Largest Life Insurance Companies in California 2023
Posted in Statistics last updated on August 13, 2023
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45 Largest Life Insurance Companies in California 2023
Below is a list of the largest life insurance companies in California for 2023 by premiums written. Not surprisingly, most insurers on the list of the largest life insurance companies in California 2023 many people will recognize and are household names. The list is calculated by the life insurance market share for life insurance premiums annually.
| Ranking | Life Insurance Company | A.M. Best Rating |
|---|---|---|
| 1 | Northwestern Mutual | A++ (Superior) |
| 2 | New York Life | A++ (Superior) |
| 2 | Transamerica | A (Excellent) |
| 3 | MassMutual | A++ (Superior) |
| 4 | Lincoln National (Financial) | A (Excellent) |
| 5 | Pacific Life | A+ (Superior) |
| 6 | MetLife | A+ (Superior) |
| 7 | Life Insurance Co of the Southwest | A+ (Superior) |
| 8. | John Hancock USA | A+ (Superior) |
| 9 | Pruco Life Insurance Co | A+ (Superior) |
| 10 | American General Life (AIG) | A (Excellent) |
| 11 | State Farm Life | A++ (Superior) |
| 12 | Midland National Life | A+ (Superior) |
| 13 | Primerica Life | A+ (Superior) |
| 14 | Nationwide Life & Annuity | A+ (Superior) |
| 15 | Farmers New World Life | A (Excellent) |
| 16 | Minnesota Life | A+ (Superior) |
| 17 | AAA Life Insurance | A (Excellent) |
| 18 | Guardian Life Insurance Company of America | A++ (Superior) |
| 19 | Protective Life Insurance | A+ (Excellent) |
| 20 | Allianz Life Insurance | A+ (Superior) |
| 21 | United of Omaha (Mutual of Omaha) | A+ (Superior) |
| 23 | Life Insurance Company of North America | A+ (Superior) |
| 24 | Brighthouse Life | A (Excellent) |
| 25 | Securian Life | A+ (Superior) |
| 26 | Equitable Financial | A (Excellent) |
| 27 | Accordia Life and Annuity | A (Excellent) |
| 28 | Hartford Life & Accident | A+ (Superior) |
| 29 | ReliaStar Life Insurance | A (Excellent) |
| 30 | Accordia Life & Annuity | A (Excellent) |
| 31 | American Memorial Life | A- (Excellent) |
| 32 | Penn Mutual Life | A+ (Superior) |
| 33 | Lincoln Benefit Life | A- (Excellent) |
| 34 | American Income Life | A (Excellent) |
| 35 | Unum Life Ins Co | A (Excellent) |
| 36 | Standard Ins Co | A (Excellent) |
| 37 | Banner Life Ins Co | A+ (Superior) |
| 38 | Principal Natl Life | A+ (Superior) |
| 39 | RiverSource Life Ins | A+ (Superior) |
| 40 | Fidelity & Guar Life | A- (Excellent) |
| 41 | North Amer Co Life & Hlth | A+ (Superior) |
| 42 | Lincoln Heritage Life | A- (Excellent) |
| 43 | USAA Life Ins Co | A++ (Superior) |
| 44 | Symetra Life Ins Co | A (Excellent) |
| 45 | American National Ins Co | A (Excellent) |
*Source: California Dept of Insurance (CDI) Market Share Report Life Insurance Premiums Written 2021. Rate Specialist Bureau 6/1/2022. From N.A.I.C. Database Schedule T
Pacific Life Insurance Company headquarters is located in Newport Beach, California. Pacific Life is one of the best life insurance companies in America for term life and universal life insurance.
California Life Insurance Statistics 2023
- There are currently 328 life insurance companies that actively sell life insurance in California
- There are 10 life insurance companies that are domiciled in California
- California residents purchased the most life insurance in the country in 2021
- California is the number one state in the United States with the most in force (active) life insurance coverage (2021)
- Beneficiaries in California received the most life insurance claims pay outs with $13 billion (2021)
- The California Life & Health Insurance Guarantee Association will provide life insurance insurance death protection for 80% of the policy death benefit up to a maximum of $300,000.
*CA DOI Schedule T, ACLI Fact Book
California Life Insurance Fact 2023- Each day, life insurers pay out $149 million in life insurance and annuities to California families and businesses.1
California Life Insurance Guarantee Association
Similar to the FDIC for banks, each state has their own guarantee association to act as a safety net if a insurance company becomes insolvent.
The California Life & Health Insurance Guarantee Association will provide life insurance insurance death protection for 80% of the policy death benefit up to a maximum of $300,000. This is the maximum for any one individual for life insurance and annuity coverage even if that individual is covered by multiple life insurance and annuities.
More on life insurance company ratings below.
Life Insurance Company Ratings California 2023
A.M. Best is considered the most prominent life insurance rating agency in the world. A.M. Best is the gold standard used by most agents and consumers in determining the financial strength of an insurer and their ability to meet their long term commitments to payout future claims.
A great rule of thumb when it comes to ratings and life insurance is this: choose a life insurance company with an “excellent” or “superior” rating from A.M. Best. This means that the preeminent third party rating agency has deemed the life insurance company as very strong financially and as having an excellent or superior ability to payout future claims.
Average Cost of Life Insurance in California
Below is a table of sample life insurance rates (quotes) at the Preferred Plus health class for a 10-year level term policy for $100k, $250k, $500k, $1million for ages 30-80.
| Age | Gender | $100k | $250k | $500k | $1million |
|---|---|---|---|---|---|
| 30 | Male | $7 | $10 | $13 | $19 |
| 30 | Female | $7 | $9 | $12 | $16 |
| 40 | Male | $9 | $12 | $18 | $28 |
| 40 | Female | $8 | $11 | $16 | $25 |
| 50 | Male | $14 | $24 | $40 | $71 |
| 50 | Female | $13 | $21 | $33 | $58 |
| 60 | Male | $30 | $59 | $109 | $209 |
| 60 | Female | $24 | $41 | $73 | $136 |
| 70 | Male | $86 | $176 | $313 | $589 |
| 70 | Female | $59 | $109 | $197 | $367 |
| 80 | Male | $388 | $788 | $1,515 | $2,899 |
| 80 | Female | $325 | $575 | $1,066 | $2,035 |
*Rates for a male and female in excellent health, non-tobacco. Date of birth used February 5th. Rates as of 2/5/2022. Rates include applications with the medical exam, accelerated underwriting and instant-issue life insurance applications. Rates and product eligibility will vary depending on factors such as: age, health, height and weight, and other underwriting factors.
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How to get the best life insurance rates in California
- Compare rates
With over 300 life insurance companies in California to choose from, the key to receiving the best rate is to compare rates from multiple life insurance companies. Each life insurance company has their own rate chart and underwriting guidelines based on: age, weight/height, cholesterol readings, blood pressure readings, health history, family history, driving history and many other factors. By comparing rates from multiple insurance companies you can have assurance that you are receiving the lowest rate from a highly rated life insurance company and are not unnecessarily overpaying for the same exact life insurance policy.
- Fast before the (paramed) medical exam
If you choose to take the life insurance paramed/medial exam it’s important to fast for 8-10 hours prior. Nowadays, many agents will tell you that you don’t need to fast for the life insurance medical exam but it can still help if you do. When you fast, your weight and your readings are typically at their lowest. This can help you obtain the best health rate class you qualify for.
- Once approved, activate the policy
The life insurance policy will not go inforce until after the first premium is received and you e-sign/sign the final forms (unless you provided that information upfront). Don’t delay, because if your health changes or you if you go on a new medication, etc. before you place the policy in-force it can affect your rate and insurability.
Keep Reading
- Insurance Statistics by State 2023
- Current California Term Life Insurance Rates
- Largest Life Insurance Companies in U.S. 2023
- Best Life Insurance Companies That Pay Out 2023
- Primerica Term Life Insurance Rates by Age Chart 2023
- 10 vs 15 vs 20 vs 25 vs 30 Year Term Life Insurance Policy
- A+ Rated Life Insurance Companies 2023
- How Much Life Insurance Can I Get For $100 A Month?
1. Source: ACLI Fact sheet CA 2022
