What Are the Largest Life Insurance Companies?
In the United States, the biggest life insurance companies, which in this case are classified as the top 10 writers of individual life insurance by direct premiums written, are:
- Northwestern Mutual
- Lincoln National
- New York Life Insurance Group
- MassMutual Life Insurance
- Prudential Financial
- John Hancock Life Insurance
- State Farm
- Transamerica
- Pacific Life
- American International Group (AIG)
The largest life insurance companies are similar in the products they offer and what you can expect to pay, and they do have several benefits over smaller life insurance companies, including:
- Financial stability
- Likelihood of higher death benefits, which a small insurer may not be able to provide
- Reinsurance requirements, which offer extra protection for your policy in the event the company goes bankrupt
- Association memberships
- Potential reserves in place to cover potential losses, which can give policyholders peace of mind
What to Look for in a Life Insurance Company
A larger insurance company may be the right fit for you, but it ultimately depends on your needs. If you think you may need a large death benefit amount, a large company is likely going to be able to serve you better than a smaller business.
A life insurance agent can help you assess your financial health and all expenses you want to ensure are covered in the event you pass away. These include home mortgages, auto leases, student loans, education expenses and any other monthly bills that your family depends on you to pay for. Your coverage should account for all the people who rely on you, including your spouse, children and business partners who would suffer financially without your contribution.
It's a good idea to view customer satisfaction scores and read what other customers have experienced when choosing a life insurance company. Also, read through any complaints filed with state regulators. This information is available on the National Association of Insurance Commissioners website.
