BestLife InsuranceNew York, NYIn the event of your passing, life insurance provides financial support to your beneficiaries. Given the number of life insurance companies in New York, New York, shopping around and comparing prices will help you find the policy that best suits your needs and lifestyle.
Review the best life insurance companies in New York with MoneyGeek’s analysis of their average rates based on your age, gender or smoking history.
BestLife InsuranceNew York, NYBest Life Insurance Companies in New York, NY, for 2022
Best Cheap Life Insurance - Mutual of Omaha
Best for Seniors - State Farm
Best for Smokers - State Farm
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Best Cheap Life Insurance in New York City
Life insurance premiums depend on your policy amount and gender. For $250K in coverage in New York City, Progressive Life is the cheapest for men, charging an average of $13 per month. On the other hand, Mutual of Omaha is the cheapest for women at $11 per month.
Although a policy with $250K in coverage is more affordable, it may not be enough for your beneficiaries. A good benchmark for a life insurance policy is the state’s average recommended amount — based on the state’s cost of living, average income, average personal debt, average age and other state-specific factors. For New York state, this amount is $966,000.
Using New York’s recommended coverage amount of $996K, Mutual of Omaha offers the cheapest life insurance for both men ($27 per month) and women ($19 per month).
Cheapest Life Insurance Companies for Males and Females in New York City
Cheapest For | $250K Coverage | $996K Coverage (Recommended) |
|---|---|---|
Male | Progressive Life | Mutual of Omaha |
Female | Mutual of Omaha |
Life Insurance Costs in New York City for Men and Women
The average cost of life insurance can depend on your gender. For instance, women in New York City pay 3% less than the average for New York state, while men pay 4% more.
On average, women pay $15 per month for $250K in coverage, while men pay $16 per month.
However, these rates significantly change if you get the state's recommended coverage amount (based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age). Following New York state’s recommended coverage amount of $996K, the average cost of a policy is $36 per month for women and $45 per month for men.
On the other hand, the average cost of a 10-year term policy for women is $21 per month, while it costs men an average of $26 per month. This is regardless of the coverage limit.
Average Monthly Life Insurance Rates in New York City: Men
Average Monthly Life Insurance Rates in New York City: Women
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in New York 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.
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN
Gender plays a significant role in the cost of life insurance. Women typically pay less than men because women have a longer average life expectancy. For example, men are statistically more likely than women to engage in risky behaviors, perform dangerous jobs and develop heart disease. New York is one of many U.S. cities where insurers charge men more for life insurance.
At the same time, studies show that men buy life insurance more often than women. Whether they are the primary breadwinners or stay-at-home caretakers, women are important contributors to their household economies and thus ideal candidates for life insurance.
Most Popular Life Insurance Companies in New York
Based on their market share, the three most popular life insurance companies in the state of New York are MassMutual (11%), New York Life (10%) and Guardian (8%). Overall, the seven most popular companies in New York state make up 54% of the market share.
In the table below, MoneyGeek lists the most popular life insurance companies in New York and their market shares.
Most Popular Life Insurance Companies in New York
MONEYGEEK DICTIONARY
A company's market share reflects its percentage of sales relative to others in its industry. The higher a company’s market share, the more they dominate the market. In terms of life insurance, a high market share means a company has sold more policies than others.
The market share data in MoneyGeek’s analysis is derived from each company’s total premiums written in the 2020 state reports from S&P Global.
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Cheapest Life Insurance for Young People in New York
In New York City, average life insurance premiums for younger adults can range between $20 and $33 per month. MoneyGeek found that the two most affordable insurers for young people in the city of New York are:
- MassMutual: $20 per month
- Mutual of Omaha: $20 per month
Review other life insurance quotes in New York for young people in the table below.
Best Life Insurance Companies for Young People in New York, NY
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in New York who is 5 feet 10 inches tall and weighs 156 pounds with 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.
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE
Life insurance is less expensive for adults 25 and under. Policy costs rise over time as you age and become more prone to certain ailments. Therefore, purchasing life insurance at a young age is one of the best strategies to save money on a policy. The younger and healthier you are, the less it will cost each month.
Cheapest Life Insurance for Seniors in New York
For seniors living in New York City, life insurance costs usually range between $48 and $90 per month. The top two most affordable life insurance companies in New York City for seniors are:
- State Farm: $48 per month
- Mutual of Omaha: $50 per month
The table below lists more of the best and cheapest insurers in New York City for seniors.
Best Life Insurance Companies for Seniors in New York, NY
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in New York who is 5 feet 10 inches tall and weighs 184 pounds with a 10-year term contract at the average coverage need of $113,000.
LIFE INSURANCE COSTS MORE FOR SENIORS
Seniors pay higher premiums for life insurance because it's more likely that your policy will outlive you as you get older. However, seniors often don’t need as much coverage since their beneficiaries are more likely to be financially independent adults. Their life insurance amounts only need to cover expenses like funeral arrangements, estate tax, etc. For this reason, MoneyGeek’s sample policy coverage for seniors is much less than for other groups.
Cheapest Life Insurance for Smokers in New York
The average range of life insurance quotes in New York City for people who smoke is between $170 and $227 per month. MoneyGeek determined that the cheapest life insurance providers for smokers in New York City are:
- State Farm: $170 per month
- Mutual of Omaha: $182 per month
Scan the table below to see more of the most affordable insurers in the city for smokers.
Best Life Insurance Companies for Smokers in New York, NY
Rates were determined by analyzing quotes for a 31-year-old male smoker in New York who is 5 feet 10 inches tall and weighs 184 pounds with a 20-year term contract at the average coverage need of $966,000. If you’re a smoker, we suggest buying a longer-term, 20-year policy as rates for smokers exponentially increase as you age.
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS
Because smoking can bring about adverse long-term health effects, insurers view smokers as high risk and charge them higher premiums. Nevertheless, it’s still possible to find cheap life insurance for people who smoke. MoneyGeek recommends buying a longer term policy (at least 20 years), as being a smoker compounds the increase of your rates as you age.
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Methodology
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, 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
sources
- Harvard Health Publishing. "Why Men Often Die Earlier Than Women." Accessed May 17, 2022.
- Life Insurance Marketing and Research Association (LIMRA). "Facts About Life Insurance 2021." Accessed May 24, 2022.
- National Center for Health Statistics. "Provisional Life Expectancy Estimates for January through June, 2020." Accessed May 17, 2022.
- S&P Global. "2020 Annual Report." Accessed May 17, 2022.