Best Life Insurance Companies in New York, NY

According to MoneyGeek’s analysis, Mutual of Omaha is the best overall life insurance provider in New York City for the average adult. Young adults fare best with MassMutual, while State Farm offers the cheapest rates for seniors and smokers. Among these companies, average life insurance premiums are as low as $13 per month for a $250K coverage policy or $27 per month for New York state’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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In 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.

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2023

Best Life Insurance Companies in New York, NY, for 2022

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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

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Mutual of Omaha
    $13
    $27
  • Nationwide
    $14
    $31
  • State Farm
    $18
    $43
  • Progressive Life
    $13
    $48
Average Monthly Life Insurance Rates in New York City: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Mutual of Omaha
    $11
    $19
  • Nationwide
    $11
    $21
  • Progressive Life
    $13
    $33
  • State Farm
    $19
    $44

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.

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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

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  • Company
    Market Share
  • MassMutual
    11%
  • New York Life
    10%
  • MetLife
    8%
  • Northwestern Mutual
    8%
  • Guardian
    8%
  • Prudential
    6%
  • Lincoln Financial
    4%
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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

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  • Company
    Monthly Cost
  • MassMutual
    $20
  • Mutual of Omaha
    $20
  • Progressive Life
    $21
  • State Farm
    $25
  • Prudential
    $26
  • Nationwide
    $33

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.

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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

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  • Company
    Monthly Cost
  • State Farm
    $48
  • Mutual of Omaha
    $50
  • Nationwide
    $59
  • Progressive Life
    $69
  • Prudential
    $90

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.

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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

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  • Company
    Monthly Cost
  • State Farm
    $170
  • Mutual of Omaha
    $182
  • Prudential
    $203
  • Progressive Life
    $211
  • Nationwide
    $227

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.

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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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Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

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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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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