Largest Life Insurance Companies by Market Share: Which Is the Most Popular Among Consumers?
MoneyGeek analyzed which life insurance companies have the largest market share. Our findings show that New York Life and Northwestern Mutual are the largest insurers. Northwestern Mutual has 6.52% of the national life insurance market and has the largest market share in 29 states. In comparison, New York Life has a higher market share of 6.75%, but it is the most popular insurer in just five states.
Market share is determined by the percentage of policies each insurer sells compared to the overall insurance marketplace. MoneyGeek identified the leading life insurance companies using S&P Global Market Intelligence data.
Our study lists the largest life insurance companies based on market share. This guide also shows which insurers buyers favor most in each state.
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Key Takeaways
At 6.75%, New York Life has the largest market share out of the companies offering life insurance in the United States.
Northwestern Mutual is the most popular insurer in the highest number of states, with the largest market share in 29 states.
The best insurance company for you depends on the factors you value. New York Life has the highest market share, Transamerica is the cheapest and State Farm is MoneyGeek’s top overall pick.
The Largest Life Insurance Companies in the USA by Market Share
MoneyGeek’s analysis shows that New York Life, Northwestern Mutual and MetLife are the leading life insurance companies in the country based on market share.
New York Life's market share is the largest at 6.75%. Northwestern Mutual sits at 6.52%, while MetLife comes in at 6.05%. Rounding out the top five are Prudential (6.05%) and Lincoln Financial (4.83%).
If you add the market shares of these top five companies, it already totals more than 30% of the total United States life insurance industry.
Rank | Company | Description |
|---|---|---|
1 | New York Life | New York Life offers term, whole and universal life policies. The Conditional Temporary Coverage Agreement provides coverage while New York Life processes your application. If you opt for a term life plan, you can convert to permanent coverage without undergoing medical exams. |
2 | Northwestern Mutual | Northwestern offers a 10-year term life insurance policy that provides 20-year coverage, but you’ll be charged new rates after the first 10 years. You can convert all term life policies to whole life without additional medical examinations. |
3 | MetLife | All of MetLife’s life insurance policies are group plans. If you want to purchase from them, you’ll need to do it through your employer. That said, Metlife has no less than 10 different life insurance products, none of which require a medical exam. You’re bound to find one that meets your needs. |
4 | Prudential | Prudential offers various online tools to help buyers determine which plan fits their needs. These include a life insurance calculator, quizzes and articles explaining insurance topics. Most of their products qualify for accelerated underwriting, which results in shorter approvals. |
5 | Lincoln Financial | You can request Lincoln Financial to reevaluate your rate after one year. If your health improves significantly, you may get a lower premium. They also offer simplified issue and guaranteed issue products, which means you won’t have to complete a thorough medical exam. |
6 | MassMutual | MassMutual offers term life plans, and you can choose between five different term lengths. J.D. Power’s 2021 U.S. Individual Life Insurance Study shows it ranks above the industry average for customer satisfaction. Once you purchase a policy, you can get a downloadable mobile app to manage your accounts and policies. |
7 | State Farm | State Farm ranks first in J.D. Power’s study, so if you purchase any of its 10 life insurance products, expect an excellent user experience. If you opt for the Instant Answer Term Insurance plan, you don’t need to complete a medical exam and may get approval the same day. |
8 | Aegon Life | Aegon provides users with a comparison table showing their life insurance options, which can help determine the most appropriate policy for your situation. There are also online tools on the site that allow you to narrow down your options or get a quote. |
9 | John Hancock | John Hancock offers term and universal life insurance policies. Their Vitality Program allows you to save money and enjoy other benefits when you complete activities that contribute to your health, like taking a walk or going to the gym. |
10 | Securian | Securian products include term life, universal life, whole life and accidental death plans. All of these offer various riders that you can add to your policy. Unlike other insurers who don't provide life insurance in some states, Securian sells policies to all states and the District of Columbia. |
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
There's more than market share to consider when deciding where to purchase a policy. Even if a company's market share is sizable, it doesn’t automatically mean it’s the best life insurance provider for your needs and preferences. Factoring in your unique circumstances will give you a better idea of which insurers can provide the coverage you want at the rates you need. Comparing quotes from several providers can help you find cheap life insurance.
The Largest Life Insurance Companies in Each State by Market Share
In addition to looking at things from a nationwide perspective, MoneyGeek also analyzed data at the local level. Only counting the companies with the largest market share per state, the same names appear.
Northwestern Mutual tops the list, having the largest market share in 29 states. Prudential and New York Life are tied for second, as each is the most popular insurer in five different states.
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- StateLargest CompanyMarket Share in State
- AlabamaAlfa Life Insurance Corp.7.92%
- AlaskaLombard International35.44%
- ArizonaPrudential Financial Inc.6.72%
- ArkansasSouthern Farm Bureau Life Insurance6.59%
- CaliforniaNew York Life8.44%
- ColoradoNorthwestern Mutual13.25%
- ConnecticutNorthwestern Mutual13.97%
- DelawareLincoln Financial12.19%
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
Frequently Asked Questions
Although people consider different factors when choosing a life insurance provider, some insurers are preferred more frequently by buyers. Understanding the answers to common questions about the largest life insurance companies can help you decide which to purchase coverage from.
Methodology
To find the largest companies by market share, MoneyGeek used the NAIC’s 2021 report on the top companies by countrywide premiums for national data, as well as the S&P Global Market Intelligence 2018 report for per-state data. Market shares were determined by calculating each company’s amount of direct premiums made versus the rest of the market.
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