Best Life Insurance Companies In New York For 2023

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. New York Life employs 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 a great option if you’re searching for term life insurance 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 policies.

The company offers several whole life insurance 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.

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.

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 policy 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.

InsuranceWise 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 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.

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 products 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, whole, and universal life policies. Additionally, they offer a final expense life insurance policy that doesn’t require a medical examination.

Although Progressive is famous for its car 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 down the road for young adults, giving them the opportunity to protect their families for years to come.

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 products, 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.

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.