What is the number 1 life insurance company in North America?
Pacific Life is the best life insurance company of 2024, based on our analysis. The best life insurance companies offer a range of policies, including term and permanent coverage. Several companies in our rating offer life insurance policies without a medical exam.
Northwestern Mutual is the largest life insurance company, according to 2022 NAIC data, holding a little over 7 percent of market share.
State Farm is the largest auto insurance company in the U.S., with 17% of the market. Other big car insurance companies include Progressive, Geico and Allstate.
- #1: United Health Group (UNH)
- #2: Berkshire Hathaway Inc. ( BRK.B)
- #3: CVS Health Corp Group (CVS)
- #4: The Cigna Group (CI)
- #5: Elevance Health Inc. ( ELV)
- #6: Centene (CNC)
- #7: Ping An Insurance (PNGAY)
- #8: Allianz (ALIZY)
| Company | Forbes Advisor Rating | Our expert take |
|---|---|---|
| Nationwide | 5.0 | Best overall |
| USAA | 4.8 | Best for military members and veterans |
| Travelers | 4.7 | Great for drivers with speeding tickets |
| Erie | 4.6 | Best for drivers who caused an accident |
| Company | Best for | AM Best Financial Strength Rating |
|---|---|---|
| Nationwide | Customer satisfaction | A+ (Superior) |
| Northwestern Mutual | Universal life insurance | A++ (Superior) |
| Prudential | Policy personalization | A+ (Superior) |
| State Farm | Term life insurance | A++ (Superior) |
| Company | Best For | BBB Rating |
|---|---|---|
| Nationwide Our Review | Best for whole life insurance | A+ |
| Mutual of Omaha Our Review | Best for no-exam coverage | A+ |
| State Farm Our Review | Best for customer satisfaction | A+ |
| Transamerica Our Review | Our pick for fast claims | N/A |
Allianz SE, China Life Insurance Co. Ltd. and Nippon Life Insurance Co. are the three largest life insurance companies in the world, according to a new ranking by S&P Global Market Intelligence.
1752 The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, the oldest insurance carrier in continuous operation in the United States, was established. 1759 Presbyterian Ministers Fund, the first life insurance company in the United States, was founded.
- Kaiser Permanente: Best health insurance.
- Aetna: Best health insurance for young adults.
- Blue Cross Blue Shield: Best health insurance for the self-employed.
- UnitedHealthcare: Best health insurance provider network.
Who sells the most life insurance?
- Northwestern Mutual. 5.0. NerdWallet rating. ...
- New York Life. 5.0. NerdWallet rating. ...
- MassMutual. 5.0. NerdWallet rating. ...
- Prudential. 4.0. NerdWallet rating. ...
- Lincoln Financial. 4.0. NerdWallet rating. ...
- State Farm. 5.0. NerdWallet rating. ...
- Guardian. 5.0. NerdWallet rating. ...
- John Hanco*ck. 4.0. NerdWallet rating.
| Ranking | P/C insurance company name | % change from previous year |
|---|---|---|
| 1 | State Farm Group | 11.6 |
| 2 | Berkshire Hathaway Ins | -2.1 |
| 3 | Progressive Ins Group | 9.6 |
| 4 | Allstate Ins Group | 10 |
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
The auto insurance company with the most complaints is United Automobile Insurance, which receives roughly 40 times more complaints than the average insurer its size, according to the latest NAIC complaint index. The insurance companies with the next most complaints are Ocean Harbor Insurance and California Casualty.
The top 10 cheapest car insurance companies are Nationwide, Geico, State Farm, Travelers, Progressive, AAA, Allstate, Chubb, Farmers and USAA.
Who can get USAA Life Insurance? Any U.S. citizen or permanent resident can apply for USAA Life Insurance. You don't need a military connection.
State Farm
The company took the highest ranking in the 2022 J.D. Power Life Insurance Study for overall customer satisfaction. Additionally, the A++ AM Best rating is the highest available — showing State Farm likely has the financial backing necessary to pay life insurance claims.
The pros and cons of term and whole life insurance are clear: Term life insurance is simpler and more affordable but has an expiration date and doesn't include a cash value feature. Whole life insurance is more expensive and complex, but it provides lifelong coverage and builds cash value over time.
Suze Orman also recommends SelectQuote. While SelectQuote is a well-established company, they only work with about 10 life insurance companies. Now, if you are in great shape, have no health conditions you probably will get a competitive quote from SelectQuote.
State Farm had the highest rating for overall customer satisfaction in J.D. Power's 2022 U.S. Individual Life Insurance Study, with a score of 843 (the study's average was 790). It also has a three-year average NAIC complaint index of 0.46, which means the company had fewer complaints than expected for its size.
How much should good life insurance cost?
| Term length | Average cost per year for men | Average cost per year for women |
|---|---|---|
| 10 years | $208 | $183 |
| 20 years | $288 | $340 |
| 30 years | $590 | $469 |
| Source: Quotacy. Lowest three rates for each age averaged. Rates reflect premiums paid monthly for one year. Data valid as of March 20, 2024. | ||
Life insurance is no longer needed for many people once they reach their 60s or 70s. At this point they retire, their kids have grown up, and they've paid off their mortgage and other debts. However, others prefer to keep life insurance later in life to leave an inheritance and to pay off final expenses.
Guardian Life Insurance is our top pick for older seniors because it is one of a handful of insurers we've reviewed that issues policies up to age 90. It offers no-exam policies up to $3 million in coverage, though seniors might face significant rates for higher coverage amounts.
According to a 2021 NAIC report, Northwestern Mutual, New York Life, Metropolitan, and Prudential are the four largest life insurance companies in the United States, all together holding 31.09% of the market.
LIC emerges as the strongest global insurance brand with a steady brand value of USD 9.8 billion.
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