Life Insurance for Ministers

Life insurance for ministers can help protect your family and church after you pass. Ministers should have enough coverage to equal five-to-seven times your annual income, plus any debt or donation needs. Key man coverage, which the church is responsible for buying, can cover up to 70 percent of the church's debt and annual income while searching for a new pastor. Read more below about the best life insurance for pastors.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Feb 11, 2021

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Quick Facts

  • Life insurance for ministers can help protect both their family and church.
  • Individual life insurance can have a death benefit for five to seven times the minister’s annual salary plus a donation to the church.
  • Key man insurance, which the church is responsible for purchasing, can cover up to 70 percent of the church’s debt and annual income.

Ministers have a lot of people depending on them. Their families and congregation look to them for guidance and support, both spiritually and financially.

Life insurance coverage for ministers is important to consider when planning for the future. There are ways to help protect the financial stability of the minister’s family and church. Read more below to learn the basics.

Enter your ZIP code into our free quote comparison tool above to find affordable life insurance for ministers today.

Why is life insurance for ministers important?

Most individuals purchase life insurance policies to help make sure their family will be financially stable after they pass. While this is still a concern for ministers, members of the clergy also have other people to be concerned about — mainly their congregation.

When a minister passes away, not only does their family lose income, but so does the church in many cases. Attendance may go down, and donations may decrease.

Certain types of life insurance (namely key man life insurance, which is the responsibility of the church to buy) can help cover day-to-day operations, debt, and other expenses while the search for a new pastor is underway. Ministers can also work a donation into their individual life insurance.

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How much personal life insurance does a minister need?

A simple way to calculate how much life insurance you need is to multiply your annual income by five to seven. However, you should consider any debt, whether your spouse works, and if you anticipate any other financial strains after you pass.

If a minister wants to make a donation to their church after they pass, they should also work this into their death benefit amount.

Key man insurance (which, again, is up to the church to purchase) will usually offer a death benefit for up to 70 percent of the church’s debt and annual income.

Where can ministers buy life insurance?

Many of the top providers would be excellent choices for a minister life insurance company. However, if you want to work with companies that specifically serve members of the clergy, you may want to try the following:

  • Guidestone Insurance — Guidestone life insurance includes term life insurance with optional riders to customize your policy.
  • Church Life Insurance Corporation — Otherwise known as Church Pension Group, this company offers group term life insurance, individual life insurance, and supplemental life insurance.

The best life insurance for pastors will ultimately depend on their specific situation, including age, coverage needs, location, and more. You should take the time to compare product offerings and rates from different companies.

If you need help comparing quotes from companies in your area, enter your ZIP code into the free quote comparison tool below.

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