Best Life Insurance in New York for 2025 (Top 10 Companies Ranked)
AARP, AIG and John Hancock top the list for best life insurance in New York. AARP gives special senior discounts for people over 50. AIG offers the cheapest term policy rates beginning at $22/month. John Hancock presents premium discounts with their Vitality wellness tracking program.
This article looks at the best insurance companies using important measures like cost, coverage choices and claims handling. Monthly costs for term life plans go from $22 to $35 with different companies, while whole life plans cost from $72 to $90 each month.
| Company | Rank | UBI Discount | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 |
#1 | 30% | A++ | Senior Focused | AARP |
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#2 | 8% | A | Customizable Plans | AIG |
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#3 | 12% | A+ | Wellness Rewards | John Hancock |
 |
#4 | 8% | A+ | Comprehensive Options | Lincoln Financial |
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#5 | 8% | A+ | Living Benefits | Mutual of Omaha |
 |
#6 | 5% | A++ | Financial Strength | New York Life |
 |
#7 | 30% | B | Local Agents | State Farm |
 |
#8 | 8% | A | Affordable Riders | Transamerica |
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#9 | 8% | A+ | Investment Choices | Pacific Life |
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#10 | 12% | A+ | Flexible Policies | Prudential |
If you’re looking to protect your family’s future at a low cost, enter your ZIP code to buy affordable whole life insurance prices with our free quote comparison tool.
What You Should Know
- AARP leads New York life insurance providers with a 30% UBI discount
- John Hancock's Vitality program provides discounts through wellness activities
- Life insurance grades in New York show strong performance in affordability and coverage options
#1 – AARP: Best for Senior Focused
Pros
- Senior Expertise: Insurance agents provide comprehensive specialized guidance to seniors in New York seeking policy coverage.
- Membership Benefits: AARP members throughout New York receive exclusive discounts and enhanced coverage benefits.
- Simple Application: Residents in New York over 50 years old benefit from streamlined applications without medical exams.
Cons
- Age Restriction: Insurance options through AARP remain completely unavailable to residents under 50 in New York.
- Limited Options: AARP members in New York experience significantly fewer policy customization choices than other providers.
#2 – AIG: Best for Customizable Plans
Pros
- Plan Flexibility: Insurance seekers can fully customize their protection packages throughout New York state regions.
- Digital Tools: Policyholders in New York gain complete access to advanced digital platforms for policy management.
- Coverage Options: Residents of New York can select from extensive rider options to create tailored insurance plans.
Cons
- Complex Choices: The extensive customization process frequently overwhelms new customers seeking coverage in New York.
- Price Differences: The life insurance rates in New York change significantly according to the choices regarding
#3 – John Hancock: Best for Wellness Rewards
Pros
- Vitality Program: Active members throughout New York earn significant premium discounts through tracked health activities.
- Reward Integration: Policyholders receive comprehensive fitness tracking benefits with insurance plans in New York.
- Health Incentives: Customers maintaining healthy lifestyle choices in New York enjoy substantial premium reductions.
Cons
- Program Requirements: Members have to participate in wellness activities constantly to enjoy discounts in New York.
- Device Dependency: New York participants have to buy compatible fitness devices to participate in the program.
#4 – Lincoln Financial: Best for Comprehensive Options
Pros
- Coverage Range: Insurance seekers in New York access an extensive selection of basic to advanced protection.
- Business Solutions: Corporate insurance solutions provide complete coverage for business owners throughout New York.
- Family Planning: Families seeking coverage in New York receive extensive multi-generational insurance options.
Cons
- Higher Premiums: Comprehensive coverage features significantly increase costs for policy seekers in New York.
- Longer Processing Time: People in New York seeking high-end coverage experience a long time to process the applications.
#5 – Mutual of Omaha: Best for Living Benefits
Pros
- Early Access: Policyholders facing critical illness in New York can access their benefits ahead of time.
- Benefit Flexibility: Multiple benefit usage options support various medical needs throughout New York state.
- Payment Options: Insurance holders across New York receive flexible methods for accessing their living benefits.
Cons
- Qualification Criteria: Customers across New York must qualify with very strict criteria to access the living benefits.
- Benefit Limits: Policyholders seeking coverage in New York face strict caps on available benefit amounts.
#6 – New York Life: Best for Financial Strength
Pros
- Strong Reserves: Substantial financial backing provides enhanced security to clients throughout New York state.
- Investment Grade: Highest Rated Financial Stability Guaranteed Full Protection Insurance Seekers Enjoy in New York.
- Dividend History: New York's policyholders consistently receive dividends as a result of strong financial performance.
Cons
- Premium Costs: Insurance coverage throughout New York State involves much higher premium rates.
- Conservative Approach: Applicants seeking coverage in New York face rigorous underwriting requirements.
#7 – State Farm: Best for Local Agents
Pros
- Personal Service: Local agents provide personalized insurance assistance to customers seeking coverage in New York.
- Quick Access: Residents across New York receive immediate insurance support through conveniently located offices.
- Community Connection: Experienced agents throughout New York understand specific local insurance requirements.
Cons
- Agent Dependency: Insurance changes require direct agent involvement for all residents in New York.
- Limited Online: Digital service options remain significantly restricted for customers throughout New York state.
#8 – Transamerica: Best for Affordable Riders
Pros
- Cost-Effective: Residents across New York access affordable supplemental coverage through comprehensive riders.
- Rider Selection: Insurance seekers throughout New York state choose from numerous budget-friendly policy additions.
- Flexible Addition: Policyholders in New York can add multiple riders without substantial premium increases.
Cons
- Rider Limits: Insurance customers in New York face strict limitations when combining multiple riders.
- Basic Coverage: Base policies throughout New York provide simplified coverage to support affordable riders.
#9 – Pacific Life: Best for Investment Choices
Pros
- Investment Choices: Insurance policies provide ample investment choices to the people of New York.
- Market Performance: Professional managers actively oversee investment portfolios throughout New York state.
- Growth Potential: Policyholders across New York benefit from substantial investment-based value increases.
Cons
- Market Risk: Investment-linked policies throughout New York state face potential market fluctuation impacts.
- Complex Products: Investment-based coverage requires significant financial knowledge from residents in New York.
#10 – Prudential: Best for Flexible Policies
Pros
- Adjustment Options: Insurance plans adjust to the different needs of New York residents over time.
- Payment Flexibility: There are several options for premium payments that fit New York residents at all points of the state.
- Coverage Changes: Customers across New York can modify their coverage based on life circumstances.
Cons
- Change Fees: Policy modifications throughout New York state incur substantial administrative costs.
- Approval Time: Policyholders in New York experience extended waiting periods for flexible policy changes.
Top Life Insurance Companies in New York: Rates and Reviews
This table highlights the offerings of some of the largest life insurance companies in New York, showcasing their term and whole policy monthly rates. AIG and Mutual of Omaha lead with the cheapest life insurance rates at $22 and $24 for term policies, respectively.
On the higher end, New York Life's whole policy rate of $90 underscores the premium pricing for extensive coverage. These rates provide valuable insight for seniors seeking affordable yet comprehensive life insurance options.
| Insurance Company | Term Policy | Whole Policy |
|---|---|---|
|
$28 | $75 |
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$22 | $72 |
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$30 | $85 |
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$27 | $80 |
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$24 | $78 |
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$35 | $90 |
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$26 | $83 |
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$32 | $88 |
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$29 | $82 |
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$25 | $79 |
To compare the best life insurance providers In New York, factors like affordability (Grade A) and coverage options (Grade A-) are essential, though areas such as discounts and policy flexibility show room for improvement.
| Category | Grade | Explanation |
|---|---|---|
| Affordability | A | Competitive rates for most demographics |
| Coverage Options | A- | Wide range of policy types and add-ons available |
| Claims Processing | B+ | Moderate claim approval speed |
| Customer Service | B | Responsive support but varies by provider |
| Premium Stability | B- | Slight fluctuations in rates for certain groups |
| Discounts Availability | C+ | Limited discount opportunities for life policies |
| Policy Flexibility | C | Customization options can be restrictive |
Understanding these distinctions helps when determining how to find the best life insurance company for you, ensuring that your needs align with the provider’s strengths in rates, claims processing, and policy features.
Read More: What is a term life insurance policy and what does it cover?
New York Life Insurance Claims Statistics
Knowing life insurance claim patterns will help you determine your coverage needs. Death benefits make up the largest portion at 45% of claims with an average payout of $150,000. Terminal illness riders are second at 20% with an average claim of $90,000.
| Claim Type | Portion of Claims | Cost per Claim |
|---|---|---|
| Death Benefit | 45% | $150000 |
| Terminal Illness Rider | 20% | $90000 |
| Chronic Illness Rider | 15% | $75000 |
| Critical Illness Rider | 10% | $50000 |
| Accidental Death | 10% | $100000 |
New York State’s regional accident and claim data shows big differences across the cities. NYC has 25,000 accidents and 18,750 claims per year. Buffalo has 5,500 accidents and 4,125 claims. Smaller cities like Binghamton have lower rates with 1,000 accidents and 750 claims per year.
| City | Accidents per Year | Claims per Year |
|---|---|---|
| Albany | 2,700 | 2,025 |
| Binghamton | 1,000 | 750 |
| Buffalo | 5,500 | 4,125 |
| New York City | 25,000 | 18,750 |
| Rochester | 4,200 | 3,150 |
| Schenectady | 1,900 | 1,425 |
| Syracuse | 3,500 | 2,625 |
| Utica | 1,600 | 1,200 |
| White Plains | 1,200 | 900 |
| Yonkers | 3,800 | 2,850 |
These numbers show the need for adequate coverage based on location and risk factors. Urban areas have higher claim frequencies, claim approval rates are around 75% across regions.
New York Life Insurance Savings
New York life insurance companies offer various discounts to lower premiums. Here are provider specific and industry wide savings, AARP and State Farm offer the highest UBI discounts at 30% while John Hancock’s Vitality program offers unique wellness based savings through fitness tracking.
| Insurance Company | Available Discount |
|---|---|
|
Senior Membership, No Medical Exam, Multi-Policy Discount, Safe Lifestyle, Auto Payment Discount, Early Signup Discount, Online Application, Family Membership Discount |
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Health Rewards, Safe Driving, No Lapse Rewards, Preferred Health, Loyalty Discount, Large Coverage Discount, Auto Pay Discount, Couples Discount |
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Vitality Program, Healthy Living, High Activity Discount, Multi-Policy Discount, Digital Signup Discount, Loyalty Rewards, Early Purchase Savings, No Smoking Discount |
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Large Coverage Discount, Healthy Living Rewards, Long-Term Policy Discount, No Smoking Discount, Family Member Discount, Auto Pay Discount, Online Signup Savings, No Lapse Rewards |
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Multi-Policy Discount, No Smoking Discount, Early Signup Discount, Loyalty Discount, Safe Lifestyle Rewards, Senior Membership Savings, Digital Application, Healthy Lifestyle |
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Family Member Discount, No Medical Exam, Multi-Policy Discount, Loyalty Rewards, Large Coverage Savings, Safe Living Rewards, Early Signup Discount, Auto Pay Savings |
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Healthy Lifestyle, Large Coverage Savings, No Smoking Discount, Early Signup Discount, Digital Application, Safe Living Rewards, Multi-Policy Discount, Loyalty Discount |
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Wellness Program, No Smoking Discount, Multi-Policy Savings, Early Signup Discount, Preferred Health Rewards, Family Member Savings, Auto Pay Discount, Large Coverage Discount |
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Multi-Line Discount, No Smoking Savings, Healthy Living Rewards, Early Signup Discount, Digital Application, Family Member Discount, Safe Lifestyle Savings, Loyalty Discount |
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Healthy Living, Large Coverage Discount, Multi-Policy Savings, No Smoking Discount, Family Member Savings, Auto Pay Rewards, No Lapse Rewards, Safe Lifestyle Rewards |
Industry wide discounts below show typical savings by provider, multi-policy bundles offer the highest savings at 25%, non-smoker at 18%. Some discounts like paperless billing (8%) and auto pay (5%) are available across the board while others like safe occupation discounts (15%) are provider specific.
| Discount Name | Grade | Savings | Participating Providers |
|---|---|---|---|
| Multi-Policy Discount | A | 25% | State Farm, Allstate, Nationwide |
| Non-Smoker Discount | A- | 18% | New York Life, AIG, Transamerica |
| Safe Occupation Discount | B+ | 15% | MassMutual, Northwestern Mutual |
| Family Protection Discount | B | 12% | Lincoln Financial, Amica |
| Paperless Billing Discount | B- | 8% | Geico, Liberty Mutual |
| Automatic Payment Discount | C+ | 5% | Progressive, Farmers |
| Long-Term Customer Discount | C | 3% | AAA, Travelers |
| Referral Program Discount | C- | 2% | American Family, Guardian Life |
These combined discount opportunities can significantly impact overall policy costs. Compare multiple providers' discount offerings alongside their base rates to find the most cost-effective coverage for your needs.
Making Your NY Life Insurance Choice
AARP, AIG, and John Hancock are the leading companies for the best life insurance in New York. AARP offers life insurance without requiring a medical exam for seniors over the age of 50.
AIG's national term insurance plans begin at $22 per month, while John Hancock’s Vitality program provides premium discounts for those clients who have a healthy lifestyle.
Looking for lower life insurance rates? Enter your ZIP code into our free quote comparison tool today and find the cheapest providers near you.
Frequently Asked Questions
Who is the best beneficiary for life insurance?
The best beneficiary is someone who depends on you financially, such as a spouse, child, or close relative. You can also designate a trust or charity if they align with your goals.
How much is $100,000 life insurance?
The cost varies based on factors like age, health, policy type, and term length. For example, a healthy 30-year-old might pay around $10–$20 per month for a term policy.
What is the best life insurance company for non-US citizens?
The best company depends on your residency status. Many providers, like Mutual of Omaha and AIG, offer options for non-US citizens with valid visas or green cards.
What level of life insurance is best?
The best level depends on your financial goals. Term insurance is ideal for affordability, while permanent insurance offers lifelong coverage and cash value accumulation.
Can I get my money back from life insurance?
Some policies, like Return of Premium (ROP) term life insurance, refund premiums if you outlive the term. Permanent life policies may also allow you to withdraw or borrow against the cash value.
Which life insurance is best, term or permanent?
Term insurance is cost-effective and suitable for temporary needs, while permanent insurance is better for long-term financial planning due to its lifelong coverage and cash value.
What insurance company in New York is most reliable?
New York Life and State Farm are often considered reliable due to their strong financial ratings, customer service, and comprehensive policy options.
What is the best insurance in New York?
The best insurance depends on your needs. For affordability, AIG offers competitive rates. For robust coverage and reputation, New York Life and Prudential are top contenders.
Is life insurance worth it?
Yes, life insurance is worth it if you have dependents or financial obligations. It provides a safety net to your loved ones in case of unexpected events.
Can foreigners buy life insurance in New York?
Yes, foreigners can buy life insurance in New York. Many companies offer policies to non-US citizens, but eligibility often depends on residency status and visa type.