Life Insurance Companies New York

Life Insurance Companies New York – Every state has its own life insurance laws. Before making a decision about a life insurance policy in New York, you should first learn about the state’s laws.

Here are a part of the normal regulations that apply across the state:

  • The free look period: This is the time allotted to prospective policyholders to consider their options. The buyer may decide to return the policy to the insurer and request a refund during this time. The free look period in New York is 10 days, with a maximum of 30 days for email-based policies.


  • Grace period for payment missed: For missed installments, insurance plans in New York will give you time of as long as 31 days to make the installment. But because of COVID-19, insurers extended this to 90 days to help policyholders who can show that the pandemic has hurt their finances.


  • Time allowed to settle a claim: In New York, life insurance companies must pay beneficiaries’ claims within 30 days of receiving proof of death, with no exceptions. The beneficiary will have to receive interest from the insurer if the claim takes longer to process.


  • Contestable period: In New York, life insurance companies have two years to challenge a policy’s validity from the time it is issued. Before declaring your policy null and void, insurers have this time to investigate any misrepresentations and identify errors.


Life Insurance Companies New York

We will group this into different sub-headings;

How much does life insurance cost New York-based businesses?

The price of life insurance in New York is influenced by a number of factors. The gender of the buyer is one of these. Due to their longer lifespans, most insurance companies charge women less per month.

In New York, men pay a normal of $15.54 each month for a policy with $250,000 as the coverage sum. For the same amount, women pay approximately $15.39.


Best cheap Life coverage in New York

The expense of life coverage in New York relies upon the inclusion sum you buy. The monthly premium is proportional to the amount. While policies with lower limits of coverage have lower premiums, they may not be sufficient to meet your surviving beneficiaries’ financial needs.

Progressive Life offers male purchasers the most reduced cost with a coverage limit of $250,000, at an average of $12.19 each month. The lowest monthly premium for female customers is offered by Mutual of Omaha which costs an average of $11.03 per month.

Even though such a policy is relatively inexpensive, the sum paid to your beneficiaries may not cover all of their requirements. The estimated best coverage in New York is $966,000 in light of variables like normal age, individual obligation and pay.

READ: Permanent Whole Life Insurance Quotes

A policy with this kind of coverage should be able to cover your young family’s future costs. Mutual of Omaha is, on average, the cheapest life insurance company in New York for this level of coverage, costing men approximately $26.14 per month and women approximately $19.04.


Best Modest Life Coverage Organizations in New York


  • Nationwide: between $13.56 and $29.84
  • State Farm: between $17.62 and $41.35
  • Progressive Life: between $12.19 and $46.52



State Farm: between $19.97 and $44.77

Mutual of Omaha: between $11.03 and $19.04.


The Most Popular Life Insurance Companies in New York

One thing to think about when buying life insurance is the company’s market share, or how many policies it has written compared to the state’s total. Companies with a lot of market share tend to have better financial stability and will pay claims quickly and fairly.

The seven most well known life coverage organizations in New York altogether cover 53.99% of the piece of the pie. MassMutual has the most elevated rate, at 10.79%.

Company Market Share is as follows:

MassMutual 10.79%, New York Life 9.64%, Guardian 8.12%, Northwestern Mutual 7.89%, MetLife 7.57%, Prudential Financial Inc. 5.65%, and Lincoln Financial 4.33%.

The life insurance market share data for New York was derived from 2020 S&P Global Data reports and is based on total premiums written in the state.


Best New York Life Insurance Companies for Young People

Company/Monthly Cost

MassMutual $19.42

Mutual of Omaha $19.43

Progressive Life $20.35

State Farm $23.95

Prudential $24.92

Nationwide $31.41

Because insurers consider you to be less risky to insure, you will pay less for life insurance in New York if you are young.

On average, these are the life insurance companies in New York that offer young people the lowest rates:

MassMutual is: Monthly fee: $19.42

  • Mutual of Omaha: $19.43 monthly


Best Life Insurance Companies for Seniors in New York

Company/Monthly Cost

  • State Farm: $46.21
  • Mutual of Omaha: $48.43
  • Nationwide: $56.44
  • Progressive Life: $66.51
  • Prudential: $87.07


Seniors pay more for life insurance in New York than young people do, but if you shop around, you can still find affordable options.

Because seniors do not have dependent children, they do not require as much coverage as younger consumers. In this way, they can frequently get by with around $100,000 in life coverage.

The following are the most cost-effective insurance providers for seniors in New York

State Farm: Monthly payment of $46.21

  • Mutual of Omaha: $48.43 per month


Best Life Coverage Organizations for Smokers in New York

Life insurance premiums will be higher for smokers than for nonsmokers because you are more likely to suffer from health problems in the future. However, even if your overall health is good or average, you can still find rates that are within your budget.

  • Mutual of Omaha with $175.68 each month
  • State Farm: $164.13
  • Mutual of Omaha: $175.68
  • Prudential: $196.23
  • Progressive Life: $203.94
  • Nationwide: $219.36


Best Term Life Coverage

William Penn

Term life coverages give a demise advantage to a set number of years. Because it does not have a cash value, unlike permanent life insurance, it is the most cost-effective option for most people.

The “OPTerm” policy from William Penn is a straightforward term policy with one of the longest term lengths among other life insurance companies (your policy can be in effect for 10 to 40 years). This item includes full underwriting, and that implies you cannot avoid the clinical test.


Best Universal Life Insurance

Corebridge Financial

Formerly AIG Life & Retirement, this company offers a number of universal policies that are similar to whole-life policies but have flexible death benefits and premiums that you can change at any point in time depending on your financial condition.

Anybody age 18 to 80 can apply for Corebridge’s general life approaches which accompany coverage of $50,000 to $10 million. If you are interested in learning more about Corebridge’s universal life policies, keep in mind that unless you are exceptionally wealthy and are planning an estate, they are excessively complicated and costly for most people.


Best Insurance for Marijuana clients

Corebridge Financial

Corebridge Financial is one of few insurance companies that treat marijuana consumers as non-smokers but what separates them is their reasonable rates, particularly for youngsters.

However, even if you only use marijuana occasionally, be honest during the application process. If you test positive for THC when you say you do not consume it, your application will be declined.


In New York, what happens if a life insurance company goes bankrupt?

It is very uncommon for an insurance organization to go bankrupt, yet every state has a few securities for shoppers in case of necessities. With approval from the New York State Supreme Court, the superintendent, who is in charge of the life insurance industry in the state, can take over the insurer’s operations if it is experiencing financial difficulties.

In order to pay off the company’s debts to creditors and customers, including policy beneficiaries, the superintendent will either attempt to resolve the company’s financial issues or ultimately decide to liquidate the company’s assets.

READ: Best Life Insurance Companies That Pay Out

The Life Insurance Guaranty Corporation of New York steps in when an insurer goes bankrupt. Customers who have unpaid claims from a provider that has gone out of business will receive up to $500,000 from the fund from them or they can assist you in transferring your policy to a financially stable insurer.


How to Find a Lost Life Insurance Policy in New York

You can find a policy in New York State by using resources like the NAIC’s Life Insurance Policy Locator Service. A search request can be made by a person’s immediate family or an administrator or executor of the deceased person’s estate. This request is sent to New York State insurance companies. Within 60 days, the provider will contact you if your request matches a policy.


Discover more from LoveyBlog - Lovey Insurance Blog

Subscribe now to keep reading and get access to the full archive.

Continue reading

Scroll to Top