Who Are the Top 10 Mutual Life Insurance Companies?

There are so many options to save for the future. In this guide, we will talk about the top 10 mutual life insurance companies. There are several types of life insurance, so let’s break it down a little easier. 

Looking for the best life insurance company could take you hours if you do not know what you are looking for on the market. We compiled several lists for you to consider on your journey. Keep reading to learn more about the best and worst life insurance companies and the top mutual life insurance companies in your area. 

Enter your ZIP code to speak with a local agent about your life insurance needs. 

Who Are the Top 10 Life Insurance Companies?

According to Statistica, at least 109 mutual life insurance companies were operating in the United States in 2018. Based on its findings, several companies stand out among the rest. 

Let’s take a close look at the top life insurance companies owned by policyholders. Below, see a breakdown of the leading mutual life insurance companies by revenue and rating. 

Statista listed the top money-makers in mutual life insurance in the U.S. from 2020. Some of these providers are boutique-style, and some have customers around the nation. 

• New York Life Insurance, $46.7 billion 
• TIAA, $41.62 billion 
• Northwestern Mutual, $33.8 billion 
• Massachusetts Mutual Life Insurance, $23.7 billion 
• Guardian Life, $13.6 billion 
• Thrivent Financial for Lutherans, $8.2 billion
• Western & Southern Financial Group, $8.1 billion
• Medical Mutual of Ohio, $3.5 billion 
• Knights of Columbus, $2.4 billion

Now, take a look at how the mutual life insurance companies held up in A.M. Best ratings. 

• New York Life, A++
• Northwestern Mutual, A++
• Mutual of Omaha, A+
• MassMutual, A++

Read more:

• List of Life Insurance Companies in the US
• Ohio Mutual Insurance Review

How to Find the Best Life Insurance Company

Before we jump into the top life insurance companies, buyers should understand how they will be priced and what is available. 

Buying life insurance may seem overwhelming, especially with so many options in the market. We looked at the top-rated companies and gathered some key insights to give you an idea of what to expect. 

Based on the top performers, the best life insurance companies have high ratings, a variety of policy types and rates scales, and optional riders.  

Other considerations for when you are shopping for life insurance are your age and overall health. Some companies tailor programs to various demographics that can help you save money.

For example, Gerber Life specializes in children’s life insurance plans, and Colonial Penn specializes in senior policies.

You can also use the A.M. Best rating search tools to look up your life insurance company. You can find other life insurance resources or customer service reviews online. 

Read More:

• Colonial Penn Life Insurance Ratings & Full Review
• Knights Of Columbus Life Insurance Review
• Gerber Life Insurance Review

What are the best life insurance companies?

Okay, let’s take a look at the list of the best life insurance companies available to citizens of the United States. 

• Haven Life. Has a term life insurance policy that is available for purchase online. You can apply for up to a $1 million policy without a medical exam. Haven Life is a subsidiary of MassMutual. (For more information, read our “Haven Life Insurance Comprehensive Review“).
• Guardian Life. Offers term, whole, and universal life insurance policies. It was founded in 1860 and provides a variety of other types of insurance products. (For more information, read our “Guardian Life Insurance Review“).
• AARP. A senior-focused membership. Through AARP, those between the ages of 50 and 80 years old can buy term or whole life insurance policies. 
• MassMutual. Offers term, whole, universal, and variable universal life insurance. It’s another company founded in the late 1800s. 
• New York Life. Has term, whole, universal, and variable universal policies available to customers. 
• State Farm. Has term, whole, and universal life insurance with many life insurance riders for policyholders.

What is a mutual life insurance company?

Life insurance companies are either mutually owned or owned through stocks. A mutual life insurance company is owned by its policyholders, whereas stakeholders own a stock insurance company. 

Your life insurance policy will not be part of a stock that can be traded if you are a mutual insurance company customer. Some policyholders have found that these companies pose a more honest investment strategy and better suit long-term goals. These companies are also not federally regulated. 

Stock insurance companies are publicly traded and therefore offer more financial transparency. A mutual life insurance company may demutualize and join the stock exchange. 

Mutual insurance companies are run and operated based on policyholders. Members of these life insurance companies have the right to select management, which provides a more hands-on policy option. Funds from mutual insurance companies are used for reinvestment in other portfolios, and any return is given to members as dividends or annual premium reductions. 

Stock life insurance companies may also be traded, whereas mutual companies may not be traded. 

Who is the largest mutual life insurance company?

According to a report from the National Association of Insurance Commissioners, New York Life, Northwestern Mutual, Metropolitan, and Prudential are the largest life insurance companies in the United States. All four make up more than a quarter of the market in the United States. 

Lincoln National, MassMutual, and State Farm are the next batch of top providers, making up about one-fifth of the domestic market.  

State Farm is the largest mutual insurance company globally, according to the Global 500 list. 

What are the worst life insurance companies?

The worst life insurance company is the one that is not serving your needs. However, there are life insurance companies that have bad ratings and that customers and law firms have left bad reviews online for. 

Tools you can use to weave out the bad companies are to look at their ratings and customer reviews online. You may also like a company better because of its relationship with its employees. There are a lot of factors to look at when deciding which company is “best” and “worst.”

In an article by the National Law Review, the American Association of Justice examined thousands of insurance claims, court records, and other documents to compile a life of the worst insurance companies in the country. 

Life insurance companies that made that list include: 

• State Farm. Made the list partly due to the treatment of its home insurance clients after Hurricane Katrina. The study did not mention life insurance, though it did refer to altered claims.
• Global Life. Scrutinized on the list for charging higher premiums to people of color and accusations of defrauding seniors. 
• Liberty Mutual. Left policyholders struggling during natural disasters. 

Another major reason all these companies were on the list was the treatment and pay of employees. 

This should not act as the final word on these companies, and you should do your own research on which life insurance company will be best suited to your needs.

Finding the Top Mutual Life Insurance Company 

Your life insurance rates and terms may not be a reflection of our top mutual life insurance lists. Customers’ rates are personalized based on factors that equal their total risk. Your risk equals your premiums and how much insurance coverage you are allowed to purchase. 

Life insurance rates will depend on: 

• Age 
• Gender 
• Family medical history 
• Travel frequency
• Your job and activities 
• Driving record 

This is just a partial list of the factors that will go into calculating your life insurance rates. To learn more about life insurance, it is best to speak with an agent. Enter your ZIP code to find mutual life insurance providers in your area.