Best life insurance for CEOs & CFOs: What you need to know

We found that Legal & General America, MassMutual, Pacific Life and Brighthouse Financial are the best life insurance companies if you’re a CEO or CFO, though the best option for you will depend on your needs.

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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.&Andrew HurstSenior Editor & Licensed Auto Insurance ExpertAndrew Hurst is a senior editor and a licensed auto insurance expert at Policygenius. His work has also been featured in The New York Times, The Wall Street Journal, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, ValuePenguin, 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.
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Reviewed by

Ian Bloom, CFP®, RLP®Ian Bloom, CFP®, RLP®Certified Financial PlannerIan 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.

Updated|3 min read

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Having the right life insurance is key to financial planning for CEOs and CFOs. We used industry data, pricing from our partners, and third-party ratings like AM Best and J.D. Power to pick the best life insurance companies for business executives.

Remember that the best life insurance policy will depend on your financial needs and motivation for getting coverage. If you’re ready to compare life insurance quotes and find the right coverage, Policygenius can help.

Ready to shop for life insurance for company executives?

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 scoring rubric 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.

Read more about our reviews methodology

Ready to shop for life insurance for company executives?

Legal & General America, which also does business as Banner Life and William Penn in some states, is the best term life insurance if you’re a CEO or CFO. Legal & General America has term lengths of up to 40 years — and applicants between the ages of 20 and 75 may qualify for up to $10 million in coverage.

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 executives: MassMutual

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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.

Full orange starFull orange starFull orange starFull orange starHalf orange star

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 itchevron icon

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and conschevron icon

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer satisfaction ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

MassMutual is the best whole life insurance company if you’re an executive and you want to diversify your investments. We like that MassMutual has high financial-strength ratings (A++ from AM Best), meaning you can depend on its long-term stability.

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.

Best universal life insurance for executives: Pacific Life

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2024 Policygenius award winner

Pacific Life

Pacific Life logo

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.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

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

No-medical-exam option

Why we chose itchevron icon

Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.

Pros and conschevron icon

Pros

  • Extremely affordable across age brackets

  • Affordable guaranteed universal life insurance option for people who need lifetime coverage

  • Favorable underwriting for many health conditions

Cons

  • Traditional term life not available in NY

  • There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy

Pacific Life is our pick for the best universal life insurance for C-level executives. We like Pacific Life because of its high financial strength ratings (an A+ from AM Best), its return-of-premium feature, and its overall affordability.

Best no-medical-exam life insurance for executives: Brighthouse Financial

award icon

2024 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

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.

Full orange starFull orange starFull orange starFull orange starFull orange star

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 itchevron icon

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 conschevron icon

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

  • Term life applicants limited to ages 25-50

We found that Brighthouse Financial is the best company for no-medical-exam life insurance. You may qualify for up to $3 million of coverage with Brighthouse Financial without needing an in-person medical exam — and you may be approved in as few as 24 hours.

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.

Why CEOs & CFOs need life insurance

If you’re a CEO, a CFO, or another C-level executive, there are a few reasons you probably need life insurance:

  • Income protection: The right life insurance policy can make sure your family has enough money to cover their expenses if they can’t rely on your income anymore.

  • Debt protection: Your life insurance benefits can help your family pay off any money you owe, like mortgages, property taxes, and other debts.

  • Financial planning: You can use a permanent life insurance policy as an estate planning tool to protect your wealth and diversify your investments.

Even if you’re wealthy enough to self-insure, it can make sense to get life insurance. Our Policygenius experts say they tell clients to think of it this way: for a small premium, you can protect a larger part of your income and help your family avoid using any of your hard-earned assets if the worst happens.

How working as an executive affects your life insurance

Working as a CEO, CFO, or another type of executive can affect your life insurance needs, depending on the specifics of your role. 

If you work for more than six months out of the year outside the United States or Canada, you may have to answer questions about your global net worth before you can get life insurance coverage with an American company. You might have to complete an application and medical exam in the United States, too, which can require extra time and planning if you travel a lot for work. 

Your employer can also ask you to take out key-person life insurance — a type of business life insurance policy that the business owns — to prevent any financial losses if you die unexpectedly.

If you bought life insurance when you were younger to lock in lower rates and you’re making significantly more now, you may want to revisit your coverage. It’s sometimes possible to add more coverage, or even convert a term life policy to whole life.

How much does life insurance cost for CEOs & CFOs?

We found that the cost of life insurance for executives can be between $1,598 and $1,837 a year depending on your coverage limits, age, health, gender, and other risk factors.

A 30-year-old female CEO with few health conditions and risk factors can expect to pay as little as $64 per month for a $2 million life insurance policy with a 20-year term. A 30-year-old male CEO can expect to pay as little as $85 a month for the same coverage.

Term life insurance rates for CEOs & CFOs

Age

Gender

$2 million coverage amount

20

Female

$58.02

Male

$83.01

30

Female

$64.39

Male

$84.70

40

Female

$109.83

Male

$135.83

50

Female

$253.73

Male

$342.74

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Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification buying a 20-year $2 million term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, Brighthouse Financial, Corebridge Financial, Foresters Financial, 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 07/01/2023

Whole life insurance rates for CEOs & CFOs

Age

Gender

$2 million coverage amount

20

Female

$1,085

Male

$1,273

30

Female

$1,598

Male

$1,837

40

Female

$2,319

Male

$2,740

50

Female

$3,648

Male

$4,229

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Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred Plus health classification buying a $2 million whole life insurance policy from MassMutual. Rates 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

Final expense insurance rates for CEOs & CFOs

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

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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.

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Authors

Katherine Murbach is a life insurance and annuities editor, licensed life insurance agent, and former sales associate at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Andrew Hurst is a senior editor and a licensed auto insurance expert at Policygenius. His work has also been featured in The New York Times, The Wall Street Journal, Forbes, USA Today, NPR, Mic, Insurance Business Magazine, ValuePenguin, and Property Casualty 360.

Editor

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.

Expert reviewer

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.

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