10 Best Term Life Insurance Policies for High-Net-Worth Individuals in 2026
For High-Net-Worth Individuals (HNWIs), Life Insurance is rarely just about income replacement—it is a sophisticated tool for estate planning, liquidity provision, and asset preservation. As we move into 2026, the financial landscape has shifted, with changes in estate tax exemptions and market volatility making the stability of a robust insurance policy more critical than ever.
When you are securing coverage for $5 million, $10 million, or even $50 million, the criteria for selecting a carrier changes drastically. You are not looking for the quickest approval; you are looking for financial solvency, “Jumbo” underwriting capacity, and favourable conversion privileges.
In this guide, we analyze the top Life Insurance carriers for 2026 that cater specifically to the affluent, helping you secure your legacy against the unforeseen.
Why HNWIs Need Specialized Term Life Insurance
Before diving into the top carriers, it is vital to understand why standard policies often fail wealthy applicants. High-value policies trigger “Jumbo” underwriting protocols.
1. Estate Tax Mitigation
For U.S. residents, federal estate taxes can erode up to 40% of wealth above the exemption threshold. A term policy, often placed inside an Irrevocable Life Insurance Trust (ILIT), provides immediate tax-free cash to pay these taxes, ensuring your heirs do not have to liquidate real estate or business interests at a loss.
2. Business Continuity and Key Person Protection
If you own a business, your Life Insurance serves as a backstop. Whether it is funding a Buy-Sell agreement or protecting the company against the loss of a Key Person, high-limit term policies are the most capital-efficient way to secure business continuity.
3. High Limits and Retention
Not all carriers can handle a $20 million death benefit risk. You need carriers with high “retention limits” (the amount they keep on their own books) and strong reinsurance relationships to secure these large policies without exorbitant premiums.
How We Ranked These Policies?
To satisfy the high standards, we selected these 10 companies based on strict financial and product metrics:
- Financial Strength: Minimum A+ ratings from AM Best to ensure they can pay out massive claims decades from now.
- Conversion Privileges: The ability to convert term insurance into permanent coverage (Whole or Universal Life) without a medical exam—crucial for lifelong estate planning.
- Underwriting Flexibility: Handling complex medical histories and foreign travel risks often associated with HNW lifestyles.
- Policy Limits: The capacity to write policies exceeding $10 million.
Top 10 Term Life Insurance Policies for HNWIs in 2026
1. Pacific Life (Best for Jumbo Policies)
Pacific Life is a heavyweight in the high-end market. They are renowned for their “Promise Term” product, which is often the go-to for policies exceeding $5 million.
They have exceptional underwriting capacity for large cases. If you need $20M+ in coverage, Pacific Life’s underwriting team is comfortable with the risk where others might balk.
Competitive rates on “standard” health classes, meaning you don’t need to be an Olympic athlete to get a good price.
2. Lincoln Financial Group (Best for Estate Planning)
Lincoln is a favorite among estate planning attorneys. Their term products often serve as a bridge to their permanent products, which are market leaders in wealth transfer.
Their “TermAccel” and “LifeElements” products offer a seamless path to permanent coverage.
Excellent conversion options that allow you to move into survivorship (second-to-die) policies, which are ideal for covering estate taxes for married couples.
3. John Hancock (Best for Healthy Lifestyles)
For the health-conscious HNWI, John Hancock’s “Vitality” program creates a unique value proposition. They use tech integration (wearables) to lower premiums based on your activity levels.
If you are fit, you can unlock “Platinum” status, significantly reducing the cost of cost-prohibitive large policies.
The Vitality Plus program offers rewards and premium savings, gamifying the insurance experience while providing top-tier coverage.
4. Prudential (Best for Past Health Issues)
Wealth does not guarantee perfect health. Prudential is widely considered the best carrier for “impaired risk”—applicants with previous heart issues, cancer, or diabetes.
Their “Term Essential” policy is backed by aggressive clinical underwriting that looks at the whole picture, often giving favorable ratings where other carriers would decline.
Liberal underwriting for chewing tobacco users and cigar smokers (often rated as non-smokers).
5. MassMutual (Best for Conversion to Whole Life)
MassMutual is a mutual company, meaning it is owned by policyholders. They are arguably the gold standard for Whole Life insurance.
Their term policy acts as a “placeholder.” You secure the death benefit now, and eventually, you can convert it to one of the best dividend-paying Whole Life policies in the industry without a medical exam.
Access to a portfolio of permanent products that have historically strong dividend performance.
6. Legal & General America / Banner Life (Best for Low Rates)
If your primary goal is the lowest possible cost for the highest possible death benefit, Banner Life is frequently the price leader in 2026.
They focus almost exclusively on term life insurance, allowing them to optimize their pricing models efficiently.
”AppAssist” allows for streamlined application processes, and their underwriting for high-income earners is straightforward.
7. Protective Life (Best for Long-Term Term)
Most term policies go up to 30 years. Protective Life is unique in offering terms that can extend up to 35 or 40 years, taking you well into your 80s.
For HNWIs who want term coverage to last until they are very old, but don’t want to pay for permanent insurance, this is the middle ground.
The “Classic Choice Term” offers incredible price stability for longer durations.
8. Transamerica (Best for Older Applicants)
Many HNWIs seek insurance later in life (ages 55-70) to cover unexpected liquidity needs. Transamerica is known for favorable pricing in older age brackets.
They offer high limits even for seniors, provided they are in decent health.
Flexible underwriting for foreign nationals and those who travel frequently for business, a common trait among the wealthy.
9. Corebridge Financial (formerly AIG Life & Retirement)
A global powerhouse, Corebridge offers highly customizable term policies with a suite of riders (add-ons).
Their “Select-a-Term” product allows you to customize the length of the term to the specific year (e.g., a 17-year policy to match a specific business loan or mortgage).
Strong living benefits, allowing access to the death benefit early if diagnosed with a chronic or terminal illness.
10. Nationwide (Best for Bundling & Service)
Nationwide offers a “YourLife” Guaranteed Level Term that is robust and backed by a brand known for customer service.
For HNWIs who already hold commercial or property insurance with Nationwide, bundling can simplify financial management.
Their “Wellness Credits” can improve the underwriting class for eligible healthy adults, effectively lowering the price after the medical exam.
Navigating the “Jumbo” Life Insurance Application
Applying for Life Insurance when the death benefit exceeds $5,000,000 requires a different approach than a standard policy. Here is what HNWIs need to know to ensure approval.
The Financial Justification
Underwriters will require financial justification for the coverage amount.
- Income Multiplication: Generally, carriers allow 20x-30x your annual income.
- Net Worth Verification: For estate preservation, you must provide third-party verification of your net worth (CPA statements) to justify the policy size relative to the potential tax burden.
The Medical Exam
Expect a thorough exam. For policies over $10 million, carriers may request:
- An EKG or Treadmill Stress Test.
- APS (Attending Physician Statements) from all doctors seen in the last 5 years.
- In some cases, specific blood markers related to longevity.
Do not apply to multiple carriers simultaneously without a broker’s strategy. A formal decline from one carrier is recorded in the MIB (Medical Information Bureau) and can negatively impact applications with other insurers.
Strategic Considerations for 2026
Premium Financing
For HNWIs who do not want to liquidate high-performing assets to pay premiums, Premium Financing is a popular strategy in 2026. This involves taking a loan from a third-party lender to pay the premiums, while the policy cash value (usually in permanent policies, but sometimes applicable in conversion scenarios) serves as collateral. This allows you to keep your capital working in the market.
Laddering Policies
Instead of one massive $20 million policy, sophisticated investors often “ladder” term policies.
Example: Buy a $10M policy for 10 years and a $10M policy for 20 years. As liabilities decrease (mortgages paid, children grown), the first policy drops off, reducing costs while maintaining necessary coverage.
Securing the best Life Insurance as a High-Net-Worth Individual in 2026 requires looking beyond the monthly premium. It requires a partner with the financial fortitude to protect your legacy and the flexibility to adapt to complex estate plans.
Whether you prioritize the conversion options of MassMutual, the jumbo capacity of Pacific Life, or the tech-integrated savings of John Hancock, the key is to lock in your insurability while you are healthy.
Disclaimer: The information provided in this article is for educational purposes only and does not constitute financial or legal advice. Insurance rates and underwriting guidelines are subject to change. Always consult with a licensed insurance broker and a financial advisor before making purchase decisions.