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Best life insurance companies for high net worth individuals

These 5 providers cater to the wealthy when it comes to coverage amounts and policy options.

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Fact checked

Whether you want to leave a legacy, protect your business or use life insurance for estate planning purposes, wealthy people have different life insurance needs. That’s why it’s helpful to choose a company that tailors its offerings to high net worth individuals.

When analyzing life insurance providers, our editorial team assesses the insurer’s reputation in the industry, as well as their product lineup, rider selection and underwriting standards. To determine industry reputation, we research the company’s financial strength, accreditations and ratings.

Best life insurance for high net worth individuals

Take a look at the top five life insurance companies for wealthy individuals.

Best overall pick: John Hancock

John Hancock logo
Finder Rating: 3 / 5

★★★★★

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$25,000 – $1,000,000
Coverage range
20 – 60 years
Issue age
Another legacy life insurance company, John Hancock caters to the wealthy with large policies and personalized customer service. It offers term life insurance up to $1 million, along with three permanent policies: universal life insurance, variable universal life and indexed universal life insurance. While the company doesn't advertise its maximum face amounts, John Hancock is known to sell policies in the tens of millions.
  • Its universal life policies are tailored to a range of investors, from those who want to cap their potential losses to experienced investors with a higher risk tolerance.
  • Provides rewards for living a healthy lifestyle through the John Hancock Vitality Program.
  • Sells term life insurance spanning 10, 15 or 20 years.
  • Offers a long-term care, total disability waiver, and accelerated death benefit rider.
Coverage range $25,000 – $1,000,000
Term lengths 10, 15, or 20 years
Issue age 20 – 60 years

Best for universal life insurance: AIG

AIG logo
Finder Rating: 4 / 5

★★★★★

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$5,000 – $2,000,000
Coverage range
18 – 75 years
Issue age
As a high net worth individual, you're likely looking into a permanent policy that builds significant cash value. Along with whole life insurance, AIG sells seven types of universal life policies. These policies offer flexible premiums and death benefits, so you can adjust your coverage as needed.

Depending on the policy you choose, you might be able to decide which investments you'd like to invest your cash value in — with the knowledge that this policy comes with high risk, and high potential returns.

  • Buy up to $10 million in coverage.
  • Get universal or hybrid policies that allow you to invest your cash value in the investments of your choice.
  • Some universal life insurance policies are tied to the performance of global indices for more stable growth.
  • Some universal life insurance policies are tied to the performance of global indices for more stable growth.
Coverage range $5,000 – $2,000,000
Term lengths 10, 15, 20, 25, 30, or 35 years
Issue age 18 – 75 years
Medical exam required No

Best for enhancing your coverage with riders: Lincoln Financial Group

Lincoln Financial Group logo
Finder Rating: 4 / 5

★★★★★

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$100,000 – $1,000,000
Coverage range
18 – 60 years
Issue age
Lincoln Financial has a higher entry point than most of its competitors, which makes it a natural fit for wealthy individuals. It offers up to $500,000 in term life coverage, and $10 million in permanent life insurance. Large policies aside, this insurer also has a long list of riders to choose from, such as a guaranteed insurability rider that allows you to increase your death benefit at any time.
  • Grow your cash value faster with a universal or variable universal life policy.
  • Select investments that match your risk tolerance.
  • Add a range of riders to your policy, including less common ones like an overloan protection endorsement and inflation protection rider.
  • Sells convertible term life policies lasting 10, 15, 20 or 30 years.
Coverage range $100,000 – $1,000,000
Term lengths 10, 15, 20 or 30 years
Issue age 18 – 60 years

Best for earning rising dividends year-over-year: MassMutual

MassMutual logo
Finder Rating: 4 / 5

★★★★★

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$2,000 for guaranteed acceptance policy, $100,000 for term – $10,000,000
Coverage range
18 – 80 years
Issue age
If you want to treat your life insurance policy as a cash asset, consider purchasing a permanent policy from a mutual company. One of the oldest and biggest life insurance companies in the US, MassMutual has paid out dividends to its permanent policyholders every year since the 1860s.

If you want to treat your life insurance policy as a cash asset, consider purchasing a permanent policy from a mutual company. One of the oldest and biggest life insurance companies in the US, MassMutual has paid out dividends to its permanent policyholders every year since the 1860s.

  • Get up to $10 million in coverage.
  • Buy a convertible term, whole or universal life insurance policy.
  • Customize your coverage with riders like an accelerated death benefit, waiver of premium, guaranteed
  • Insurability or long-term care rider.
Coverage range $2,000 for guaranteed acceptance policy, $100,000 for term – $10,000,000
Term lengths 10, 15, 20, 25 and 30 years
Issue age 18 – 80 years

Best for variable universal life insurance: Prudential

Prudential logo
Finder Rating: 3 / 5

★★★★★

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$100,000 – $10,000,000
Coverage range
18 – 75 years
Issue age
If you have complicated life insurance needs, look into Prudential's policy lineup. The insurance giant specializes in permanent policies — particularly universal life insurance. It has nine universal policies on offer, all of which provide flexible premiums, plus a portfolio of investment options to help you boost the cash value of your policy.
  • Offers an estate planning rider.
  • Sells four standard universal life policies to suit those who want to leave the investment options to Prudential's professionals.
  • Provides three indexed universal life policies that are tied to the S&P 500 index — including a survivorship policy.Manages the investment for three variable universal life policies, which have a higher risk and higher potential returns.
  • Manages the investment for three variable universal life policies, which have a higher risk and higher potential returns.
Coverage range $100,000 – $10,000,000
Term lengths 10, 15, 20, or 30 years
Issue age 18 – 75 years

How do I pick the best life insurance if I have a high net worth?

While you might be able to self insure, there are a few reasons why you might want to consider buying life insurance. These include:

Cover estate taxes

If your estate is valued at $11.58 million or more — the IRS threshold for 2020 — it will be subject to federal estate taxes. Your heirs will only have nine months to pay the tax after your death. To prevent them from having to sell off other assets, you could take out a life insurance policy to help your heirs pay the tax bill.

Settle your debts

Even though you’re wealthy, you might have outstanding loans or business-related debts. You could ease the burden on your beneficiaries by purchasing a life insurance policy that’s large enough to cover any debt you’re leaving behind. That way, they won’t be forced to liquidate assets or dip into their own accounts.

Protect your business

There are a few ways life insurance can protect your business.

  • If your business would financially suffer if you died unexpectedly, you could consider buying a key man insurance policy to help your company stay afloat until a replacement is found.
  • If you take out a loan to finance your business, a policy could take care of repayments.
  • You could cover a buy/sell agreement if you have co-owners or business partners.

Help your beneficiaries maintain their lifestyles

As a high net worth individual, chances are your loved ones have become accustomed to a certain lifestyle. A life insurance policy could give them the funds they need to cover their living and lifestyle expenses without having to sacrifice anything.

Leave a legacy

The primary purpose of life insurance is to replace your income when you die. You could go one step further and leave a healthy inheritance to your children and grandchildren. Depending on your provider, you might be able to stagger the payout so your beneficiaries receive a payment every month, year or few years.

Best life insurance companies financial strength

As a policyholder, you need to be able to rely on your insurer to pay out your claim when you die. All five insurers on our list score top ratings with the major agencies, which means they have the cash reserves to meet their financial obligations.

In J.D. Power’s latest study on customer satisfaction, Prudential ranked eighth of 23 insurers surveyed. MassMutual placed ninth, Lincoln Financial eleventh, and John Hancock fourteenth. AIG has a little work to do in the customer service department, ranking second-to-last.

AgencyMassMutualAIGLincoln FinancialPrudentialJohn Hancock
AM BestA++AA+A+A
Moody’sAa3A2A1Aa3A1
Standard & Poor’sAA+A+AA-AA-AA-
FitchAA+A+A+AA-AA-
J.D. Power3 out of 52 out of 53 out of 53 out of 52 out of 5

Best life insurance companies customer reviews and reputation

To find out how these insurers treat their customers, we turned to the Better Business Bureau (BBB). John Hancock and Lincoln Financial earned the highest possible rating with the BBB, though AIG and MassMutual could improve. Currently, Prudential has a C- rating while it’s in the process of resolving complaints.

CompanyBBB ratingCustomer reviews
MassMutualB-1 out of 5 stars
AIGA-1 out of 5 stars
Lincoln FinancialA+None
PrudentialC-1 out of 5 stars
John HancockA+1 out of 5 stars

Bottom line

Wealthy individuals tend to have complex life insurance needs. If you have an estate or business to protect, or want to take a more aggressive approach to investing your cash value, you’ll need an insurer who can cater to you. The five insurers on this list do just that.

To expand your options, it’s worth comparing life insurance providers.

Compare alternative life insurance companies

Name Product Issue age Minimum Coverage Maximum Coverage Medical Exam Required
Sproutt
18 - 60 years old
$50,000
$5,000,000
No
This life insurance broker combines technology and the human touch to match you with a policy tailored to your needs.
Policygenius
18 - 85 years old
$10,000
$10,000,000+
Depends on provider and policy
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
Bestow
21 - 54 years old
$50,000
$1,000,000
No
Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.
Everyday Life
20 - 75 years old
$100,000
$10,000,000
No
Build a customized laddering strategy to target specific financial responsibilities and save on term life.
Fabric
25 - 60 years old
$100,000
$5,000,000
Depends on policy
Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
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Compare up to 4 providers

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