When shopping for life insurance, there are good reasons why you might want to go with one of the largest providers out there.
Big life insurance companies generally have long histories and solid financial ratings. This can inspire confidence that they’ll remain in business as long as your policy is in effect — which could be 30 years or more.
» COMPARE: NerdWallet’s life insurance comparison tool
Here are the 20 largest life insurance companies and the types of life insurance they sell, listed in order of sales of individual life insurance policies.
The largest life insurance companies in the U.S.
| Company (with individual life insurance market share) |
A.M. Best financial strength rating | Life insurance options | Additional resources |
|---|---|---|---|
|
Source: A.M. Best, market share based on direct written premiums in 2014
|
|||
| Northwestern Mutual (8.46% market share) |
A++ (superior) |
|
Northwestern Mutual life insurance overview Company website |
| New York Life Insurance Company (5.74% market share) |
A++ (superior) |
|
New York Life life insurance overview Company website |
| Metropolitan Life and Affiliated Cos. (MetLife) (5.26% market share) |
A+ (superior) |
|
MetLife life insurance overview Company website |
| Lincoln Financial Group (4.98% market share) |
A+ (superior) |
|
Lincoln Financial life insurance overview Company website |
| John Hancock Financial (4.16% market share) |
A+ (superior) |
|
John Hancock life insurance overview Company website |
| Prudential Financial (3.91% market share) |
A+ (superior) |
|
Prudential life insurance overview Company website |
| Massachusetts Mutual Life Insurance Company (MassMutual) (3.82% market share) |
A++ (superior) |
|
MassMutual life insurance overview Company website |
| State Farm (3.6% market share) |
A++ (superior) |
|
Note: State Farm earned the highest marks for life insurance customer satisfaction in a 2015 study by J.D. Power. State Farm life insurance overview Company website |
| Transamerica (Aegon USA Group) (3.57% market share) |
A+ (superior) |
|
Transamerica life insurance overview Company website |
| American International Group (AIG) (2.87% market share) |
A (excellent) |
|
AIG life insurance overview Company website |
| Guardian Life Insurance Company of America (2.72% market share) |
A++ (superior) |
|
Company website |
| Pacific Life (2.65% market share) |
A+ (superior) |
|
Company website |
| AXA (2.56% market share) |
A+ (superior) |
|
AXA life insurance overview Company website |
| Protective Life (2.07% market share) |
A+ (superior) |
|
Protective Life life insurance overview Company website |
| Voya Financial (1.94% market share) |
A (excellent) |
|
Voya life insurance overview Company website |
| Primerica (1.77% market share) |
A+ (superior) | Term life | Primerica life insurance overview Company website |
| Genworth Financial (1.71% market share) |
B++ (good) | Genworth recently suspended new sales of life insurance and fixed annuities, but still services its existing customers. | Genworth life insurance overview Company website |
| Sammons Financial Group (Midland National Life & North American Co.) (1.66% market share) |
A+ (superior) |
|
Midland National website North American Co. website |
| Nationwide (1.46% market share) |
A+ (superior) |
|
Company website |
| Great-West Life Assurance Company (1.24% market share) |
A+ (superior) |
|
Company website |
» MORE: How life insurance works
Aubrey Cohen is a staff writer at NerdWallet, a personal finance website.
This post was updated. It was originally published on March 31, 2015.
Image via iStock.
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