Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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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

UPDATED: May 19, 2021

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The Brief

  • Life insurance for ministers protects a pastor’s family
  • Life insurance for ministers protects the church
  • Keyman life insurance allows the church to be the beneficiary

Purchasing a life insurance policy for a minister protects a church’s finances and allows it time to find a replacement. The church can also purchase personal life insurance to protect the minister’s family.

Consulting a term life buying guide before buying term life policies will help you buy life insurance for ministers and discover how a policy can protect a church.

For those looking for life insurance rates for ministers, enter your ZIP code to find the best life insurance quotes in your area.

What is life insurance for ministers?

A minister is the most important person in a church. They are involved in every aspect of the church’s operation. As such, the church needs to be prepared should they pass away.

The most helpful policy from a life insurance company for ministers is called a keyman policy.

This policy provides money should it be needed by a church. As the beneficiary, the church receives the death benefit, which can be used to meet financial obligations.

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How does life insurance for ministers help a church?

Purchasing affordable life insurance for ministers protects the church should a pastor pass away. The necessary amount of insurance for pastors depends on the church’s income, debts, and outstanding loans.

Most life insurance providers allow a death benefit of 70% of the church’s income and debt. There are several ways in which a pastor’s life insurance policy can be beneficial for a church.

Find a Successor

Finding a successor to a pastor can be difficult. The new minister must live a pastor life and fit the culture of the church. This includes the style of preaching and securing the trust of the congregation.

Finding the right pastor will keep the congregation together to ensure the future of the church. This can take time and a life insurance policy will provide the necessary funding to cover for potential losses in donations during the change.

Day-to-Day Operations

It takes money for a church to continue operating. Most churches depend on donations to pay for electrical bills, employee salaries, and loan payments.

Some of the congregation might leave or stop donating during the change of leadership. A life insurance policy will provide the necessary funding to make these payments to cover the church’s lack of income.

What types of life insurance for ministers are available?

Most ministers aren’t wealthy and may not have the income to leave for close family members. A minister’s family is an important part of a community and a church will want to protect them should a minister pass away.

Personal life insurance for ministers protects the spouse and children. Term life policies offer short-term income and permanent life policies last for the remainder of the policyholder’s life.

According to the Insurance Information Institute, a term life policy is best for those with a limited budget and a permanent policy is best for those looking for a guaranteed death benefit.

A church looking to buy life insurance for ministers but lacking significant income might wonder how much does whole life insurance cost? Fortunately, there are affordable life insurance plans for all applicants.

Life Insurance for Ministers: The Bottom Line

A pastor is the leader of a church. The unexpected passing of a trusted pastor could cause uncertainty among the congregation.

Life insurance for ministers allows the church to continue to fulfill its financial obligations and ensure future success.

To find the best life insurance quotes for ministers, enter your ZIP code to discover the best life insurance rates in your area.