Largest Life Insurance Companies in California 2022
Posted in Statistics last updated on May 15, 2022
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Top 30 Largest Life Insurance Companies in California 2022
Below is a list of the largest life insurance companies in California for 2022 by premiums written. Not surprisingly, most insurers on the list of the largest life insurance companies in California 2022 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 | New York Life | A++ (Superior) |
| 2 | Transamerica | A (Excellent) |
| 3 | MassMutual | A++ (Superior) |
| 4 | MetLife | A+ (Superior) |
| 5 | Northwestern Mutual | A++ (Superior) |
| 6 | Lincoln National (Financial) | A+ (Superior) |
| 7 | Pacific Life | A+ (Superior) |
| 8 | American General Life (AIG) | A (Excellent) |
| 9 | Pruco Life Insurance Co | A+ (Superior) |
| 10 | State Farm Life | A++ (Superior) |
| 11 | John Hancock USA | A+ (Superior) |
| 12 | Life Insurance Co of the Southwest | A+ (Superior) |
| 13 | Primerica Life | A+ (Superior) |
| 14 | Prudential Insurance Co of America | A+ (Superior) |
| 15 | New York Life and Annuity Corp | A++ (Superior) |
| 16 | Nationwide Life | A+ (Superior) |
| 17 | Midland National Life | A+ (Superior) |
| 18 | Farmers New World Life | A (Excellent) |
| 19 | Minnesota Life | A+ (Superior) |
| 20 | Guardian Life Insurance Company of America | A++ (Superior) |
| 21 | AAA Life Insurance | A (Excellent) |
| 22 | Allianz Life Insurance | A+ (Superior) |
| 23 | Life Insurance Company of North America | A++ (Superior) |
| 24 | Brighthouse Life | A (Excellent) |
| 25 | United of Omaha (Mutual of Omaha) | A+ (Superior) |
| 26 | Equitable Financial | A (Excellent) |
| 27 | Accordia Life and Annuity | A (Excellent) |
| 28 | Protective Life Insurance | A+ (Superior) |
| 29 | ReliaStar Life Insurance | A (Excellent) |
| 30 | Security Benefit Life | A- (Excellent) |
*Source: California Dept of Insurance (CDI) Market Share Report Premiums Written 2020. Rate Specialist Bureau 6/1/2021. 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 2022
- There are currently 307 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 2020
- California is the number one state in the United States with the most in force (active) life insurance coverage (2020)
- Beneficiaries in California received the most life insurance claims pay outs (2020)
- 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 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 2022
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 2022
- Current California Term Life Insurance Rates
- Largest Life Insurance Companies in U.S. 2022
- Best Life Insurance Companies That Pay Out 2022
- Primerica Term Life Insurance Rates by Age Chart 2022
- 10 vs 15 vs 20 vs 25 vs 30 Year Term Life Insurance Policy
- A+ Rated Life Insurance Companies 2022
- How Much Life Insurance Can I Get For $100 A Month?
