Financial security remains a primary concern for many American people, but one that can be addressed with a stronger understanding of insurance. Life insurance is a key element in feeling economically secure.
Private health insurance in the USA is extremely interesting; it is the only developed country in the world to not have social healthcare which is where private insurance comes in. In the United States, healthcare is often tied to employment with employers providing health insurance to their employees rather than the administration.
The 'unmet need for coverage' rose significantly during the pandemic, revealing the lasting impact of coronavirus pandemic. According to the study, about one in three American adults say that they are more likely to purchase life insurance, mostly as a result of the COVID-19 outbreak.
In this article, we will be taking a look at the top 10 largest life insurance companies in USA.
1. Northwestern Mutual
Market share in USA: 11.5%
premium: $18.9 billion
Financial strength rating: AA+
Year-on-year premium change: 20.1 percent
company offer: Term, whole, and universal life insurance.
2. New York Life
Market share in USA: 7.3%
premium: $12 billion
Financial strength rating: AA+
Year-on-year premium change: 14.8 percent
company offer: Term, whole, universal, and variable universal life insurance.
3. MassMutual
Market share in USA: 7.1%
premium: $11.6 billion
Financial strength rating: AA+
Year-on-year premium change: 23.1 percent
company offer: Term, whole, universal, and variable universal life insurance.
4. Prudential
Market share in USA: 5.1%
premium: $8.3 billion
Financial strength rating: AA-
Year-on-year premium change: +2.3 percent
company offer: Term, universal, variable universal, and indexed universal life insurance.
5. Lincoln Financial
Market share: 4.2%
premium: $6.8 billion
Financial strength rating: AA-
Year-on-year premium change: -1.1 percent
company offer: Term, universal, variable universal, and indexed universal life insurance.
6. State Farm
Market share: 3.3%
premium: $5.5 billion
Financial strength rating: AA
Year-on-year premium change: 5.6 percent
company offer: Term, whole, and universal life insurance.
7. John Hancock
Market share: 3.2%
premium: $5.2 billion
Financial strength rating: AA-
Year-on-year premium change: 6.5 percent
company offer: Term, universal, variable universal, and indexed universal life insurance.
8. Guardian
Market share: 3%
premium: $5 billion
Financial strength rating: AA+
Year-on-year premium change: 6.7 percent
company offer: Term, whole, universal, and variable universal life insurance.
9. Transamerica
Market share: 2.8%
premium: $4.6 billion
Financial strength rating: A+
Year-on-year premium change: 6.1 percent
company offer: Term, whole, universal, and indexed universal life insurance.
10. Pacific Life
Market share: 2.8%
premium: $4.5 billion
Financial strength rating: AA-
Year-on-year premium change: 13.3 percent
company offer: Term, universal, variable universal, and indexed universal life insurance.
