Life insurance for veterinarians

A 35-year-old veterinarian with limited health issues can expect to pay about $41 per month for a $1 million policy. Our picks for best life insurance companies for veterinarians are Legal & General America, Mutual of Omaha, MassMutual, and Brighthouse.

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By

Tory CrowleyAssociate Editor & Licensed Life Insurance AgentTory Crowley is an associate editor and a former 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.

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|6 min read

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Veterinarians are often high income earners with large financial responsibilities. If you die, your household could suffer financially. But getting a life insurance policy can help you protect your income and anyone who depends on you.

Veterinarians have multiple reasons to consider life insurance. 

  • Income protection. Veterinarians tend to make significant contributions to the stability of their households through their income. If you die, life insurance can help replace your salary, easing or eliminating the financial burden on your family. 

  • Student debt. A lot of veterinarians have student debt. Life insurance can help your beneficiaries pay back your student loans and any other debts you have if you pass away. 

  • Employer insurance coverage. Your employer may offer some life insurance as part of your benefits package — but the coverage is typically only one to two times your annual salary. A private policy can supplement any group coverage you have and provide your loved ones with the financial safety net they need.

While there’s nothing about being a veterinarian that will increase the insurance rates you’re eligible for, your occupation may impact how much life insurance you need and how long your coverage should last

Working with a licensed agent through Policygenius is the best way to determine the amount of life insurance coverage that you need and get connected to the insurer that will be best for you. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent and unbiased advice. 

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

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Best life insurance companies for veterinarians

There are many factors to consider when choosing which life insurance company to apply with, including price, how easy it is to apply, how long the underwriting process is, and the maximum coverage you can apply for.

We used industry data, pricing from Policygenius carrier 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.

A licensed agent at Policygenius can help you with these considerations and find the best insurer for you. 

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

Best term life insurance for veterinarians

Legal & General America, which also does business as Banner Life and William Penn, offers some of the largest coverage amounts on the market: up to 40 times your income based on your age, which makes it a great term life insurance choice for veterinarians, who are usually high earners.

Legal & General America also allows you to apply without taking the medical exam (normally a standard part of the life insurance application).

Best whole life insurance for veterinarians

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2023 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’s whole life insurance policies offer lower premiums and higher dividends than other insurers. The company also maintains consistently high scores for financial stability and customer satisfaction. 

Most affordable life insurance for veterinarians

Legal & General America has some of the most competitive premiums on the market — especially if you only have one or two minor and well-controlled health conditions. It also offers cheap rates for several pre-existing conditions, including diabetes and heart disease

Best instant decision life insurance for veterinarians

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2023 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

If you’re eligible for instant decision life insurance, Brighthouse Financial may approve your application and put your policy in force on the same phone call.

Best final expense life insurance for veterinarians

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

Mutual of Omaha offers the most competitive rates when it comes to final expense insurance. For most people, approval is guaranteed and coverage lasts for life. 

Best types of life insurance for veterinarians

Two of the most common types of life insurance are term life insurance and permanent life insurance. For most working professionals, including veterinarians, term life insurance will be the best option to cover your financial obligations. 

If term life isn’t a good fit for you, whole life and final expense life insurance are two types of permanent life insurance you can consider. 

Term life insurance

Term life insurance is almost always the most affordable type of insurance available, and the most practical type of insurance for protecting your income. The policy only lasts for a set term and comes with few rules and tax restrictions. 

Term life is also the best option for most people looking to provide their family with a financial safety net to cover any debts. This includes a mortgage or any other types of personal loans your family will be left with if you die. 

Most people get term life insurance long enough to cover them through retirement age. This will ensure that your beneficiaries will receive the financial support they need if your income is lost. 

Whole life insurance

Aside from replacing your income, you may want life insurance as a way to diversify your investment portfolio. You might also have long-term financial obligations or coverage needs, like dependents who require lifelong care. If either scenario is the case for you, whole life insurance might be a good fit.

Whole life never expires and comes with a cash value that earns interest in addition to the death benefit payout. 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.

Final expense life insurance

If you’re not eligible for standard coverage but need help to cover your end-of-life costs, like a funeral, final expense insurance will be your best option.

Final expense is a type of permanent insurance that usually offers death benefit amounts between $10,000 and $40,000. You need to be between 45 and 85 years old to apply for final expense insurance.

Permanent life insurance policies like whole life or final expense insurance are appealing because they last for the rest of your life. However, on average, permanent life insurance policies cost about five to 15 times more than a term life insurance policy with the same face amount would. 

How much does life insurance cost for veterinarians?

A 35-year-old veterinarian with one or two minor, well-managed health conditions can expect to pay about $46 per month for a 20-term life policy with a $1 million death benefit payout. 

The premiums you pay 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

The rates below offer an estimate for what a veterinarian can expect to pay for a 20-year term life insurance policy with a $1 million death benefit payout.

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 Legal & General America, 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 07/01/2023.

Whole life insurance rates for veterinarians

The following is an estimate for what a veterinarian can expect to pay for a whole life insurance policy with a $1 million death benefit payout.

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 07/01/2023.

Final expense  life insurance rates for veterinarians

The following is an estimate for what a veterinarian can expect to pay for a $25,000 final expense life 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

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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 07/01/2023.

→ Learn more about life insurance rates

Ready to shop for life insurance for veterinarians?

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When should veterinarians purchase life insurance?

If you’re a veterinarian or in vet school, you should get life insurance as soon as possible. The younger you are when you apply, the cheaper your life insurance rates are going to be. Later on, if you need more coverage, you can always ladder a supplemental policy if your financial needs change.

The total amount of coverage you’re able to apply for is usually based on your income. But if you’re still in vet school, you can justify the amount you’re applying for with your projected full-time income. 

A licensed agent can help you determine how much coverage you need and make sure you’re getting a policy that will protect your family financially within the means of your current budget.

→ Learn more about the life insurance ladder strategy

Benefits of life insurance for veterinarians

The main benefit of life insurance is to protect your income. Income protection is key for anyone who has dependents or makes a significant financial contribution to their household, like many veterinarians do.  

Getting the right amount of life insurance will allow your family to replace your income, make sure your debts are paid off, and receive the financial support they will need even if you die unexpectedly. 

Life insurance considerations for veterinarians

While being a veterinarian alone won’t limit your options for life insurance coverage or increase your rates, some related activities might. 

If you travel for work to some countries outside of the U.S., your eligibility for life insurance could be impacted. 

It’s also fairly common for veterinarians to own their own practices. If this is the case for you, you may have limited coverage through your work. You also may have additional business loans you’ll want to cover through your individual insurance policy. 

As a licensed agent, I helped multiple business owners consider these aspects of their financial needs to get the best available life insurance policy with the best coverage amount. 

When you apply, be thorough with the agent you’re working with to make sure they consider any unique aspects of your job so they can make sure you’re applying with the right company.

Life insurance for other occupations

Frequently asked questions

Should veterinarians get life insurance?

For most veterinarians, life insurance is crucial to their financial planning. If you anticipate earning a significant income, have large debts or any dependents, you should get life insurance. Term life insurance will 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?

Veterinarians can consider a life insurance policy with a coverage amount equal to about 10 to 12 times their annual income as a starting point. Your ideal coverage will depend on your personal financial circumstances and your budget.

Author

Tory Crowley is an associate editor and a former 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.

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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