Updated: May 22, 2024
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Having a life insurance policy ensures that your loved ones will be financially taken care of if you die unexpectedly. You can choose from a number of insurers in Buffalo, so you should compare premiums to ensure you get the policy that best fits your needs.
Based on your age, gender and smoking history, MoneyGeek can help you find the best life insurance company in Buffalo, New York.
BestLife InsuranceBuffalo, NYBest Life Insurance Companies in Buffalo, NY, for 2023
Progressive Life is the cheapest for men in Buffalo for a $250K policy, costing an average of $10 monthly. Mutual of Omaha is the cheapest for women, costing an average of $9 monthly.
While a $250K policy may be cheaper, it may not cover the needs of your beneficiaries. New York proposes $966K in coverage based on buyer profiles and state-specific factors.
Mutual of Omaha offers this coverage at the lowest price for both men and women, costing around $22 and $15 per month, respectively.
Cheapest For | $250K Coverage | $966K Coverage (Recommended) |
|---|---|---|
Male | Progressive Life | Mutual of Omaha |
Female | Mutual of Omaha | Mutual of Omaha |
Premiums are affected by insurance amounts and gender. Compared to the average females and males in New York, females in Buffalo spend around 22% less on life insurance, while men pay about 16% less.
Males in Buffalo pay about $13 per month for a $250K coverage, compared to an average of $12 for women.
Policies with the state-recommended coverage of $966K (calculated based on per capita income from the U.S. Bureau of Economics, average age, average mortgage debt and personal debt) cost males around $37. For women, it is around $29 monthly.
Regardless of the limit, men spend an average of $21 per month for a 10-year term life insurance coverage, while women pay an average of $17 per month.
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $22 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $25 |
| State Farm | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $35 |
| Progressive Life | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $39 |
| Mutual of Omaha | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Nationwide | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $17 |
| Progressive Life | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $27 |
| State Farm | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $35 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Buffalo using average buyer profile statistics, including the average age of 31, the average weight of 184 pounds for males and 145 pounds for females, and an average coverage need of $966,000.
Gender is a factor affecting Buffalo life insurance rates. According to the National Center for Health Statistics' data, women live longer than men. The reasons for men having a lower average lifespan than women include them skipping doctor visits, working in hazardous environments and developing heart disease. Ultimately, insurers quote them high insurance premiums.
However, men make up the bulk of life insurance policyholders. Women now make more economic contributions to families, whether they are the only breadwinners or stay-at-home moms. As a result, they are good candidates for life insurance and are probably eligible for lower rates.
The three most popular life insurance companies in New York, as measured by total average market share, are MassMutual (11%), New York Life (10%) and Guardian (8%). The top seven life insurance companies control around 54% of the state's market.
The market shares of Buffalo's top seven life insurance companies are shown in the table below.
| MassMutual | Market Share11% |
| New York Life | Market Share10% |
| Guardian | Market Share8% |
| Northwestern Mutual | Market Share8% |
| MetLife | Market Share8% |
Market share quantifies a company's sales revenue in comparison to other companies operating in the same sector. This shows that a life insurance company with a big share of the market has sold more policies than its competitors.
In this study, MoneyGeek used 2020 S&P Global data reports to gather information about the market share of insurance companies in New York.
Life insurance rates for young individuals in Buffalo vary between $16 and $27 per month. According to MoneyGeek's study, the following companies provide the most affordable average life insurance quotes in Buffalo for young adults:
In the table below, you can find young adults' life insurance quotes in Buffalo from several insurers.
| MassMutual | Monthly Cost$16 |
| Mutual of Omaha | Monthly Cost$16 |
| Progressive Life | Monthly Cost$17 |
| State Farm | Monthly Cost$20 |
| Prudential | Monthly Cost$21 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Buffalo who is 5 feet 10 inches, 156 pounds and purchases a 20-year term contract at the average coverage need of $380,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
For younger policyholders in Buffalo, life insurance premiums are often less expensive. As you get older and become more susceptible to illnesses, your insurance rates will increase. If you purchase life insurance while you are younger, you are likely to save money on your premiums.
The typical average monthly life insurance premium in Buffalo for senior adults is between $39 and $74. On average, MoneyGeek evaluated that the following two life insurance companies in Buffalo provide seniors with the most affordable rates:
The table below covers the best and cheapest life insurance providers in the city for seniors.
| State Farm | Monthly Cost$39 |
| Mutual of Omaha | Monthly Cost$41 |
| Nationwide | Monthly Cost$48 |
| Progressive Life | Monthly Cost$56 |
| Prudential | Monthly Cost$74 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Buffalo who is 5 feet 10 inches, 184 pounds and purchases a 10-year term contract at the average coverage level of $113,000.
Due to the higher possibility that their policies would outlive them, senior adults pay higher life insurance premiums. However, seniors can choose a policy with a lower face value. This is because it is more likely that when the seniors pass away, their dependents will be mature, financially independent adults. Typically, the proceeds from a senior's life insurance are used to cover their funeral costs or to repay their debts. As a result, we have fixed the sample insurance coverage for Buffalo's seniors at $113,000, which is lower than other profiles.
Smokers in Buffalo pay an average of $139 and $185 a month in life insurance premiums. The following are the city's most affordable life insurance companies for smokers on average, according to MoneyGeek:
Below is a list of the best-rated and cheapest insurance providers for smokers in the city.
| State Farm | Monthly Cost$139 |
| Mutual of Omaha | Monthly Cost$148 |
| Prudential | Monthly Cost$166 |
| Progressive Life | Monthly Cost$172 |
| Nationwide | Monthly Cost$185 |
Rates were determined by analyzing quotes for a 31-year-old male smoker in Buffalo who is 5 feet 10 inches, 184 pounds and purchases a 20-year term contract at the average coverage need of $966,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.
Insurance companies view smokers as high-risk clients. As a result, their rates are evaluated considering the adverse effects of smoking on one's health. Despite this, smokers can still find an affordable life insurance policy. MoneyGeek recommends Buffalo's smokers buy a 20-year term policy since their life insurance rates continue to climb significantly with age.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
