Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 30, 2022

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Facts You Should Know

  • Ministers life insurance rates depend on age, health, and coverage desired
  • Two different types of clergy life insurance can protect both a church and its minister
  • Individual life insurance protects the needs of the minister’s personal family
  • Key person life insurance protects the church from the loss of their minister and enables the church to continue providing services to their community

Ministers need life insurance to protect both their personal families and their church family. Are ministers’ life insurance rates affordable? Which companies are the best for clergy life insurance?

Most insurance companies can provide ministers’ life insurance rates. There are a few life insurance companies that specifically cover church officials and ministers.

Key man life insurance or key person life insurance is another life insurance product a church can purchase. Key person insurance provides money to keep a church running financially until it hires a new minister.

Ministers can consider various types of life insurance coverage to protect their personal families.

Learn more about affordable ministers’ life insurance rates today. Enter your ZIP code to compare free quotes from top insurance companies for life insurance for pastors.

How affordable are ministers’ life insurance rates?

Ministers purchase life insurance like Americans with other careers do. It all depends upon the individual minister’s health, age, policy type, and coverage limits.

For male ministers age 20, life insurance coverage rates can be as low as $9 a month for a $100,000 term life policy. Female ministers age 20 can expect to pay as little as $8 a month.

Ministers who take up their vocation in their 30s will average a monthly cost closer to $26 a month for a $100,000 term life policy.

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How much personal life insurance does a minister need?

To determine how much life insurance a minister needs, insurance experts recommend multiplying the annual income by a factor of five or seven.

Clergy should also consider other factors when determining their death benefit, such as any debt carried by the family, children’s needs, and whether a spouse works outside the home.

If a pastor wishes to donate funds to their church upon their death, they should also factor this amount into their death benefit.

What types of clergy life insurance are there?

There are many types of life insurance to choose from, depending upon the needs of ministers and their families. Term life insurance is more affordable than whole life, but its terms can expire. Whole life policies, though usually more expensive than term life policies, are permanent life insurance quotes.

Key person life insurance is another type of insurance for a church to consider. This is a policy that is taken out on the key person, i.e. the minister, who is key to the life of the church. But key person insurance is purchased by the church and not by the individual minister.

How does key person life insurance protect the church?

Key person life insurance will usually offer a death benefit for up to 70 percent of the church’s debt and annual income. Since a minister is a central figure in the church, their death would have a major impact on the continuity of services at the church.

Key person life insurance allows the church to:

  • find a new pastor to provide services to the congregation
  • run church operations which may be affected by lower attendance and lower donations following a beloved clergy member’s death
  • provide collateral on any loans the church may have with banks

The amount of policy coverage needed for key person life insurance depends on the church’s annual income and any debt they may have. The church pays the premiums on key person life insurance, not the pastor.

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Where can ministers buy clergy life insurance?

There is not one ministers’ life insurance company, though several life insurance companies do specialize in clergy life insurance. Clergy members can purchase affordable life insurance for pastors with any company.

Let’s examine the A.M. Best ratings for insurance companies where clergy can buy ministers life insurance.

A.M. Best Ratings for Top Providers
Life Insurance CompanyA.M. Best Rating
Accordia LifeA-
Banner LifeA+
Cincinnati LifeA
Gerber LifeA
John HancockA+
Lincoln FinancialA+
Midland NationalA+
Minnesota LifeA+
Mutual of OmahaA+
North American CoA+
Pacific LifeA+
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Two insurance companies specialize in clergy life insurance, GuideStone, and Church Pension Group.

  • GuideStone Insurance offers term life insurance with optional riders
  • Church Pension Group offers individual life insurance, supplemental life insurance, and group term insurance.

Both GuideStone and Church Pension Group provide insurance coverage to church staff and officials.

What’s the best insurance for ministers?

Ministers’ life insurance rates depend on their health, where they live, their coverage needs, and policy amounts, just like other Americans.

Hopefully, you’ve learned more about ministers’ life insurance rates. Be sure to enter your ZIP code today for free quotes from top insurance companies on life insurance for pastors.