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Thursday, April 4, 2024

15 Largest Life Insurance coverage Corporations within the U.S.


When purchasing for life insurance coverage, you wish to be certain the corporate you’re coping with goes to be round for some time. And whereas dimension isn’t every part, firms with a bigger market share have a extra intensive buyer base which might translate to higher monetary stability.

That can assist you in your search, I’ve compiled an inventory of the largest life insurance coverage suppliers within the US by market share and premiums acquired, in keeping with the newest information (filed on March 13, 2023, with the Nationwide Affiliation of Insurance coverage Commissioners [NAIC]). A number of of those suppliers have been in enterprise for over a century, and all have wholesome monetary power scores. 

Desk of Contents
  1. The Largest Life Insurance coverage Corporations in the USA
    1. 1. Northwestern Mutual Life
    2. 2. New York Life 
    3. 3. MetLife
    4. 4. Prudential
    5. 5. MassMutual
    6. 6. Lincoln Monetary Group
    7. 7. Nationwide
    8. 8. State Farm
    9. 9. Securian
    10. 10. Transamerica
    11. 11. John Hancock
    12. 12. Guardian Life
    13. 13. Pacific Life
    14. 14. Protecting
    15. 15. AIG
  2. Our Rating Methodology
  3. Last Ideas
    1.   

The Largest Life Insurance coverage Corporations in the USA

Along with itemizing the businesses by dimension, I present an summary of every supplier, in the event that they personal a number of insurance coverage manufacturers, and what further insurance coverage and wealth administration merchandise they provide.

1. Northwestern Mutual Life

Northwestern Mutual is the most important life insurance coverage firm in the USA, with a 7.21% market share and $13.9 billion in direct premiums acquired in 2022. It additionally ranks #4 with an total buyer satisfaction score of 794 out of 1,000 within the J.D. Energy U.S. Particular person Life Insurance coverage Examine.

Along with time period life insurance coverage, prospects can purchase complete and common life insurance coverage, incapacity insurance coverage, and wealth administration providers. Northwestern has glorious monetary scores from all 4 score businesses (A++ from A.M. Greatest, AAA from Fitch Scores, AAA from Moody’s, and AA+ from S&P International.

2. New York Life 

New York Life Group has a 6.45% market share with $12.48 billion in direct premiums. This life insurance coverage firm is likely one of the nation’s oldest, and 2023 marks the 169th consecutive 12 months of dividend payouts for complete life insurance coverage policyholders. Complete life protection isn’t the best choice for a lot of, however contemplate New York Life in the event you’re purchasing for complete life.

New York Life ranks #10 with the J.D. Energy buyer satisfaction score. They’ve over 12,000 brokers throughout the USA. Clients work with native brokers to check time period and everlasting life insurance coverage merchandise. Different wealth planning providers can be found too.

3. MetLife

MetLife is a part of the larger Metropolitan Group, that’s additionally a publicly-traded inventory (NYSE: MET). Its market share is 6.37%, with $12.3 billion in direct premiums. It affords time period life insurance coverage to people and group common protection choices and ranks #8 in J.D. Energy’s survey.

Together with life insurance coverage, MetLife is certainly one of our favourite renter’s insurance coverage firms. You can too get well being protection, long-term care, and pet insurance coverage to highlight a few of its notable insurance coverage merchandise. 

4. Prudential

As one of many world’s largest insurers, Prudential instructions a 5.45% share of the US market with $10.5 billion in premiums. It additionally ranks #11 in buyer satisfaction. The insurance coverage supplier has been in enterprise for over 145 years and has over 50 million prospects in 40 nations.

Its life insurance coverage merchandise embody time period, common, listed common, and variable common. Clients can request on-line quotes or converse with an agent. Prudential additionally affords monetary planning, funding, and retirement providers.

5. MassMutual

MassMutual and its online-only Haven Life platform have a 4.94% market share with $9.5 billion in direct premiums. Its buyer satisfaction score is the ninth-best. It affords time period, everlasting, and life insurance coverage with no medical examination.

MassMutual additionally affords long-term care and incapacity insurance coverage, and your employer may additionally associate with MassMutual to offer group life insurance coverage. 

6. Lincoln Monetary Group

Lincoln Monetary has a 4.42% market share with $8.5 billion in direct premiums and ranks #14 in J.D. Energy buyer satisfaction. People can request quotes for a time period or everlasting coverage after contacting a neighborhood agent. Sadly, its level-term insurance policies are unavailable in New York. Lincoln Monetary additionally affords long-term care insurance coverage and is a outstanding supplier of dental insurance coverage.

7. Nationwide

Many individuals affiliate Nationwide with low-cost automotive insurance coverage, but they provide a number of insurance coverage merchandise and are one of many nation’s largest life insurance coverage firms. Their market share is 3.15%, with $6.1 billion in direct premiums. 

Your life insurance coverage choices embody time period, complete, variable, common, and long-term care. Nationwide additionally has an above-average J.D. buyer satisfaction rating (#6 total). Nationwide could also be a sensible choice in the event you can obtain a multi-policy low cost and pay much less in your auto or house insurance coverage.

8. State Farm

Over 19,000 State Farm brokers are positioned in most small and huge cities throughout the nation. That they had the very best J.D. Energy buyer satisfaction score in 2022, and their market share registers at 2.84% with $5.5 billion in direct premiums. 

State Farm affords time period and everlasting life insurance coverage to people and small companies, along with auto and home-owner’s insurance coverage

With State Farm, you can begin the method on-line and nonetheless select to work with a neighborhood agent. Whereas going by an agent can require extra effort, State Farm has one of the best buyer satisfaction score within the 2022 J.D. Energy examine.

9. Securian

Securian Monetary and its affiliate, Minnesota Life Insurance coverage Firm, preserve a 2.49% market share and $5.04 billion in direct premiums. However whereas it’s one of many largest insurance coverage firms within the US, its buyer satisfaction score is under common and ranked 16 out of twenty-two in 2022.

That stated, the corporate has supplied insurance coverage since 1880 and maintains excessive scores with the score businesses. Its highest score is with A.M. Greatest at A+ (Superior) which is that company’s second-highest score.    

10. Transamerica

Transamerica (and its guardian firm Aegon US Holding Group), has a 2.60% market share with $5.03 billion in direct premiums. This insurer has supplied time period and everlasting life insurance coverage to US residents for over 100 years. For over 20 years, it’s supplied life insurance coverage for overseas nationals who usually go to or work in the USA.

To acquire a coverage, you’ll want to converse with a close-by agent. Transamerica can also be well-known for its long-term care insurance coverage and numerous worker advantages, together with retirement accounts and group insurance coverage. 

11. John Hancock

For over 160 years, John Hancock has supplied life insurance coverage and different monetary planning merchandise. Its market share is 2.54% of the trade, with $4.9 billion in direct premiums. Its J.D. Energy buyer satisfaction score is under the trade common, rating 18 out of twenty-two.

People can get a web-based quote and take part within the Vitality rewards program by taking part in wholesome behaviors. For instance, policyholders can obtain as much as 25% in premium reductions by common train, physician visits, and consuming properly (information sharing opt-in is required for max financial savings). You can too get reductions on FitBits and different health-related providers and gadgets.

John Hancock additionally affords journey insurance coverage, and you may be a part of their funding and wealth administration platforms.

12. Guardian Life

Guardian Life is a notable supplier of a number of insurance coverage merchandise, together with life, incapacity, dental, imaginative and prescient, accident, important sickness, and hospital indemnity. Many contemplate this service one of many finest incapacity insurance coverage suppliers. You’ll be able to acquire protection by your employer, by your self, or by working with a monetary consultant.

Concerning life insurance coverage, time period protection is the most well-liked possibility, though complete and common merchandise can be found too. The corporate’s market share is 2.49%, with $4.8 billion in direct premiums. Its buyer satisfaction score is above-average and #7 total within the J.D. Energy examine.

13. Pacific Life

Pacific Life affords time period and everlasting life insurance coverage merchandise by native monetary professionals. The model has a 2.45% market share with $4.7 billion in direct premiums and among the best J.D. Energy buyer satisfaction scores, at #5 total. 

14. Protecting

Protecting has been providing time period and everlasting life insurance coverage inside the USA for over 110 years and at present has a 2.18% market share and $4.2 billion in acquired premiums. This service was acquired by Japan-based Dai-Ichi Holdings in 2014, which owns life insurance coverage firms internationally.  

Its J.D. Energy buyer satisfaction score is #12 out of twenty-two firms which is center of the pack. You’ll be able to request on-line quotes for its Protecting® Basic Alternative Time period life product, with phrases of as much as 40 years. Potential prospects should inquire by telephone about complete and everlasting life insurance coverage merchandise. 

15. AIG

AIG (American Insurance coverage Group) has its tentacles in lots of insurance coverage and monetary industries throughout the globe. For US life insurance coverage, you should purchase time period and everlasting merchandise on-line by AIG Direct or by talking with a phone-based licensed agent. For these preferring in-person service, locally-affiliated brokers additionally present protection. 

The corporate’s US life insurance coverage market share is 1.83% with $3.5 billion in direct premiums, and has helped over six million prospects acquire insurance policies since 1995. Nonetheless, its buyer satisfaction score is under the trade common at 19 out of twenty-two. 

Our Rating Methodology

We listed the most important suppliers first utilizing the most up-to-date report from the Nationwide Affiliation of Insurance coverage Commissioners (NAIC) measuring the market share of the US life insurance coverage firms (information filings are from March 13, 2023). 

J.D. Energy outcomes have been taken from the J.D. Energy 2022 U.S. Particular person Life Insurance coverage ExamineSM, launched in October 2022. It lists the score for 22 life insurance coverage suppliers.

Last Ideas

The biggest life insurance coverage firms in the USA provide many protection choices that may insure youthful or older candidates with numerous medical backgrounds and monetary backgrounds. Some firms concentrate on on-line product supply, whereas others deal by native brokers and employer plans.

Earlier than deciding on a life insurance coverage plan, I like to recommend that you simply get a quote from a number of suppliers. Whereas underwriting requirements and costs are aggressive, you wish to make sure you get the very best protection on the proper value. Additionally, many life insurance coverage firms provide different merchandise, which can open the door to bundling reductions.

  

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