Being a doctor means you’ve invested lots of time (and probably money) in your career, and life insurance can help protect any dependents who rely on your income, and make sure you don’t saddle them with debt after death.
The best life insurance company for doctors will depend on the kind of policy you want to get, but these top picks are a good place to start.
Best term life insurance: Legal & General America
Best whole life insurance: MassMutual
Cheapest life insurance: Legal & General America
Best no-medical-exam life insurance: Pacific Life
Best final expense life insurance: Mutual of Omaha
We used industry data, pricing from Policygenius 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.
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 doctors: Legal & General America
2025 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 doctors comes from Legal & General America, which also does business as Banner Life and William Penn in some states.
Legal & General America has great rates even if you don’t have a perfect medical record. It also offers one of the largest coverage amounts: up to 40 times your income based on your age. You may also be able to apply for coverage without taking a medical exam if you meet certain criteria.
Best whole life insurance for doctors: MassMutual
2025 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
The best whole life insurance company for doctors is MassMutual. That’s because it has consistently high scores for financial stability and customer satisfaction, which is important for whole life insurance, which is guaranteed to pay out no matter when you die.
Cheapest life insurance for doctors: Legal & General America
2025 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 has some of the cheapest rates on the market — especially if you’re in relatively good health. But Legal & General American may also offer cheap rates if you have a pre-existing health condition, like diabetes or heart disease.
Best no-medical-exam life insurance for doctors: Pacific Life
2025 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
We think that Pacific Life has the best no-medical exam life insurance for doctors. Qualified applicants can apply for up to $3 million of coverage. If you’re under the age of 60, you’ll complete a health interview to determine if you can get accelerated approval without a medical exam. The insurer will review your profile to confirm — if you don’t have many health conditions or risk factors, you likely won’t have to take an exam.
Best final expense life insurance for doctors: 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
The best final expense life insurance company for doctors is Mutual of Omaha. Applicants 45 and over can usually find better rates from Mutual of Omaha than other companies.
Why doctors need life insurance
There are a few reasons why doctors are especially good candidates for life insurance:
Income protection: Your family may depend on your high income as a doctor. Life insurance can provide a financial safety net to your family in case you die.
Student debt: You can get insurance coverage to help your beneficiaries pay back your student loans and any other debts you have in case you die before you’re able to pay them off.
Employer insurance coverage: Your employer may offer some life insurance as part of your compensation package, but the coverage might only be one to two times your annual salary — far from the coverage you can add with private life insurance.
A licensed Policygenius agent can help you figure out how much life insurance you need and how long your coverage should last. Our experts are licensed in all 50 states and can walk you through the entire life insurance buying process.
How working as a doctor affects life insurance
If you’re a doctor or still in medical school, getting life insurance as soon as possible will help you secure the cheapest rates. You can even lock in a 40-year term life policy when you’re in medical school that will last until you retire.
And while coverage limits usually have to do with your current income, most life insurance companies will let you get more coverage — or over-insure — while you’re in medical school based on your future earning potential.
In general though, being a doctor won’t affect your life insurance eligibility or your rates — but some activities or hobbies might affect your coverage. If your work frequently takes you to countries outside of the U.S., or if you’re a medical missionary, your options for coverage might be limited.
Also, any medication you’ve been prescribed will show up on a prescription history check — including any self-prescribed medication. When you apply, make sure the agent you’re working with knows all the medications you’ve taken so they can connect you with the right company.
→ Learn more about how your job affects your life insurance rates
How much does life insurance cost for doctors?
Being a doctor doesn’t affect your insurance rates, but your premiums will depend on factors like your gender, age, and health. The average cost of life insurance for a 35-year-old with one or two minor, well-managed health conditions is $46 per month for a 20-year term life policy with a $1 million death benefit payout.
Term life insurance rates for doctors
The table below shows the average rates for a 20-year term life insurance policy with a $1 million death benefit payout. As a doctor, you can expect to pay a similar amount for term life insurance.
Age | Gender | Non-smoker | Smoker |
|---|---|---|---|
20 | Female | $32.38 | $101.03 |
Male | $44.72 | $132.14 | |
30 | Female | $35.48 | $117.13 |
Male | $45.94 | $143.86 | |
40 | Female | $58.49 | $207.31 |
Male | $71.45 | $266.47 | |
50 | Female | $131.18 | $465.83 |
Male | $174.90 | $660.81 | |
60 | Female | $354.88 | $1,123.64 |
Male | $500.52 | $1,642.62 |
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, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Transamerica, Symetra, and Foresters Financial, 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 doctors
The table below shows the average rates for a whole life insurance policy with a $1 million death benefit payout. You can expect to pay similar rates for a whole life insurance policy.
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 doctors
The table below shows the average rates for a final expense life insurance policy with a $25,000 death benefit payout. Physicians who qualify can expect to pay similar rates for a final expense 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 |
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.
