The 10 largest life insurance companies

Choosing a large life insurance company can be beneficial because big companies offer financial stability, reliability, and better claims-paying ability. Larger companies typically have more substantial reserves, allowing them to handle claims efficiently, even during economic downturns. This stability means consumers are less likely to experience issues with delayed or unpaid claims, ensuring their loved ones receive the intended benefits when needed most. 

Last year, New York Life wrote more in premiums in the U.S. than any other insurer, according to data from the National Association of Insurance Commissioners (NAIC). New York Life is followed by Northwestern Mutual, Metropolitan and Prudential of America.

Top 10 largest life insurance companies

A full list of the top 10 largest life insurance companies, which is based on the dollar amount of direct premiums written, is below:

Major insurance companies such as MassMutual have the financial strength to be adept at serving their customers’ needs, says Paul LaPiana, head of MMUS product at MassMutual and senior vice president at MassMutual Financial Advisors.

“We need to have access to capital and be strategic about our investments so that we are financially strong and secure,” says LaPiana. He adds that this solid financial footing allows MassMutual to deliver on commitments decades into the future and to pay dividends to policyowners.

Below, we break down the largest insurance companies in the U.S. by company, outlining what each offers:

1. New York Life

For nearly 180 years, New York Life has sold life insurance to Americans. It is the largest mutual insurer in the U.S. The company takes pride in its financial strength and has paid dividends for over 167 consecutive years.

New York Life is based in New York and sells term, whole life, universal and variable universal life insurance policies.

2. Northwestern Mutual

This Milwaukee-based insurance company has roots that stretch back to 1859 and says 97% of its clients stay with the insurer year after year.

Northwestern Mutual sells term, whole life, universal and variable universal plans.

3. Metropolitan

Founded in 1868, New York-based MetLife operates in more than 40 markets worldwide.

MetLife sells term, group variable universal, group universal and accidental death life insurance policies.

4. Prudential of America

Newark, New Jersey-based Prudential began life in 1875. The company hired Julia Babbit, Prudential’s first female life insurance agent, a year later.

Prudential sells term, whole, universal, indexed universal, indexed variable and variable universal life insurance policies.

5. MassMutual Life Insurance

Like many of the largest life insurance companies, MassMutual has a long history. Founded in 1851, it has consistently issued dividends since the 1860s.

The company, based in Springfield, Massachusetts, sells term, whole life, universal and variable universal life insurance policies.

6. Lincoln National

Radnor, Pennsylvania-based Lincoln National is a relative newcomer compared to some of the insurers on this list.

Founded in 1905, Lincoln National sells term, universal, indexed universal and variable universal life insurance policies.

7. Nationwide

Nationwide sold its first policy in 1926 when it was the Farm Bureau Mutual Automobile Insurance Co. It changed its name to Nationwide in 1955 due to its ambitions to become a coast-to-coast company. 

The insurer sells term, whole life, universal and variable insurance. 

8. State Farm

The nation’s biggest property and casualty insurer also is a major player in the life insurance market. The Bloomington, Illinois, company has been in business for over a century. 

State Farm sells term and whole life policies. It also sells universal, survivorship universal and joint universal coverage.

9. Aegon U.S. Holding

Based in The Hague, Netherlands, Aegon primarily does business through Transamerica in North America, which dates back to the turn of the 20th century. 

Transamerica sells term, index universal, whole life and final expense life insurance policies.

10. Minnesota Mutual

St. Paul-based Minnesota Mutual is a subsidiary of Securian Financial. The company’s history stretches back to 1880. 

It offers term, whole life and universal life insurance policies.

The 10 biggest life insurance companies provide financial stability, large death benefits and excellent customer service. If that’s what you’re looking for, these might be the insurers for you. 

However, life insurance needs are often unique, and you should always do some additional research to find an insurer that offers what you need.

Why company size matters in life insurance

When choosing a life insurance provider, the size of the company can make a big difference in what you get. Larger insurance companies tend to have more financial stability, which means they’re more likely to be around for the long haul and able to pay out claims when needed.

A bigger company also usually offers more policy options, giving you a broader range of choices for coverage amounts, term lengths, and additional benefits. If you’re looking for specific features—like living benefits or cash value growth—a well-established insurer is more likely to have those options.

Pricing can also be affected by company size. Large insurers often have more competitive rates because they have a bigger customer base and more financial resources. However, smaller companies might offer more personalized service and niche policy options that work better for certain needs.

At the end of the day, a company’s size isn’t the only thing that matters, but it can impact your experience, policy choices, and long-term peace of mind. It’s always a good idea to check a company’s financial ratings and customer reviews before making a decision.

When to shop with smaller life insurance companies or credit unions

Big insurance companies get a lot of attention, but smaller insurers and credit unions can be a great option too, depending on what you need. A smaller company might be a better fit if you value personalized service, unique policy options, or even lower rates. While they may not have the same name recognition, many offer competitive coverage and a more customer-focused experience.

Here are a few times when shopping with a smaller life insurance company or a credit union makes sense:

• You want a more personalized experience. Smaller insurers often provide better customer service, with agents who take the time to understand your needs rather than just selling you a policy.
• You’re in a specific profession or group. Some smaller companies and credit unions offer policies designed for teachers, military members, or certain industries, which can mean better rates and tailored coverage.
• You need a policy with flexible underwriting. If you have a unique health situation or high-risk factors, a regional or specialized insurer might offer coverage when bigger companies won’t.
• You’re looking for competitive pricing. While large companies often have strong rates, credit unions and mutual insurance companies sometimes offer lower premiums for members.
• You prefer a community-focused company. Many smaller insurers and credit unions are member-owned, meaning they may reinvest profits into better policyholder benefits rather than shareholders.

That said, always check the company’s financial strength and reviews before committing. A small insurer can offer great service and pricing, but you want to make sure they’ll be around long-term to pay out claims when needed.

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