Best life insurance for veterinarians: What you need to know
The best life insurance companies for veterinarians are Legal & General America, MassMutual, Brighthouse Financial, and Mutual of Omaha.
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 veterinarian means you may still be paying off student loans for veterinary school, or you may have loved ones who depend on your income as a vet. The right life insurance policy can protect your dependents and make sure you wouldn’t leave them with any debt if you were to unexpectedly pass away.
We picked the best life insurance companies for veterinarians by using life insurance rates from Policygenius partners, third-party ratings from AM Best and J.D. Power, and recommendations from our licensed experts.
Ready to shop for life insurance for veterinarians?
Methodology
Why you can trust our picks
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 veterinarians: 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 ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
The best term life insurance for veterinarians is Legal & General America, which also does business as Banner Life and William Penn in some states. Legal & General offers term lengths as long as 40 years — and coverage worth up to 40 times your income, more than you’ll find with competitors.
What is term life insurance?
Term life insurance is the cheapest and most practical type of life insurance for most people. Here’s how it works: If you die during the time your policy is active — its “term” — your family receives a payment.
Best whole life insurance for veterinarians: MassMutual
2024 Policygenius award winner
MassMutual
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A++
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
MassMutual has the best whole life insurance for veterinarians thanks to its cheaper average rates.. MassMutual also has consistently high customer satisfaction and financial stability ratings, which is important for whole life, a type of permanent life insurance.
What is whole life insurance?
Whole life insurance might be right for you if you want to use your life insurance as an investment, or provide for dependents with lifelong needs. Whole life insurance never expires and comes with a cash value component that gains interest over time. If you’re already maximizing your contributions to tax-advantaged accounts like a Roth IRA or a 401(k) and are seeking another investment option, whole life insurance might work for you.
Cheapest life insurance for veterinarians: Legal & General America
2024 Policygenius award winner
Legal & General America
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Best no-medical-exam life insurance for veterinarians: Brighthouse Financial
2024 Policygenius award winner
Brighthouse Financial
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
5.0
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Brighthouse Financial has the best no-medical-exam life insurance for veterinarians. Qualifying applicants can get up to $3 million of coverage without going through a medical exam. If you’re approved, Brighthouse Financial may even activate your policy in one phone call.
How does no-medical exam life insurance work?
You answer health questions by phone instead of in an in-person exam, then the insurance company reviews your answers to determine whether you’re eligible — it’s best for healthy applicants with few risk factors.
Best final expense life insurance for veterinarians: Mutual of Omaha
Mutual of Omaha
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.5
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
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.
We found that Mutual of Omaha is the best option for final expense life insurance for veterinarians. Mutual of Omaha offers simplified and preferred policies with different coverage levels, so you can still get a policy even if your medical record usually makes it hard to find life insurance.
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.
Income protection: Having a life insurance policy with robust coverage can help your family replace your income if you die unexpectedly.
Student debt: If you still have student debt from veterinary school, life insurance can pay off your loans (and any other debt) so you’re family isn’t stuck paying it off for you..
Supplementing employer insurance coverage: Your employer may offer some life insurance through work, but this type of policy doesn’t usually come with enough coverage to cover all your family’s expenses, after you die.
If you’re not sure what kind of life insurance you need, or whether you should get coverage at all, one of our licensed agents can help answer all your questions.
How working as an veterinarians will affect getting life insurance
Since your coverage should help to make up for your income if you’re no longer around, the more you make as a veterinarian, the more life insurance you need.
If you own your own veterinary practice, you may also have additional business loans you can cover with your individual insurance policy.
The total amount of coverage you can apply for is usually based on your income. But if you’re still in vet school, you may be able to qualify for more coverage based on your expected future earnings. Buying a policy while you’re still younger will also help you lock in cheaper rates.
How much does life insurance cost for veterinarians?
The cost of a 20-term life insurance policy with a $1 million death benefit payout if you’re a veterinarian with one or two minor, well-managed health conditions is about $46 per month.
Your life insurance rates ultimately depend on multiple factors, including your gender, age, and health. If you have limited or well-maintained health issues, you’ll likely be able to get the coverage you need at an affordable rate.
Term life insurance rates for veterinarians
Here’s what you can expect to pay for a 20-year term life insurance policy with a $1 million death benefit payout as a veterinarian.
Age
Gender
$1 million coverage amount
20
Female
$32.38
Male
$44.72
30
Female
$35.48
Male
$45.94
40
Female
$58.49
Male
$71.45
50
Female
$131.18
Male
$174.90
60
Female
354.88
Male
$500.52
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 Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, 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.
Whole life insurance rates for veterinarians
Here’s what you can expect to pay for a whole life insurance policy with a $1 million death benefit payout as a veterinarian.
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 veterinarians
Here’s what you can expect to pay for a $25,000 final expense life insurance policy as a veterinarian.
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.
Ready to shop for life insurance for veterinarians?
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.