Top 10 Life Insurance Companies in the United States (2024 Update)

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.

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

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.