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.
Best term life insurance: Legal & General America
Best whole life insurance: MassMutual
Best universal life insurance: Pacific Life
Best no-medical-exam life insurance: Brighthouse Financial
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.
Best term life insurance for executives: Legal & General America
2024 Policygenius award winner
Legal & General America
4.9
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, 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.
Best whole life insurance for executives: MassMutual
2024 Policygenius award winner
MassMutual
4.9
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
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.
Best universal life insurance for executives: Pacific Life
2024 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
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 cons
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
2024 Policygenius award winner
Brighthouse Financial
5.0
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
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.
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 |
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 |
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 |
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.
Life insurance for other occupations
Frequently asked questions
Should CEOs & CFOs get life insurance?
Yes. You should get life insurance if you’re a CEO or CFO. Life insurance can help your family replace your income and keep up with expenses if you die unexpectedly. You can also use permanent life insurance products to diversify your investment portfolio and as estate planning tools.
Do CEOs & CFOs have life insurance?
You probably get group life insurance through your work as a perk of employment, but most financial advisors recommend getting individual life insurance coverage for more comprehensive coverage that’s tailored to your needs.
How much life insurance should a CEO or CFO get?
Executives can consider up to 10 times their annual income in coverage, but the amount that’s right depends on your personal situation: your assets, liabilities, dependents, and financial planning goals. You can connect with a Policygenius expert or meet with a financial planner for a personalized recommendation.
