Best life insurance for veterinarians: What you need to know

The best life insurance companies for veterinarians are Legal & General America, MassMutual, Brighthouse Financial, and Mutual of Omaha.

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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 helps lead our life insurance and disability insurance 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|3 min read

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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.

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

Ready to shop for life insurance for veterinarians?

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 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.

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 veterinarians: 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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$

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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

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.

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 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

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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

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.

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 veterinarians: 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

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.

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 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

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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

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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

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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.

Ready to shop for life insurance for veterinarians?

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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 helps lead our life insurance and disability insurance 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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