There is, it's called TLS (which is the same technology that modern SSL uses, so the same encryption used by https) and is implemented by STARTTLS. It establishes a secure connection between two email servers and sends the email off secure between them and it suffers from the following pitfalls:
1. It only encrypts the data stream between two email servers that support it, or between the email server and client.
2. The email is still decrypted and stored plaintext in the queue of any given email server, and is subject to reading by the admin of any server in the chain.
3. It relies on each email server in the chain supporting TLS (most do, but there are still old ones out there that do not and the ones that do will generally fall back to unencrypted email if need be to communicate with an older server).
4. While it is possible to purchase and verify certificates between two servers no one does because a lot of servers use self-signed or invalid certificates, so verifying them would simply cause a lot of email communications to fail, thus it is susceptible to a man in the middle attack.
The best way to secure your emails has been and still is to use PGP (and before someone says it, that includes GPG), which secures the email end-to-end and so it is not subject to any snooping or attack in between with the exception that the envelope sender, recipient, and email headers still have to be sent in plain text. Of course this requires that both the originator and recipient of the email both have PGP support installed on their email clients and it requires the maintenance of PGP keys be done by the end-user, so it is more complicated than the vast majority of email users are willing to commit to.