Largest Life Insurance Companies in California 2024

45 Largest Life Insurance Companies in California 2024

Below is a list of the largest life insurance companies in California for 2024 by premiums written. Not surprisingly, most insurers on the list of the largest life insurance companies in California 2024 many people will recognize and are household names. The list is calculated by the life insurance market share for life insurance premiums annually.

RankingLife Insurance CompanyA.M. Best Rating
1Northwestern MutualA++ (Superior)
2New York LifeA++ (Superior)
2TransamericaA (Excellent)
3MassMutualA++ (Superior)
4Lincoln National (Financial)A (Excellent)
5Pacific LifeA+ (Superior)
6MetLifeA+ (Superior)
7Life Insurance Co of the SouthwestA+ (Superior)
8.John Hancock USAA+ (Superior)
9Pruco Life Insurance Co A+ (Superior)
10American General Life (AIG)A (Excellent)
11State Farm LifeA++ (Superior)
12Midland National LifeA+ (Superior)
13Primerica Life A+ (Superior)
14Nationwide Life & AnnuityA+ (Superior)
15Farmers New World LifeA (Excellent)
16Minnesota LifeA+ (Superior)
17AAA Life InsuranceA (Excellent)
18Guardian Life Insurance Company of AmericaA++ (Superior)
19Protective Life InsuranceA+ (Excellent)
20Allianz Life InsuranceA+ (Superior)
21United of Omaha (Mutual of Omaha)A+ (Superior)
23Life Insurance Company of North AmericaA+ (Superior)
24Brighthouse LifeA (Excellent)
25Securian Life A+ (Superior)
26Equitable FinancialA (Excellent)
27Accordia Life and AnnuityA (Excellent)
28Hartford Life & AccidentA+ (Superior)
29ReliaStar Life InsuranceA (Excellent)
30Accordia Life & AnnuityA (Excellent)
31American Memorial LifeA- (Excellent)
32Penn Mutual LifeA+ (Superior)
33Lincoln Benefit LifeA- (Excellent)
34American Income LifeA (Excellent)
35Unum Life Ins CoA (Excellent)
36Standard Ins CoA (Excellent)
37Banner Life Ins CoA+ (Superior)
38Principal Natl LifeA+ (Superior)
39RiverSource Life InsA+ (Superior)
40Fidelity & Guar LifeA- (Excellent)
41North Amer Co Life & HlthA+ (Superior)
42Lincoln Heritage LifeA- (Excellent)
43USAA Life Ins CoA++ (Superior)
44Symetra Life Ins CoA (Excellent)
45American National Ins CoA (Excellent)
Largest Life Insurance Companies California Chart by Premiums Written

*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 is based in Newport Beach, California. Pacific Life is one of the best life insurance companies in America for term and universal life insurance.

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 2024

  • 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 2024- 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 2024

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.

Life insurance company ratings California A.M. Best

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.

Average Cost of Term Life Insurance in California 2024 Chart

*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.

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.
Instant life insurance quotes for California: term life, no-exam and whole life.
Instant life insurance quotes for California for term life, no-exam and whole life

Keep Reading

1. Source: ACLI Fact sheet CA 2022

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