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, based on A.M. Best data.
Largest life insurance companies in the U.S.
(with individual life insurance market share and A.M. Best financial strength rating)
|Life insurance options|
|Source: A.M. Best, market share based on direct written premiums in 2014|
|1. Northwestern Mutual|
8.46% market share
|2. New York Life Insurance Co.|
5.74% market share
|3. MetLife (Metropolitan Life and Affiliated Cos.) |
5.26% market share
|4. Lincoln Financial Group|
4.98% market share
|5. John Hancock Financial|
4.16% market share
|6. Prudential Financial|
3.91% market share
|7. MassMutual (Massachusetts Mutual Life Insurance Co.)|
3.82% market share
|8. State Farm Life|
3.6% market share
A++ (superior) rating
State Farm earned the highest marks for life insurance customer satisfaction in a 2015 study by J.D. Power.
(Aegon USA Group)
3.57% market share
|10. American International Group (AIG)|
2.87% market share
|11. Guardian Life Insurance Co. of America|
2.72% market share
|12. Pacific Life|
2.65% market share
2.56% market share
|14. Protective Life|
2.07% market share
|15. Voya Financial|
1.77% market share
|17. Genworth Financial|
1.71% market share
|Genworth recently suspended new sales of life insurance and fixed annuities, but still services its existing customers.|
|18. Sammons Financial Group (Midland National Life & North American Co.)|
1.66% market share
|19. Nationwide |
1.46% market share
|20. Great-West Life Assurance Co.|
1.24% market share
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.