Largest Life Insurance Companies by Market Share: Which Is the Most Popular Among Consumers?

When it comes to life insurance, market share serves as an important indicator of consumer trust. It's determined by the number of policyholders and the sum of premiums that they contribute. Although this factor may not directly impact daily policy management, it may affect the scope of death benefits available. However, remember that there are pros and cons to working with both larger and smaller companies: Larger companies often offer more substantial coverage, while smaller ones may provide more personalized service.

Northwestern Mutual Group leads the U.S. life insurance market with a 7.25% share, according to the latest National Association of Insurance Commissioners (NAIC) report. New York Life Group and Metropolitan Group are next in line, holding 6.45% and 5.95% of the market, respectively.

Northwestern Mutual Group, New York Life Group and Metropolitan Group lead the U.S. life insurance market in terms of market share.

Northwestern Mutual Group holds the top spot with a 7.25% market share, followed by New York Life Group at 6.45% and Metropolitan Group at 5.95%. Completing the top five are Prudential of America Group, with a 5.46% share, and Mass Mutual Life Insurance Group, with 4.96%.

These five leading companies make up over 30% of the entire life insurance industry market share in the United States.

Source: National Association of Insurance Commissioners (NAIC)

While national figures provide a broad view of the life insurance landscape, MoneyGeek also examined the market leaders in individual states. The findings reveal a consistent pattern: the same industry giants dominate at both the national and state levels. Northwestern Mutual Group leads the pack with the largest market share in 22 states. New York Life Group holds the largest market share in 10 states, making it the second most dominant company at the state level.

Market share offers valuable insights into a company's size and stability, but it's not the sole factor to consider when choosing a life insurance policy. Other elements like affordability, financial stability and customer satisfaction can also play key roles in making an informed decision.

MoneyGeek analyzed thousands of life insurance quotes from different life insurance providers in the country and identified Protective as the best overall company. With a monthly premium of just $13 and an overall MoneyGeek score of 98 out of 100, Protective shows a well-rounded balance in affordability, financial stability and customer satisfaction.

For those who prioritize affordability, MoneyGeek's analysis found that Allstate is the cheapest life insurance company, with the average policy costing just $12 per month. Note that this rate is based on a 10-year term policy with a $250,000 coverage amount for the average consumer. Actual costs will vary based on personalized factors.

Although people consider different factors when choosing a life insurance provider, buyers more frequently prefer some insurers over others. Understanding the answers to common questions about the largest life insurance companies can help you decide where to purchase your life insurance coverage.