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.
Ready to shop for life insurance for lawyers?
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: Banner Life
Best whole life insurance: MassMutual
Best universal life insurance: Pacific Life
Best instant decision life insurance: Brighthouse Financial
Methodology: How we chose the best life insurance companies for lawyers in 2023
We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends.
Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best term life insurance for lawyers
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life 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
In line with our best overall life insurance company of 2023, Banner Life 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
2023 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 experience ratings
Cons
High term life premiums
Term life not available through Policygenius
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
2023 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 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
2023 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-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
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.
→ Learn more about the most common types of life insurance
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
Age | Gender | $1 million coverage amount |
20 | Female | $32.48 |
Male | $44.72 | |
30 | Female | $35.48 |
Male | $45.94 | |
40 | Female | $58.49 |
Male | $71.45 | |
50 | Female | $131.18 |
Male | $174.90 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification buying a 20-year $1 million term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, 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 06/01/2023.
Whole life insurance rates for lawyers
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 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred Plus health classification buying a $1 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 06/01/2023.
Ready to shop for life insurance for lawyers?
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.
→ Learn more about buying family life insurance
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.
→ Learn more about buying life insurance while living abroad
Life insurance for other occupations
Frequently asked questions
Should lawyers get life insurance?
Yes, lawyers should consider life insurance if they have dependents, private student loan debt, a mortgage, or other financial responsibilities that warrant coverage.
Do lawyers have life insurance?
Lawyers may have group life insurance through their employer. Most financial advisors recommend individual policies in addition to employer-provided life insurance for more comprehensive and personalized coverage.
How much life insurance should a lawyer get?
Lawyers should consider getting around 10 times their annual income in life insurance coverage — the exact amount will come down to your dependents, assets, liabilities, and overall financial goals.
