Best Life Insurance in New York for 2025 (Top 9 Companies Ranked)
AARP, AIG, and John Hancock top the list for best life insurance in New York. AARP term life insurance starts at $22 monthly, with special senior discounts for people over 50.
This article looks at the best New York life insurance companies. Monthly costs for New York term life plans go from $22 to $35, while whole life plans in NY cost from $72 to $90 each month.
| Company | Rank | UBI Discount | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
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#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 |
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#4 | 8% | A+ | Comprehensive Options | Lincoln Financial |
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#5 | 8% | A+ | Living Benefits | Mutual of Omaha |
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#6 | 5% | A++ | Financial Strength | New York Life |
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#7 | 30% | B | Local Agents | State Farm |
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#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 |
AIG offers the cheapest term policy rates beginning at $22 per month. John Hancock presents premium discounts with its Vitality fitness tracking program. Keep reading to compare more life insurance rates, coverage choices and claims handling.
Enter your ZIP code to buy affordable New York life insurance prices with our free quote comparison tool.
What You Should Know
- AARP leads New York life insurance providers with great membership benefits
- 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: Top Pick Overall
Pros
- Senior Expertise: AARP provides New York seniors with affordable term life insurance policies featuring stable premiums and lifelong coverage.
- Guaranteed Acceptance: Seniors in New York can obtain whole life policies without answering medical questions or undergoing underwriting.
- No Medical Exam: New York residents over 50 can qualify for AARP life insurance without undergoing any medical examinations or health screenings (Read More: The Best No Medical Exam Life Insurance Options).
Cons
- Age Restriction: Insurance options through AARP are completely unavailable to New Yorkers under 50.
- Limited Options: AARP does not underwrite its own life insurance in New York; New York Life does, and not all policy options are available through AARP.
#2 – AIG: Best for Customizable Plans
Pros
- Plan Flexibility: As mentioned in our AIG Insurance review, AIG offers New York residents a range of customizable term and whole life policies that accommodate different financial needs.
- High Coverage Limit: New York applicants can apply for life insurance policies with coverage amounts as high as $10 million for long-term financial security.
- Wide Rider Selection: New York policyholders have access to unique riders, including chronic illness and waiver of premium add-ons.
Cons
- Strict Underwriting: High-risk applicants in New York, such as those with pre-existing conditions, may face policy denials or significantly increased premium rates.
- Slower Payouts: Some AIG policyholders in New York report delays in claim processing and benefit disbursement.
#3 – John Hancock: Best for Wellness Rewards
Pros
- Vitality Program: New York policyholders can earn premium discounts and rewards by participating in the John Hancock wellness and lifestyle program.
- Diabetes-Friendly Policies: New York applicants with diabetes have access to specialized life insurance policies that accommodate their health condition.
- Competitive Rates: John Hancock is one of the best life insurance companies that offer discounts for being healthy, with monthly term life rates in New York starting at $30.
Cons
- Complex Reward System: Some New York customers find it difficult to maximize their savings through the wellness rewards program due to complex requirements.
- Higher Whole Life Costs: Permanent life insurance policy premiums in New York tend to be more expensive compared to other providers.
#4 – Lincoln Financial: Best for Comprehensive Options
Pros
- Coverage Range: New York residents can choose from various life insurance options, including term, universal, and whole life policies.
- High Payout Potential: Lincoln Financial offers large coverage limits, making it a strong choice for high-net-worth individuals in New York.
- Parental Plans: It's one of the best life insurance companies for parents with extensive policy options.
Cons
- Higher Premiums: Lincoln Financial requires New York residents to purchase policies with larger initial coverage amounts compared to other insurers.
- Medical Exams Required: Most New York applicants must undergo a full medical examination to qualify for Lincoln Financial life insurance policies.
#5 – Mutual of Omaha: Best for Living Benefits
Pros
- Accelerated Benefit Riders: New York policyholders can access living benefits that provide financial support for chronic or terminal illnesses.
- Simplified Underwriting: New York applicants can qualify for term life insurance with a streamlined approval process that skips extensive medical reviews.
- Payment Options: Insurance holders across New York receive flexible methods and it's also one of the best life insurance companies that let you pay by money order.
Cons
- Higher Premiums for Seniors: Older applicants in New York may face higher costs for whole life insurance coverage.
- Benefit Limits: New York policyholders often see strong caps on the available amount of life insurance offered by Mutual of Omaha.
#6 – New York Life: Best Financial Strength
Pros
- Top Financial Ratings: New York Life has a strong reputation for financial stability and long-term payout reliability for policyholders.
- Dividend History: New York's policyholders consistently receive dividends as a result of strong financial performance (Read More: How Do Insurance Companies Make Money?).
- Strong Dividend Returns: Whole life insurance policyholders in New York benefit from competitive annual dividend payments.
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
- Local Offices: New York residents have access to in-person support from a vast network of experienced State Farm agents.
- Easy Policy Bundling: New York customers can save on premiums by bundling life insurance with home or auto coverage.
- Customer Satisfaction: As mentioned in our State Farm insurance review, it's the highest-rated company by J.D. Power for life insurance customer satisfaction.
Cons
- Agent Dependency: Life insurance changes require direct agent involvement for all residents in New York.
- Fewer High-Risk Options: High-risk applicants in New York may struggle to find approval due to stricter underwriting guidelines.
#8 – Transamerica: Best for Affordable Riders
Pros
- Budget-Friendly Riders: New York customers can add low-cost riders, such as accidental death or disability coverage, to their policies.
- Easy Acceptance: Transamerica is one of the life insurance companies that accept felons.
- High Policy Limits: New Yorkers can buy term life insurance coverage up to $10 million.
Cons
- Complaints: Transamerica has more customer complaints than other New York life insurance companies.
- Inconsistent Customer Service: New York clients report mixed experiences regarding Transamerica’s response times and customer support interactions.
#9 – Pacific Life: Best for Investment Choices
Pros
- Strong Investment Options: New York policyholders can access diverse investment-focused life insurance plans with market-driven returns.
- Customizable Cash Value Growth: Pacific Life offers flexible universal and variable life policies in New York with tailored investment strategies (Read More: Which type of life insurance policy generates immediate cash value?).
- Long-Term Performance: New York residents benefit from Pacific Life’s strong financial history and consistent investment portfolio returns.
Cons
- Market Risk Exposure: Some investment-linked life insurance policies in New York carry risks tied to market performance.
- Higher Policy Fees: Pacific Life’s investment-focused plans in New York may include higher administrative and fund management costs.
#10 – Prudential: Best for Flexible Policies
Pros
- Strong Disability Riders: New York applicants can enhance their coverage by adding disability income protection to their policies.
- Payment Flexibility: There are several options for premium payments, as listed in our Prudential insurance review.
- No-Lapse Guarantee: New York residents benefit from policies designed to prevent unexpected cancellations due to missed payments.
Cons
- Higher Premiums for Smokers: Prudential’s life insurance rates for smokers in New York are higher than for non-smokers.
- Approval Time: Some New Yorkers experience extended waiting periods for flexible policy changes.
New York Life Insurance Company & Rates Comparison
This table highlights term and whole policy monthly rates from the best life insurance companies in New York. AIG and Mutual of Omaha lead with the cheapest life insurance rates at $22 and $24 monthly for term policies, respectively.
| Insurance Company | Term Policy | Whole Policy |
|---|---|---|
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$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 |
The $90 monthly whole policy rate in New York Life represents the top-of-the-line pricing for complete coverage. These rates provide valuable insight for seniors seeking affordable yet comprehensive life insurance options.
How much does life insurance cost? 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?
Life Insurance Coverage Options in New York
New Yorkers that wants life insurance should look beyond basic policy options and explore available riders that can improve their financial security. Many well-known life insurance companies, such as AARP, AIG, and New York Life, provide a variety of add-ons. These may include an accidental death benefit, waiver of premium, and a Child Rider, which can be particularly beneficial for families seeking extra protection.
| Insurance Company | Accidental Death Benefit | Waiver of Premium | Child Rider | Chronic Illness Rider | Critical Illness Rider | Terminal Illness Rider |
|---|---|---|---|---|---|---|
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Also, coverage for chronic, critical, and terminal illnesses is widely available, providing policyholders with financial flexibility in the face of serious health conditions. With so many options, choosing the right policy depends on individual needs, budget, and long-term goals.
How to Save Money on Life Insurance in New York
New York life insurance companies offer various discounts to lower premiums. Here are provider-specific and industry-wide savings:
Industry-wide discounts below show typical savings by provider, but here are six more hacks to save money on your insurance rates.
| Insurance Company | Non-Smoker | Healthy Lifestyle | Bundling | Family Protection | Long-Term Customer | Safe Occupation | Paperless Billing |
|---|---|---|---|---|---|---|---|
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20% | 5% | 5% | 5% | 5% | 3% | 2% |
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20% | 10% | 5% | 5% | 5% | 3% | 2% |
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25% | 15% | 5% | 5% | 5% | 3% | 2% |
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20% | 5% | 5% | 5% | 5% | 3% | 2% |
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20% | 5% | 5% | 5% | 5% | 3% | 2% |
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20% | 10% | 5% | 5% | 5% | 3% | 2% |
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20% | 5% | 5% | 5% | 5% | 3% | 2% |
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20% | 10% | 5% | 5% | 5% | 3% | 2% |
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20% | 5% | 10% | 5% | 5% | 3% | 0% |
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20% | 10% | 5% | 5% | 5% | 3% | 2% |
John Hancock also has a unique program called Vitality, where the user tracks fitness activities, which offers unique wellness-based savings for healthy lifestyle owners.
Discount opportunities like these can add up significantly in total life insurance cost in New York. Compare discount offerings of several providers alongside their base rates to find the best value coverage for your needs.
Making Your NY Life Insurance Choice
AARP, AIG, and John Hancock lead for the best life insurance in New York. AARP offers life insurance without requiring a medical exam for seniors over the age of 50 (Read More: Best Car Insurance Companies for Seniors).
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.
We want to hear from you. What's an obstacle you recently overcame? pic.twitter.com/YWBXTUBrNl
— AARP (@AARP) January 22, 2025
Looking for lower life insurance rates? Enter your ZIP code into our free quote comparison tool today and find the cheapest life insurance providers in New York.
Frequently Asked Questions
Who is the best beneficiary for life insurance in New York?
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.
Read More: Can you buy life insurance for someone else?
How much is $100,000 life insurance in New York?
The cost varies based on factors like age, health, policy type, and term length. For example, term life insurance quotes in New York average $10–$20 per month for a healthy 30-year-old.
Stop overspending on life insurance. Use our tool to compare rates from top providers near you.
What is the best New York 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.
Read More: Best Life Insurance Companies That Cover Undocumented Immigrants
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.
Learn More: What type of life insurance policy generates immediate cash value?
What insurance company in New York is most reliable?
New York Life and State Farm are often considered reliable due to their customer service, claims handling, and comprehensive policy options.
What is the best life insurance in New York?
The best insurance in New York 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 to have in New York?
Yes, life insurance is worth it if you have dependents or financial obligations. It provides a safety net for your loved ones in case of unexpected events. Enter your ZIP code to compare New York life insurance quotes instantly.
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.
Read More: Best Car Insurance Companies That Don't Require an SSN
What is the best rating for New York Life Insurance?
The New York Life Insurance Company has a Superior A++ financial rating from A.M. Best.