How many life insurance companies are there

Here is a list of our partners and here's how we make money. The biggest life insurance companies in the United States offer a variety of products, are financially strong and have long histories, some spanning more than years. Market share is based on the total amount of premiums written for U. Click on the links to learn more about each company and the types of life insurance they offer.

Life insurance options. Market share in Northwestern Mutual. New York Life. Term life Universal life Variable universal life Indexed universal life. Lincoln Financial. State Farm. John Hancock. Term life Whole life Universal life Variable universal life. Term life Whole life Universal life Indexed universal life. Life insurance offered through workplace plans only. Life Insurance Study for customer satisfaction. Pros: The company offers multiple life insurance riders on select policies.

Cons: Some policies are not available in Massachusetts. You have to contact a State Farm agent to get a quote. Company overview: When you think of State Farm, you probably think of its auto insurance products. But it also offers a decent range of life insurance policies, including return of premium term life — if you outlive the term, you get a refund of the premiums you paid into the policy. State Farm also offers a single-premium option for its whole life policy, and a final expense policy that can help cover funeral costs.

Great for members of the military: USAA specializes in coverage for active-duty military personnel and veterans. Company overview: USAA was founded in and offers life insurance for veterans , active military and civilians. Policyholders ages 18 to 35 can increase their coverage amount if they get married, buy a house or have a baby. Great for choice: Pacific Life offers a wide selection of coverage types including term, whole, universal, variable universal and indexed universal.

Company overview: Pacific Life has been in business for more than years. It has drawn significantly fewer complaints than expected for a company of its size over the past three years. For additional information about life insurance companies, try a ratings agency like A.

Best rating of B or lower. Evaluate product selections: Term and permanent are the two main types of life insurance. Although many companies sell similar policies, some focus on certain products — such as whole life — or on particular customers, such as seniors who need life insurance.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page.

However, this does not influence our evaluations. Our opinions are our own. What's next? Excellent track record of high financial strength ratings and stable pricing Good access to cash value.

Mutual of Omaha. The historical performance of invested assets underlying cash values is consistently highly rated Low internal policy costs means lower premiums and greater growth of cash values over time. Access to cash value via policy loans or withdrawals may be more limited than other insurers More risk of a possible premium increases for large face amount policies due to greater reliance on unknown reinsurance companies.

AXA Equitable. Good access to cash value. Penn Mutual. Cost competitiveness Fair. Among the best for financial strength The historical performance of invested assets underlying cash values is consistently highly rated. Has more policies that may be vulnerable to increases in internal costs, especially for large face amount policies. Cost competitiveness Depends. Term life insurance Term life insurance is a policy where you choose the length of coverage, such as 10, 15, 20 or 30 years.

Permanent life insurance Permanent life insurance is good for folks who want a death benefit paid out no matter when they die.

Permanent life insurance can be broken down into main subtypes: Whole life insurance. This type of life insurance is predictable because the premiums, rate of return on cash value and the amount of the death benefit are all fixed and guaranteed. Universal life insurance. This type offers more flexibility and you may be able to adjust premium payments and death benefits within certain parameters.

The cash value growth will depend on the insurer and the type of universal life insurance you buy: guaranteed universal, indexed universal or variable universal. Some insurers offer fast life insurance , including instant approval, to people who qualify, who are generally younger under age 60 and without medical issues. And some insurers use a traditional process with a medical exam and an approval process that can take over a month.

For example: Many people buy life insurance so it can act as income replacement for their families if they die unexpectedly. Some people provide financial support after their death by funding a trust with life insurance.

For example, if you have a child with special needs, a trust can be used to provide for them. Other common reasons people buy life insurance are: To provide funds for their own funeral. To provide money for their families to pay off a mortgage or other debts.

To ensure that children have money for college tuition in case a parent passes away. To create supplemental income during retirement years with a cash value policy. To provide money to pay estate taxes to beneficiaries who are inheriting very large taxable estates.

Frequently Asked Questions. Each company was evaluated based on: 1. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities.

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