Top 10 Life Insurance Companies in the United States (2023 Update)
The top 10 life insurance companies in the United States include MetLife, Prudential Financial, and New York Life. MetLife is the largest life insurance provider in the U.S., but New York Life has better financial ratings. The best life insurance companies offer other policies customers can bundle for discounts.
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Joel Ohman
CEO and CFP®
Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...
CEO and CFP®
UPDATED: Nov 21, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Nov 21, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- MetLife is the largest life insurance company in the United States with over 13% of the market share
- New York Life Insurance and Massachusettes Mutual have the highest financial ratings from A.M. Best
- Consider financial ratings and customer satisfaction when comparing the top life insurance companies in the U.S.
There are companies out there, such as A.M. Best and Standard & Poor’s, which rate life insurance providers on various financial strengths to help consumers make more informed decisions (insurance company ratings). Each state department of insurance also monitors the financial status of life insurance companies and regulates their practices.
Keep reading to get free life insurance quotes and compare the top 10 life insurance companies in the United States.
Top 10 Life Insurance Companies in the United States by Market Share
Below, you’ll find the top 10 life insurance providers in the U.S., along with each company’s market shares and financial strength ratings, provided by A.M. Best.
It’s important to consider financial strength ratings, as you don’t want to invest your money with a company that is not financially secure. In addition, you should check out your potential insurer’s customer satisfaction scores from J.D. Power and the Better Business Bureau.
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- Allianz Life Insurance Review (2023)
- American Amicable Insurance Review (2023)
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1. MetLife: (13.6% market share) – rated A+, Superior
2. Prudential Financial Inc.: (7.4% market share) – rated A+, Superior
3. New York Life Insurance: (5.0% market share) – rated A++, Superior
4. Principal Financial: (4.4% market share) – A+, Superior
5. Massachusetts Mutual Life Insurance Co.: (3.9% market share) – A++, Superior
6. Jackson National Life Group: (3.5% market share) – rated A+, Superior
7. American International Group: (3.4% market share) – A, Excellent
8. Transamerica: (3.3% market share) – A+, Superior
9. AXA: (3.3% market share) – A, Excellent
10. Lincoln National Corp.: (3.2% market share) – A+, Superior
You may already be familiar with some of the life insurance companies listed above because they advertise a ton. Other popular options include John Hancock, Lincoln Financial, Pacific Life, and Northwestern Mutual.
Read More:
- Aetna Life Insurance Company Review
- AXA Equitable Life Insurance Company Insurance Review
- New York Life Insurance Review
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Understanding The Different Types of Life Insurance
There are a few basic types of coverage you can choose when you purchase a life insurance policy.
- Whole life insurance: A form of permanent coverage that lasts your whole life and pays out when you die. Your life insurance premiums do not increase over time.
- Term life insurance: Term life policies last for a certain period (usually 10, 20, or 30 years) and only pay death benefits if you die during that period. Insurance premiums do usually increase over time with this type of policy.
- Universal life insurance: A permanent life insurance policy that comes with an investment component. Your universal life insurance policy can accrue cash value, but the value is determined by the stock market.
You can also add life insurance riders to your policy, such as long-term care coverage and child life insurance.
If you have a medical condition you think might preclude you from getting standard life insurance, consider looking into guaranteed-issue life insurance policies. These policies do not require a medical exam, but they tend to be more expensive and come with lower death benefits.
The type of life insurance you choose may be determined in part by your budget, so keep in mind that a term life insurance policy is cheaper than whole life insurance. However, many prefer to have the sense of security that comes with permanent insurance.
Read More:
- Term vs Whole Life Insurance: Which is better?
- Whole vs Universal Life Insurance: Which is better?
- Understanding Guaranteed Life Insurance
- Understanding Your Life Insurance Policy: Terms and Riders Explained
Getting Affordable Life Insurance in The United States
Your best option is to get a life insurance quote from multiple companies and compare them. Read our guide to the top ten insurance companies in the United States and get free life insurance quotes using our comparison tool below. Look for life insurance companies with strong financial stability ratings, affordable premiums, and the coverage you need.
Frequently Asked Questions
Who is the top life insurance company in the United States?
MetLife is the largest insurance company in the U.S. with a 13.6% market share.
What are the big four life insurance companies?
MetLife, Prudential, New York Life, and Principal Financial are the four biggest life insurance companies.
Which life insurance company is best?
The best life insurance company for you will depend on your age, location, and coverage needs. Use our comparison tool below to find the right life insurance company.
Which life insurance company has the highest customer satisfaction?
Northwestern Mutual has higher customer satisfaction and fewer complaints than other life insurance companies its size.
Which life insurance company has the most complaints?
Transamerica scores lowest in the J.D. Power life insurance satisfaction survey.
What is the oldest life insurance company in the United States?
Presbyterian Ministers Fund is the oldest life insurance provider, established in 1759.
What is the most common type of life insurance in the U.S.?
Term life insurance is the most popular policy in the country.
What age is best to buy life insurance?
Buying life insurance in your 30s and 40s will give you access to the best rates and policy options based on your current health and medical history.
Which type of life insurance is best to get?
How much life insurance you need and the kind of policy depends on your financial needs and goals. Term life provides short-term coverage to pay off mortgages or student loans if you pass, while permanent life offers long-term coverage with investment opportunities to supplement your retirement plan. Research each type of life insurance policy to determine which matches your lifestyle.
What is better, whole life or term life insurance?
Term life insurance is more affordable but only lasts for a certain number of years. Permanent life may be better if you want coverage that lasts your whole life.
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Joel Ohman
CEO and CFP®
Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...
CEO and CFP®
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.