Being a veterinarian means you may still be paying off student loans for veterinary school, or you may have loved ones who depend on your income as a vet. The right life insurance policy can protect your dependents and make sure you wouldn’t leave them with any debt if you were to unexpectedly pass away.
We picked the best life insurance companies for veterinarians by using life insurance rates from Policygenius partners, third-party ratings from AM Best and J.D. Power, and recommendations from our licensed experts.
Best term life insurance: Legal & General America
Best whole life insurance: MassMutual
Cheapest life insurance: Legal & General America
Best no-medical-exam life insurance: Brighthouse Financial
Best final expense life insurance: Mutual of Omaha
If you’re ready to compare life insurance quotes and find the right coverage, Policygenius can help.
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 veterinarians: 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
The best term life insurance for veterinarians is Legal & General America, which also does business as Banner Life and William Penn in some states. Legal & General offers term lengths as long as 40 years — and coverage worth up to 40 times your income, more than you’ll find with competitors.
Best whole life insurance for veterinarians: 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 has the best whole life insurance for veterinarians thanks to its cheaper average rates.. MassMutual also has consistently high customer satisfaction and financial stability ratings, which is important for whole life, a type of permanent life insurance.
Cheapest life insurance for veterinarians: 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 is our pick for cheapest life insurance for veterinarians. It has some of the most affordable life insurance rates whether you’re healthy or you have certain pre-existing conditions, including diabetes and heart disease.
Best no-medical-exam life insurance for veterinarians: 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
Brighthouse Financial has the best no-medical-exam life insurance for veterinarians. Qualifying applicants can get up to $3 million of coverage without going through a medical exam. If you’re approved, Brighthouse Financial may even activate your policy in one phone call.
Best final expense life insurance for veterinarians: Mutual of Omaha
Mutual of Omaha
4.5
No-medical-exam option
Why we chose it
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 cons
Pros
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than average
Slow turnaround time
We found that Mutual of Omaha is the best option for final expense life insurance for veterinarians. Mutual of Omaha offers simplified and preferred policies with different coverage levels, so you can still get a policy even if your medical record usually makes it hard to find life insurance.
Why veterinarians need life insurance
There are a few reasons why you might need life insurance as a veterinarian.
Income protection: Having a life insurance policy with robust coverage can help your family replace your income if you die unexpectedly.
Student debt: If you still have student debt from veterinary school, life insurance can pay off your loans (and any other debt) so you’re family isn’t stuck paying it off for you..
Supplementing employer insurance coverage: Your employer may offer some life insurance through work, but this type of policy doesn’t usually come with enough coverage to cover all your family’s expenses, after you die.
If you’re not sure what kind of life insurance you need, or whether you should get coverage at all, one of our licensed agents can help answer all your questions.
How working as an veterinarians will affect getting life insurance
Being a veterinarian can affect how much life insurance you need and how long your coverage should last, but it won’t make it harder to get coverage unless you travel for work to certain countries outside of the U.S.
Since your coverage should help to make up for your income if you’re no longer around, the more you make as a veterinarian, the more life insurance you need.
If you own your own veterinary practice, you may also have additional business loans you can cover with your individual insurance policy.
The total amount of coverage you can apply for is usually based on your income. But if you’re still in vet school, you may be able to qualify for more coverage based on your expected future earnings. Buying a policy while you’re still younger will also help you lock in cheaper rates.
→ Learn more about laddering life insurance policies
How much does life insurance cost for veterinarians?
The cost of a 20-term life insurance policy with a $1 million death benefit payout if you’re a veterinarian with one or two minor, well-managed health conditions is about $46 per month.
Your life insurance rates ultimately depend on multiple factors, including your gender, age, and health. If you have limited or well-maintained health issues, you’ll likely be able to get the coverage you need at an affordable rate.
Term life insurance rates for veterinarians
Here’s what you can expect to pay for a 20-year term life insurance policy with a $1 million death benefit payout as a veterinarian.
Age | Gender | $1 million coverage amount |
|---|---|---|
20 | Female | $32.38 |
Male | $44.72 | |
30 | Female | $35.48 |
Male | $45.94 | |
40 | Female | $58.49 |
Male | $71.45 | |
50 | Female | $131.18 |
Male | $174.90 | |
60 | Female | 354.88 |
Male | $500.52 |
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 Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, 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 01/01/2024.
Whole life insurance rates for veterinarians
Here’s what you can expect to pay for a whole life insurance policy with a $1 million death benefit payout as a veterinarian.
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 |
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 veterinarians
Here’s what you can expect to pay for a $25,000 final expense life insurance policy as a veterinarian.
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 veterinarians get life insurance?
Yes, if you’re a veterinarian and you have a high income, have debts — like a mortgage or auto loans — or any dependents who rely on your income, you should get life insurance. Term life insurance will probably be your best option if you are eligible.
Do veterinarians have life insurance?
Most employers offer a small amount of life insurance coverage to full-time employees as part of a standard benefits package. However, it’s usually a much lower amount than what financial advisors recommend, it’s not a guaranteed benefit, and you lose coverage when you leave that employer. And if you own your own practice, as many veterinarians do, it’s much simpler to get a separate individual life insurance policy than to set it up through your business.
How much life insurance should a veterinarian get?
The amount of life insurance you should get depends on your income, savings, debt, and your dependents. One common recommendation is that you should have coverage equal to about 10 to 12 times your income, but there’s not one amount that’s right for everyone.
