Best Life Insurance Companies in New York for 2024

I believe that New York Life is the best life insurance company in New York.

min read -
Updated: 16 May 2024
Written by Bob Phillips
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We’ve conducted a thorough analysis of life insurance providers in New York and have determined that New York Life is the best option. Their life insurance products are exceptional, and they have a very strong presence in The Empire State.

I have extensive experience in the insurance industry, having worked as a career agent and evaluated many life insurance companies over the years. In this review, I will discuss several insurers that cater to different demographics, but they all have excellent reputations and are financially sound.

Best Life Insurance Companies In New York, 2024

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Best Life Insurance Overall - New York Life
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Best for Seniors - Mutual of Omaha
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Best for Young People - Progressive Life
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Best for Smokers - State Farm
Best Life Insurance, New York 2024

Compare The Best Life Insurance Providers In New York

To help you evaluate the best life insurance companies in New York, we’ve provided a table that displays our preferred companies based on specific criteria.

Overall Rating Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience (Best 10.0) Get A Quote
New York Life
4.9

Best Overall

A++

775

9.7

Instant Quote
MassMutual
4.9

Best Overall Runner-Up

A++

801

9.6

Instant Quote
Mutual of Omaha
4.8

Best For Seniors

A+

780

9.7

Instant Quote
Progressive Life
4.8

Best For Young Adults

A+

NR

9.6

Instant Quote
Mutual of Omaha
4.8

Best Cheap Life Insurance

A+

801

9.6

Instant Quote
State Farm
4.8

Best For Smokers

A++

839

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

When evaluating life insurance companies, we at InsuranceWise take into account several factors, such as customer service ratings, product offerings, pricing, and online experience. Additionally, my extensive experience in selling life insurance, as well as interacting with agents from other companies and reviewing these companies over the years, has provided me with valuable insights into their products and customer service levels.

65

Quotes Analyzed

15+

Years Of Industry Experience

26

Brands Reviewed

30+

Research Hours

The 6 Best Life Insurance Companies In New York


Best Overall

Overall Rating
4.9

Key Statistics

8/10 Affordability
10/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

New York Life is a household name in New York, thanks to its main headquarters sitting among the skyscrapers in New York City and its many offices throughout the state. They employ thousands of people throughout New York and has been a leading life insurer in the state since 1845.

We chose New York Life as best overall, not only because of its name but also because of its diverse product line.

New York Life is one of the best term life insurance companies offering term policies with a large face amount. Their Million Plus Level Term 10 policy provides a fixed rate for the first ten years and offers coverage of $1 million or more. Premiums will increase after the initial ten years. Additionally, many of their term life insurance policies are convertible to permanent life insurance policies.

The company offers several whole life policies, one of which allows for payment customization. This option is particularly useful for those who experience income fluctuations or wish to pay off their policy early. The Secure Wealth Plus whole life policy is available for individuals between the ages of 0 and 60 and can be paid off within 10 years.

New York Life is also our Best Overall category winner because of its size and financial strength. It is the third largest life insurance company in the United States, the largest mutual life insurance company in the U.S., and is ranked #72 on the Fortune 500 list of the largest United States corporations by total revenue.

Benefits & Drawbacks

Benefits
  • Term and permanent coverage options
  • High customer satisfaction ratings
  • Offers other financial products in addition to life insurance
Drawbacks
  • Premiums can be too expensive for younger adults and seniors
  • Doesn’t sell a variable life insurance
  • Policies only sold through their life insurance agents

Best Overall Runner-Up

Overall Rating
4.9

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

MassMutual was chosen as runner-up for Best Overall because it has so many strengths. Like N.Y. Life, it is also a northeastern-based company with its headquarters in neighboring Massachusetts and has many agents selling life insurance in New York.

MassMutual offers a range of life insurance policies, including term, whole, and universal life insurance, at competitive prices. In addition, it provides various forms of these policies and a wide range of riders that can be added to them.

Additionally, MassMutual’s sales force is made up of well-trained “career agents” who are dedicated to selling only MassMutual products and have extensive knowledge of the company’s life insurance product line. The company has sales and service offices in every major city in New York.

Although not typically associated with low rates, MassMutual has become more competitive in New York. Additionally, the company has maintained its strong financial rating, which gives policyholders confidence that MassMutual is a company they can stay with for years to come.

Benefits & Drawbacks

Benefits
  • Pays dividends to life insurance policyholders
  • Sells many types of life insurance
  • Dedicated career agent sales force
Drawbacks
  • Policies are not sold online
  • The underwriting process can be slow
  • No mobile app

Best For Seniors

Overall Rating
4.9

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

We selected Mutual of Omaha as the top choice for seniors due to its expertise in the senior market and its offering of certain senior-oriented life insurance policies, such as “guaranteed issue” life insurance, that many other providers do not offer.

Mutual of Omaha is a trusted choice among seniors in New York. Their experienced agent salesforce is well-equipped to offer a full senior product line, including Medicare supplements and whole life insurance. In addition, the company has a long-standing reputation for serving this demographic.

Mutual of Omaha’s guaranteed issue life insurance product is highly recommended among seniors. The company offers this life insurance plan without asking any health questions or requiring a medical exam, regardless of the applicant’s health history. This is especially advantageous for seniors with pre-existing medical conditions who are ineligible for a standard policy.

Insuranceopedia has recognized Mutual of Omaha as the Best for Seniors due to its commitment to offering affordable life insurance to this market segment. Its sales team is well-trained, and the company is highly respected in New York, in addition to having competitive insurance rates.

Many seniors are on a fixed income at this stage in their lives and find it challenging not only to qualify for life insurance but also to pay the premiums that have increased along with their age. Mutual of Omaha has made guaranteed-issue life insurance in smaller face amounts affordable for seniors facing mounting insurance premiums.

Benefits & Drawbacks

Benefits
  • Competitive rates for seniors in New York
  • The company is very sound financially
  • Well-trained agents sell life insurance to seniors
Drawbacks
  • Only sold through Mutual of Omaha agents
  • No mobile app
  • Can’t be purchased online

Best Life Insurance Rates For Seniors In New York

(Average age 60, average weight of 184 pounds, nonsmoker, average coverage need of $113,000)

Company Rates for $113,000 Coverage
State Farm $48.21
Mutual of Omaha $49.84
Nationwide $57.61
Progressive Life $68.96
Prudential $90.47

Best for Young Adults

Overall Rating
4.8

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Progressive was our choice for Best for Young Adults because its online experience is exceptional, which is appreciated more by a younger demographic, and its rates are very competitive for young adults, who are often on a very tight budget in New York.

Progressive’s life insurance plans are sold through Efinancial, and their online quote system is very easy to use. All you need to do is fill out a one-page form with basic information such as your name, age, and address. Then, within minutes, you’ll receive a quote.

Progressive and its affiliates provide various life insurance options such as term life insurance, whole life insurance, and universal life insurance. Additionally, they offer a final expense life insurance policy that doesn’t require a medical examination.

Although Progressive is famous for its auto insurance and home insurance policies, it also provides life insurance as an option to help customers keep all their insurance needs with one provider and receive bundle discounts.

Progressive’s life insurance products are not heavily advertised, allowing them to offer lower premiums than many other life insurers. The company’s excellent financial position and claims-paying ability are reflected in its A+ (Superior) rating from A.M. Best.

Progressive, not generally known for having low premiums for any age group, has taken a more competitive stance with its pricing for young adults in New York. Younger policyholders that have Progressive auto and home insurance now have access to very competitive life insurance rates.

Starting families and careers makes it challenging for many young people to afford life insurance along with their other living expenses, but Progressive has solved that problem for younger New Yorkers. Term life insurance from Progressive can be converted into whole life insurance policy down the road for young adults, giving them the opportunity to protect their families for years to come.

Benefits & Drawbacks

Benefits
  • Access to multiple life insurance types
  • Strong financial ratings
  • Easy to get online quotes
Drawbacks
  • Sells its life insurance through third-party Efinancial
  • No local representation for life insurance sales

Best Life Insurance Rates For Young People In New York

(Male, average age of 25, average weight of 156, nonsmoker, average life insurance coverage need of $380,000, 20-year term life policy)

Company Rates for $380,000 Coverage
Mutual of Omaha $20.76
Progressive Life $22.24
State Farm $23.95
Prudential $26.92

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Mutual of Omaha sells term and traditional whole life insurance in New York, and we found them to be the cheapest in the state. The company makes available multiple types of term and permanent life insurance policies, which are sold through a career agent sales force.

The company’s whole life insurance policies are a good investment for people in their 20s and 30s and seniors in their 60s and 70s. In addition to providing a life insurance benefit, these policies accumulate cash value, which can be partially withdrawn or borrowed if the need arises, such as for higher education or long-term care expenses.

Mutual of Omaha ranks very high on the J.D. Powers rankings for customer satisfaction, and the company is very solid financially. Life insurance buyers in New York are selecting a company they can keep for decades when they choose Mutual of Omaha.

While cheap rates are important, so is policyholder service. Mutual of Omaha passed our evaluation in this area with flying colors. Its home office customer service team is known for keeping its policyholders happy, which helps keep those customers in the Mutual of Omaha fold for years.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells Mutual of Omaha policies
  • Offers a full complement of life insurance products and riders
  • Has the cheapest life insurance rates in New York
Drawbacks
  • Doesn’t offer investment-based variable life insurance
  • Policy fees and expenses can be high with their permanent policies
  • Can’t buy online from Mutual of Omaha

Best Life Insurance Rates In New York For Females

Company Rates for $250,000 Coverage Rates for $966,000 Coverage (Recommended)
Mutual of Omaha $11.36 $20.14
Nationwide $12.92 $21.62
Progressive Life $16.83 $33.46
State Farm $21.75 $45.77
USAA $ 29.43 $ 69.65

Best Life Insurance Rates In New York For Males

Company Rates for $250,000 Coverage Rates for $966,000 Coverage (Recommended)
Mutual of Omaha $13.07 $28.56
Nationwide $15.76 $32.41
State Farm $19.62 $42.36
Progressive Life $24.09 $47.25
USAA $31.79 $73.86

Best For Smokers

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

If you’re a smoker, your monthly premiums for life insurance will be higher than nonsmokers because you’re at greater risk of experiencing poor health in the future and passing away before nonsmokers. State Farm has competitive premiums in just about every category in New York, but its rates were significantly lower for smokers than the competition.

State Farm is also renowned for its excellent customer service, which many policyholders appreciate. They have local neighborhood offices for those who prefer meeting with a local agent in person to receive sales assistance or policyholder service, in addition to offering competitive rates.

State Farm has the best rates for smokers in New York and is well-known for its exceptional customer service and efficient handling of claims, which is crucial in the life insurance industry. New Yorkers can easily locate State Farm offices throughout their communities for assistance with finding the right policy at a competitive rate.

Because of the statistics that point to smokers having a shorter life span than non-smokers, life insurers charge smokers substantially more than those that don’t use nicotine or marijuana. State Farm’s lower rates for smokers keep life insurance affordable. The company will also consider lowering a smoker’s rates if they’ve abstained from smoking for twelve months or longer.

Benefits & Drawbacks

Benefits
  • Has a much lower number of customer complaints than the industry average
  • Carries top financial ratings for claims-paying ability
  • More agents providing service than any other insurer
Drawbacks
  • Can only buy policies from State Farm agents
  • A limited number of riders are available

Best Life Insurance Rates For Smokers In New York

Life Insurance Company Rates for $113,000 Coverage
State Farm $46.21
Mutual of Omaha $48.43
Nationwide $56.44
Progressive Life $66.51
Prudential $87.07

How To Find The Best Life Insurance Company For You

After conducting a thorough review of various insurance companies, we have determined that multiple policies could meet your needs. However, the best option for you may depend on your unique circumstances.

For example, if you are 65 years old and need $25,000 of whole life insurance, Mutual of Omaha may be the most suitable option. Conversely, if you’re 25, Progressive Life could be a better choice for buying your life insurance.

If you prefer to work with an agent, companies like New York Life and MassMutual may be more suitable for you than those that only provide online policies.

If you’re searching for the ideal life insurance company, consider asking yourself these five essential questions:

  1. What are the company’s financial ratings?
  2. Does the company offer the type of policy I need?
  3. Do I want assistance from a local agent, or do I prefer to search for policies online?
  4. Are the company’s rates competitive for my age group?
  5. Are most online reviews of the company positive?

Keep in mind that your circumstances are distinct and may not match those of your friends or loved ones.

 

Largest Life Insurance Companies In New York

In New York, there are many life insurance companies competing for your business. The five companies with the largest market share are:

Life Insurance Company Market Share
New York Life 11.23%
MassMutual 10.71%
MetLife 8.76%
Northwestern Mutual 7.62%
Guardian Life 7.40%

Average Cost of Life Insurance In New York For Females

Life Insurance Company Rates for $250,000 Coverage Rates for $966,000 Coverage (Recommended)
Mutual of Omaha $11.03 $19.04
Nationwide $11.82 $21.62
Progressive Life $12.90 $34.07
State Farm $19.97 $44.77

Average Cost of Life Insurance In New York For Males

Life Insurance Company Rates for $250,000 Coverage Rates for $966,000 Coverage (Recommended)
Mutual of Omaha $12.26 $26.14
Nationwide $13.56 $29.84
State Farm $17.62 $41.35
Progressive Life $12.19 $46.52

Average Cost of Life Insurance For Young People In New York

(Male, average age of 25, average weight of 156, nonsmoker, average coverage need of $380,000, 20-year term life policy)

Life Insurance Company Rates for $380,000 Coverage
MassMutual $19.42
Mutual of Omaha $19.43
Progressive Life $20.35
State Farm $23.95
Prudential $24.92

Average Cost of Life Insurance For Seniors In New York

(Average age 60, average weight of 184 pounds, nonsmoker, average coverage need of $113,000)

Life Insurance Company Rates for $113,000 Coverage
State Farm $46.21
Mutual of Omaha $48.43
Nationwide $56.44
Progressive Life $66.51
Prudential $87.07

Average Cost of Life Insurance For Smokers In New York

(Average age 60, average weight of 184 pounds, nonsmoker, average coverage need of $966,000)

Life Insurance Company Rates for $966,000 Coverage
State Farm $164.13
Mutual of Omaha $175.68
Prudential $196.23
Progressive Life $203.94
Nationwide $219.36

Factors That Impact The Cost Of Life Insurance In New York

Many factors affect the cost of life insurance in New York, including these:

  • The insurance company: Different companies offer different life insurance rates.
  • Your location: Insurance companies need to submit rates that are specific to each state, including New York.
  • Gender: Men generally have higher insurance rates than women because they have a shorter life expectancy. Those with pre-existing medical conditions may also face higher insurance rates.
  • Smoker or Nonsmoker: Smokers are typically charged higher rates because they are more likely to have a shorter life expectancy.
  • Credit Score: Your credit score can be considered by insurance companies in New York when determining your insurance rate.
  • Riders: If you add extra features to your policy, such as a disability waiver of premium or a child rider, it will raise the overall cost of insurance.

It’s important to know that insurance companies have different ways of calculating premiums, which can lead to different rates. To find the best life insurance plan for your unique situation at a competitive price, we suggest you compare quotes from multiple insurers using Insuranceopedia.

How Much Life Insurance Do You Need In New York?

The coverage amount of life insurance you need in New York will vary based on your unique circumstances. However, some insurance agents believe that multiplying your annual income by 10 or 20 will help you arrive at the right coverage amount.

For example, if you earn the median salary in New York of $59,752 and multiply that by ten, you would need $597,520 of life insurance protection.

New York Life Insurance Laws To Know

Life insurance providers in New York are required to follow state insurance regulations that safeguard policyholders and set standards for policy procedures.

Contestable Period

In New York, life insurance policies have a contestability period of two years starting from the effective date. During this period, if the policyholder provided wrong, deceptive, or false information on their application, the insurance company can refuse to pay the claim.

Free Look Period

After receiving their life insurance policy from the company or agent, individuals have a ten-day window during which they can return the policy and obtain a full refund of any premiums paid to the insurance company. This window is extended to 30 days for policies sent through email.

Grace Period

Life insurance companies in New York must offer a 31-day grace period to policyholders who fail to make a premium payment. This gives them time to catch up on payments and prevent their policy from lapsing.

 

FAQs

Is life insurance more expensive in New York?

When it comes to life insurance, the cost in New York is comparable to other states. However, there are several factors that can affect the cost of life insurance, such as age, health history, height, weight, and smoking habits.

How much per month is a million dollar life insurance policy in New York?

Depending on your age and gender, you can buy a million dollar life insurance plan in New York for about $25 per month.

What is the average monthly cost of life insurance in New York?

For a 10-year term life plan with coverage of $250,000 in New York, the average monthly cost of life insurance is approximately $15.

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