Best life insurance for doctors: What you need to know
We found that the best life insurance companies for doctors are Legal & General America, Mutual of Omaha, MassMutual, and Brighthouse Financial, but the best company for you will depend on the type of coverage you’re looking for.
By
Tory CrowleyTory CrowleyAssociate Editor & Licensed Life Insurance AgentTory Crowley is an associate life insurance and annuities editor and a licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations.&Andrew HurstAndrew HurstSenior Editor & Licensed Auto Insurance ExpertAndrew Hurst is a senior editor at Policygenius who has spent his entire career writing about life, disability, home, auto, and health insurance. His work has been featured in The New York Times, The Wall Street Journal, the Washington Post, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, and Property Casualty 360.
Edited by
Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.
Being a doctor means you’ve invested lots of time (and probably money) in your career, and life insurance can help protect any dependents who rely on your income, and make sure you don’t saddle them with debt after death.
The best life insurance company for doctors will depend on the kind of policy you want to get, but these top picks are a good place to start.
We used industry data, pricing from Policygenius partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoringrubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best term life insurance for doctors: Legal & General America
2024 Policygenius award winner
Legal & General America
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
The best term life insurance for doctors comes from Legal & General America, which also does business as Banner Life and William Penn in some states.
Legal & General America has great rates even if you don’t have a perfect medical record. It also offers one of the largest coverage amounts: up to 40 times your income based on your age. You may also be able to apply for coverage without taking a medical exam if you meet certain criteria.
What is term life insurance?
Term life insurance is the cheapest and most practical type of life insurance for most people. Here’s how it works: If you die during the time your policy is active — its “term” — your family receives a payment.
Best whole life insurance for doctors: MassMutual
2024 Policygenius award winner
MassMutual
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A++
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
The best whole life insurance company for doctors is MassMutual. That’s because it has consistently high scores for financial stability and customer satisfaction, which is important for whole life insurance, which is guaranteed to pay out no matter when you die.
What is whole life insurance?
Whole life insurance might be right for you if you want to use your life insurance as an investment, or provide for dependents with lifelong needs. Whole life insurance never expires and comes with a cash value component that gains interest over time. If you’re already maximizing your contributions to tax-advantaged accounts like a Roth IRA or a 401(k) and are seeking another investment option, whole life insurance might work for you.
Cheapest life insurance for doctors: Legal & General America
2024 Policygenius award winner
Legal & General America
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Legal & General America has some of the cheapest rates on the market — especially if you’re in relatively good health. But Legal & General American may also offer cheap rates if you have a pre-existing health condition, like diabetes or heart disease.
Best no-medical-exam life insurance for doctors: Brighthouse Financial
2024 Policygenius award winner
Brighthouse Financial
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
5.0
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
We think that BrighthouseFinancial has the best no-medical exam life insurance for doctors. No-medical exam policies cut out the time-consuming medical approval part of the application process, and BrighthouseFinancialcan even approve your application and put your policy in force on the same phone call if you qualify for no-med coverage.
How does no-medical exam life insurance work?
You answer health questions by phone instead of in an in-person exam, then the insurance company reviews your answers to determine whether you’re eligible — it’s best for healthy applicants with few risk factors.
Best final expense life insurance for doctors: Mutual of Omaha
Mutual of Omaha
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.5
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Mutual of Omaha is a reputable company that offers a variety of life insurance products — including a no-medical-exam option — so that you can select the type of life insurance that best suits your needs.
The best final expense life insurance company for doctors is MutualofOmaha. Applicants 45 and over can usually find better rates from Mutual of Omaha than other companies.
What is final expense life insurance?
If you can’t get standard life insurance coverage, final expense coverage is a good way to pay for end-of-life costs, like funeral and burial expenses. This type of coverage is permanent (meaning it lasts for the rest of your life) and usually offers a death benefit between $10,000 and $40,000.
Why doctors need life insurance
There are a few reasons why doctors are especially good candidates for life insurance:
Incomeprotection: Your family may depend on your high income as a doctor. Life insurance can provide a financial safety net to your family in case you die.
Student debt: You can get insurance coverage to help your beneficiaries pay back your student loans and any other debts you have in case you die before you’re able to pay them off.
Employer insurance coverage: Your employer may offer some life insurance as part of your compensation package, but the coverage might only be one to two times your annual salary — far from the coverage you can add with private life insurance.
If you’re a doctor or still in medical school, getting life insurance as soon as possible will help you secure the cheapest rates. You can even lock in a 40-year term life policy when you’re in medical school that will last until you retire.
And while coverage limits usually have to do with your current income, most life insurance companies will let you get more coverage — or over-insure — while you’re in medical school based on your future earning potential.
In general though, being a doctor won’t affect your life insurance eligibility or your rates — but some activities or hobbies might affect your coverage. If your work frequently takes you to countries outside of the U.S., or if you’re a medical missionary, your options for coverage might be limited.
Also, any medication you’ve been prescribed will show up on a prescription history check — including any self-prescribed medication. When you apply, make sure the agent you’re working with knows all the medications you’ve taken so they can connect you with the right company.
Being a doctor doesn’t affect your insurance rates, but your premiums will depend on factors like your gender, age, and health. The average cost of life insurance for a 35-year-old with one or two minor, well-managed health conditions is $46 per month for a 20-year term life policy with a $1 million death benefit payout.
Term life insurance rates for doctors
The table below shows the average rates for a 20-year term life insurance policy with a $1 million death benefit payout. As a doctor, you can expect to pay a similar amount for term life insurance.
Age
Gender
Non-smoker
Smoker
20
Female
$32.38
$101.03
Male
$44.72
$132.14
30
Female
$35.48
$117.13
Male
$45.94
$143.86
40
Female
$58.49
$207.31
Male
$71.45
$266.47
50
Female
$131.18
$465.83
Male
$174.90
$660.81
60
Female
$354.88
$1,123.64
Male
$500.52
$1,642.62
Collapse table
Methodology: Average monthly estimated rates are calculated for male and female smokers and non-smokers in the Preferred health classification, obtaining a 20-year $1,00,000 term life insurance policy. Life insurance rates are based on policies offered by Policygenius from Legal & General America, Brighthouse Financial, Corebridge Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Transamerica, Symetra, and Foresters Financial, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 07/01/2023.
Whole life insurance rates for doctors
The table below shows the average rates for a whole life insurance policy with a $1 million death benefit payout. You can expect to pay similar rates for a whole life insurance policy.
Age
Gender
$1 million coverage amount
20
Female
$545
Male
$639
30
Female
$801
Male
$920
40
Female
$1,161
Male
$1,372
50
Female
$1,826
Male
$2,117
60
Female
$3,065
Male
$3,556
70
Female
$5,580
Male
$6,198
Collapse table
Methodology: Average monthly estimated rates are calculated for male and female insureds obtaining a whole life insurance policy of $1,000,000 from MassMutual. Life insurance rates are based on policies offered by Policygenius and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Final expense life insurance rates for doctors
The table below shows the average rates for a final expense life insurance policy with a $25,000 death benefit payout. Physicians who qualify can expect to pay similar rates for a final expense insurance policy.
Age
Gender
$25,000 coverage amount
50
Female
$74.47
Male
$98.96
60
Female
$105.21
Male
$140.69
70
Female
$158.19
Male
$215.16
Collapse table
Methodology: Average monthly estimated rates are calculated for male and female insureds obtaining a final expense life insurance policy of $25,000 from Mutual of Omaha. Life insurance rates are based on policies offered by Policygenius and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Tory Crowley is an associate life insurance and annuities editor and a licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations.
Andrew Hurst is a senior editor at Policygenius who has spent his entire career writing about life, disability, home, auto, and health insurance. His work has been featured in The New York Times, The Wall Street Journal, the Washington Post, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, and Property Casualty 360.
Antonio is a former associate content director who helped lead our life insurance and annuities editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
Ian Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.