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.

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By

Tory 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 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|4 min read

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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.

If you’re ready to compare life insurance quotes and find the right coverage, Policygenius can help.

Ready to shop for life insurance?

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

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

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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 ($$$$$).

$

$

$

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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

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.

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

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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 think that Brighthouse Financial 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 Brighthouse Financial can 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

Mutual of Omaha 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

4.5

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 itchevron icon

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.

Pros and conschevron icon

Pros

  • No-medical-exam options for older applicants

  • Strong financial and customer ratings

Cons

  • Policies are more expensive than average

  • Slow turnaround time

The best final expense life insurance company for doctors is Mutual of Omaha. 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:

  • Income protection: 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.

A licensed Policygenius agent can help you figure out how much life insurance you need and how long your coverage should last. Our experts are licensed in all 50 states and can walk you through the entire life insurance buying process.

Ready to shop for life insurance for doctors?

How working as a doctor affects 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.

→ Learn more about how your job affects your life insurance rates

How much does life insurance cost for doctors?

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.

Life insurance for other occupations

Authors

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 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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