Why lawyers need life insurance
Lawyers with financial dependents and other responsibilities likely need life insurance to ensure their loved ones wouldn’t struggle financially in the absence of their income.
Some common considerations while shopping for a life insurance policy include:
Income protection. If you’re a lawyer with a spouse or children, life insurance can ensure your family has extra funds to cover the cost of living in your absence.
Debt protection. The life insurance death benefit can cover responsibilities such as a mortgage or other loans in the event of your passing.
Student loans. Many lawyers have student loans either from their undergraduate degree, or their law degree, or both. If you took out any private student loans, life insurance can be used to ensure your family won’t struggle to pay back those expenses.
Financial planning. If you have a high net worth, you may use life insurance as an estate planning tool in order to protect your wealth and buffer against estate tax.
Best life insurance companies for lawyers
The best life insurance company for you will depend on your financial needs and goals. Below are a few of our top partners for different types of life insurance policies.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. 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.
Best term life insurance: Legal & General America
Best whole life insurance: MassMutual
Best universal life insurance: Pacific Life
Best instant decision life insurance: Brighthouse Financial
Best term life insurance for lawyers
In line with our best overall life insurance company of 2023, Legal & General America, which also does business as Banner Life and William Penn, offers competitive pricing for people who qualify for best rates, as well as people who may have a pre-existing condition.
It also offers a seamless no-medical-exam coverage option — which allows you to skip the medical exam that’s a standard part of the application process — for those with few health conditions or risk factors, which can provide a convenient way to get up to $2 million in coverage.
Best whole life insurance for attorneys
MassMutual is a reputable company that pays higher dividends to its policyholders than others. If you have a need for permanent coverage, a policy from MassMutual might suit your needs.
Best universal life insurance for lawyers
Pacific Life is an A+ rated company that offers a competitively priced guaranteed universal life insurance option. The policy also includes a return of premium feature. This makes it a great choice for someone who is looking for a permanent death benefit with lower risk.
Best instant decision life insurance for attorneys
Brighthouse Financial offers a seamless instant decision application process for people with few or minor health conditions. Instead of the traditional medical exam, you’ll answer additional health questions over the phone. You can apply for up to $3 million of coverage.
Best types of life insurance for lawyers
A lawyer’s life insurance policy should depend on their financial needs, their motivation for getting coverage, and their budget.
If you’re not sure which type of life insurance is best for you, a Policygenius expert can help give you a personalized recommendation. Below are a few popular types of life insurance to start.
Term life insurance
Term life insurance is one of the most affordable life insurance options on the market. It’s the best option for most people looking to protect their income and provide their family with a financial safety net to cover any debts — including a mortgage or any private student loans.
If your primary concern is providing your family with a buffer to replace your income if something happens to you, term life insurance is the best option for you.
Permanent life insurance
Permanent life insurance is appropriate for people who are already maximizing contributions to other investment accounts and looking to buy life insurance to diversify their investment portfolio, or for people who have long-term protection needs, like dependents who require lifelong care.
Certain types of permanent life insurance, like whole life insurance, are on average five to 15 times more expensive than comparable term life policies.
Universal life insurance
Universal life insurance is a flexible type of permanent life insurance policy that comes with a cash value component. It allows you to increase or decrease how much you pay toward premiums, and even cover those payments using the policy’s cash value.
A universal life policy can be a good fit for someone who is looking for some flexibility in their life insurance — and can afford that flexibility. It’s best for high earners who are trying to build a nest egg without entering a higher income bracket.
Instant decision life insurance
Instant decision life insurance typically refers to term life policies that differ from the traditional application process and offer expedited approval.
Instant decision life insurance policies don’t require the in-person medical exam. Instead, you answer additional health questions over the phone.
The insurance company then reviews existing medical, driving, and financial records to determine your eligibility and premiums.
To be eligible to apply for an instant issue policy, you typically need to have few health conditions and risk factors. This is a great option for lawyers seeking to get up to $3 million in coverage quickly and easily.
How much does life insurance cost for lawyers?
A 30-year-old female attorney with few health conditions and risk factors can pay as little as $35.48 per month for a $1 million life insurance policy with a 20-year term. A 30-year-old male attorney can pay as little as $45.94 for the same coverage.
A $1 million whole life insurance policy can cost between $801 to $920 per month for a person with the same profile.
The exact premiums you pay will depend on your age, gender, health, and liststyle risk factors, as well as how much coverage you’re seeking and the specific type of policy you’re applying for.
Term life insurance rates for lawyers
$1 million coverage amount
Whole life insurance rates for lawyers
$1 million coverage amount
When should lawyers purchase life insurance?
Generally speaking, you should consider buying life insurance as soon as you have the financial protection needs that warrant a policy. Many people buy life insurance for the first time in anticipation of getting married, buying a house, or having children.
If you’re anticipating these life events but you’re still in law school, you can still apply for a policy based on your projected income when you finish your degree. The insurance company will just ask a few questions about when you’re scheduled to complete your program, and how much you anticipate to make afterward.
Regardless of your profession, the younger you are when you apply, the cheaper your life insurance rates will be, because we all become riskier to insure as we age.
Benefits of life insurance for lawyers
An attorney’s life insurance policy provides a financial safety net to their family if something were to happen to them. Income protection is key to financial planning for any high earner, including lawyers.
Plus, lawyers may have more private student loan debt than people in other professions, so a life insurance policy can help their beneficiaries with debt repayment if necessary.
Considerations for lawyers
If you work for an international law firm or organization or otherwise frequently travel outside the United States, you’ll have to time your life insurance application around your travel plans.
Most life insurance companies require you to complete the application and medical exam, if required, in the U.S. You’ll also need to sign your final policy documents in the U.S.
If you spend more than six months out of the year outside the United States for work or otherwise, you may qualify for a life insurance policy with fewer American companies. You’ll have to answer a few additional questions about your global net worth to justify coverage.
If this applies to you, speaking with a Policygenius expert can help you find the life insurance company that’s best suited to your needs.