of 95 to 121. It's typically more expensive than term life but can be a part of a long-term financial strategy. Universal Life Insurance: Universal life provides lifetime coverage (maximum age of 95 to 121) with more flexibility than whole life insurance. You might have the option to adjust your premiums and death benefits, and it also includes a cash value component. Variable Life Insurance: This type allows the policyholder to invest the policy's cash value in various accounts with different risk and return characteristics. It offers the potential for higher returns but comes with increased risk. Indexed Universal Life Insurance: This is a type of universal life insurance where the cash value's growth is tied to a financial index, like the S&P 500. These types of policies can be very complex.

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The largest life insurance companies

Written by

Ashlyn Brooks

Edited by

Natasha Cornelius, CLU

Reviewed by

Tony Steuer

Updated Nov 13, 2024

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On This Page

How do you choose the right life insurance company for your needs? Purchasing a life insurance policy can be a big decision, and you want to be sure the coverage you have is a good fit for your preferences and situation. Cost matters, but other factors, such as good customer service or digital management capabilities, may play a role in your decision as well. In some cases, a smaller company may suit you, but in others, you may want to consider one of the biggest insurance companies for your policy. In this guide to the largest insurance companies in the U.S., Bankrate's insurance editorial team reviews the pros and cons of going with a larger company, from financial strength to available options, to help you make the best decision for your own coverage.

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List of life insurance companies

Researching the top 10 life insurance companies can offer valuable insights when considering your options. Based on the latest 2023 data from the National Association of Insurance Commissioners (NAIC), New York Life leads the pack with a 6.86 percent market share. Close on its heels is Northwestern Mutual, holding a 6.74 percent share. Metropolitan Group and Prudential are also key contenders, with market shares of 6.34 percent and 5.64 percent, respectively.

Carriers that narrowly missed the top 10 largest life insurance company list include Guardian Life and John Hancock, with market shares hovering around 2.5 percent.

In addition to market share data, we've also included each carrier's 2024 J.D. Power U.S. Individual Life Insurance Study score in the table below to help you gauge customer satisfaction.

Rank	Company	Market share	Premiums written (billions)	J.D. Power rating (648 industry average)
1	New York Life Group	6.86%	13.288	639/1,000
2	Northwestern Mutual Group	6.74%	13.062	670/1,000
3	Metropolitan Group	6.34%	12.285	644/1,000
4	Prudential of America Group	5.64%	10.924	626/1,000
5	Mass Mutual Life Insurance Group	4.75%	9.205	673/1,000
6	Lincoln National Group	4.30%	8.323	652/1,000
7	Nationwide Corporate Group	3.00%	5.802	666/1,000
8	State Farm	2.97%	5.754	699/1,000
9	Transamerica (Aegon US Holding Group)	2.64%	5.104	615/1,000
10	Minnesota Mutual Group (Securian)	2.56%	4.954	Not rated

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 major insurance companies, but quantity doesn't always equal quality when it comes to market share.

What to look for beyond size

No matter the size of the carrier you're considering, here are some quality indicators to keep an eye on when shopping for life insurance:

Financial stability rating: A high financial stability rating from agencies like AM Best is a value add for life insurers. It reflects the insurer's robust track record in paying out claims, which may be crucial during unexpected events. AM Best ratings range from A++ (Superior) to D (Poor).
Customer service: A smooth claims process can be meaningful for grieving beneficiaries, but you may need to contact the customer service department many times before that point. Looking at J.D. Power scores, NAIC Complaint Indexes and customer reviews can give you an idea of the level of service a company provides.
Ethical practices: The integrity of a life insurance company's business operations is vital. Firms that adhere to high ethical standards in their dealings are more likely to be transparent with policy terms, fair in pricing and straightforward in the claims process.
Community engagement: Insurers that actively contribute to community initiatives or engage in sustainable practices often hold a sense of corporate responsibility that goes beyond the bottom line. This commitment can be a reflection of a company's values and how it might value its policyholders.
Technological advancements: In a digital era, the ease of managing your policy online, from quoting to filing a claim, adds immense value. Insurers who invest in technology like efficient online quoting systems, accelerated underwriting processes and comprehensive mobile apps offer convenience and speed.
Product portfolio: Offering a variety of life insurance products, such as term, whole and universal life insurance, can be particularly beneficial. This is especially true if you're uncertain about the type of coverage you need. Having more than just term insurance options means it’s more likely their term policies are convertible, which can be a valuable feature. Should you develop a terminal illness or your needs change over time, converting to a permanent policy without additional medical exams can help ensure continued coverage and financial security.

Choosing a large life insurance company

The most obvious reason to go with one of the top life insurance companies is that they typically have more financial assets and, therefore, probably have an easier time achieving financial stability. Large life insurance companies also tend to have more years in the business. Northwestern Mutual, for example, the second biggest life insurance company in 2023, 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 invest in 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. As a smaller firm, they may specialize in life insurance over other types of insurance — whereas a large company may provide many different types of insurance products. This type of relationship may offer better recommendations for your individual needs.

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 by 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

According to the National Association of Insurance Commissioners (NAIC), the largest insurance companies offering life insurance are New York Life Group, followed by Northwestern Mutual Group, with Metropolitan Group in third place. Each of these companies has slightly more than six percent of the North American market share.
According to the 2024 LIMRA and Life Happens Insurance Barometer Study, people purchase life insurance for various reasons. Here are some key motivations:
- Covering burial and final expenses: 28 percent of people buy life insurance to cover burial and final expenses, ensuring their families are not burdened with these costs.
- Income replacement: 29 percent of policyholders aim to replace lost income to support dependents, providing financial stability for loved ones.
- Debt repayment: 27 percent of respondents use life insurance to ensure debts such as mortgages are paid off in the event of the policyholder’s death.
- Leaving an inheritance: 24 percent of individuals purchase life insurance to transfer wealth or leave an inheritance, ensuring their financial legacy.
The study also found that 51 percent of Americans currently own life insurance, with 22 percent of policyholders feeling they do not have enough coverage. Additionally, 30 percent of non-owners recognize the need for life insurance, indicating a significant market opportunity. Understanding these motivations can help consumers make informed decisions about the best life insurance for young adults and others.
There are several key types of life insurance to consider, each catering to different needs and preferences:
- Term Life Insurance: This is a straightforward form of life insurance that covers you for a specific period of time, such as 10, 20 or 30 years. It's often chosen for its affordability and simplicity, providing a death benefit if the policyholder passes away during the term.
- Whole Life Insurance: This offers coverage that lasts your entire lifetime and includes a cash value component that grows over time. However, it’s important to note that “lifetime,” as it pertains to life insurance, means a maximum coverage age of 95 to 121. It's typically more expensive than term life but can be a part of a long-term financial strategy.
- Universal Life Insurance: Universal life provides lifetime coverage (maximum age of 95 to 121) with more flexibility than whole life insurance. You might have the option to adjust your premiums and death benefits, and it also includes a cash value component.
- Variable Life Insurance: This type allows the policyholder to invest the policy's cash value in various accounts with different risk and return characteristics. It offers the potential for higher returns but comes with increased risk.
- Indexed Universal Life Insurance: This is a type of universal life insurance where the cash value's growth is tied to a financial index, like the S&P 500. These types of policies can be very complex.

Written by

Ashlyn Brooks

Writer II, Insurance