Best Life Insurance Companies in Buffalo, NY for 2023

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.

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.

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.

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.

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.

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:

• MassMutual: $16 per month
• Mutual of Omaha: $16 per month

In the table below, you can find young adults' life insurance quotes in Buffalo from several insurers.

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.

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:

• State Farm: $39 per month
• Mutual of Omaha: $41 per month

The table below covers the best and cheapest life insurance providers in the city for seniors.

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.

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:

• State Farm: $139 per month
• Mutual of Omaha: $148 per month

Below is a list of the best-rated and cheapest insurance providers for smokers in the city.

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.

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.