While undoubtedly a complicated process, choosing the right life insurance company to fit your needs is one of the most important decisions you will make. Among the reasons to compare different companies is that your choice will cover your funeral arrangements and other financial obligations, including tuition, mortgage, and cost of living. Permanent life policies also build cash value over time, which may provide added financial stability during your life. Toady we are discuss about Top 20 Largest Life Insurance Companies 2022.
The best Top 20 Largest Life Insurance Companies 2022 are those that are financially sound, provide robust customer service, make the application process easy, and offer a wide range of features. To choose the best life insurance companies, we measured 91 insurers in these categories, collected more than 50 points of data for each insurer, and considered third-party ratings.
Best Life Insurance Companies
If you’re the main provider for your family or are worried about their financial future if you were to pass, a life insurance policy can provide peace of mind.
Life insurance can help your family cover final expenses, education fees, loss of income, or any other financial need.
Below, you’ll find our selection of the best life insurance companies for June 2022. We’ve called out their distinctions, along with the various types of policies and premiums they provide.
The largest life insurance companies
Life insurance is designed to financially provide for your loved ones if you pass away. As such an important part of many Americans’ financial plans, policyholders typically want to make sure their life insurance provider is financially stable and well-respected. Researching the largest life insurance companies may help you find some of the best life insurance companies on the market. Many life insurance policyholders enjoy the peace of mind from doing business with the largest providers on the market. In fact, the top 10 largest life insurance providers account for nearly 54% of market share.
Top Largest Life Insurance Companies Details
Northwestern Mutual ranks number one among the largest life insurance companies with over $14 billion in direct premiums written and a 7.49% market share. It collects about $1 billion more in premiums than the next provider on the list, New York Life. MetLife, Prudential, and Mass Mutual make up the rest of the top five.
COMPANY |
LIFE INSURANCE OPTIONS
|
MARKET SHARE IN 2021 |
|---|---|---|
|
1. Northwestern Mutual |
|
11.5% |
|
2. New York Life |
|
7.3% |
|
3. MassMutual |
|
7.1% |
|
4. Prudential |
Term life Universal life Variable universal life Indexed universal life |
5.1% |
|
5. Lincoln Financial |
Term life Universal life Variable universal life Indexed universal life |
4.2% |
|
6. State Farm |
Term life Whole life Universal life |
3.3% |
|
7. John Hancock |
Term life Universal life Variable universal life Indexed universal life |
3.2% |
|
8. Guardian |
Term life Whole life Universal life Variable universal life |
3% |
|
9. Transamerica |
Term life Whole life Universal life Indexed universal life |
2.8% |
|
10. Pacific Life |
Term life Universal life Variable universal life Indexed universal life |
2.8% |
|
11. Sammons (Midland National) |
Term life Indexed universal life Guaranteed universal life |
2.6% |
|
12. MetLife |
Life insurance offered through workplace plans only. |
2.5% |
|
13. Protective Life |
Term life Whole life Universal life Variable universal life Indexed universal life |
2.2% |
|
14. AIG |
Term life Whole life Variable universal life Indexed universal life Guaranteed universal life |
2.2% |
|
15. Nationwide |
Term life Whole life Universal life Variable universal life |
1.8% |
|
16. Equitable (formerly AXA) |
Term life Variable universal life Indexed universal life |
1.8% |
|
17. Primerica |
Term life |
1.7% |
|
18. Penn Mutual |
Term life Whole life Variable universal life Indexed universal life Guaranteed universal life |
1.6% |
|
19. National Life |
Term life Whole life Universal life Variable universal life Indexed universal life |
1.6% |
|
20. Globe Life |
Term life Whole life |
1.5% |
Why We Chose Top Largest Life Insurance Companies
Nationwide garnered an A+ financial stability rating from AM Best, received very few customer complaints over the past three years, and was the second-ranked out of 21 life insurers for customer satisfaction in J.D. Power’s U.S. Individual Life Insurance Study.1 Plus, it boasts a wide range of policy types and riders, no-exam applications for up to $5 million in coverage for healthy individuals, and generous living benefits. This host of exceptional features puts it squarely at the top of our best life insurance companies list.
Nationwide has been in business for nearly a century and offers term, whole life, universal life (UL), variable UL (VUL), indexed UL (IUL), and final expense policies. Many of these policies can be opened with no medical exam, and applications may be approved the same day. The company also includes three accelerated death benefit riders on most of its policies at no cost. This allows policyholders to access part of their death benefit while still alive if they are diagnosed with a chronic, critical, or terminal illness. Note that if you’re looking for a final expense or burial insurance policy, you’ll need to be an existing customer to get one with Nationwide.
