Paige Cerulli Last Updated On: August 28, 2023

How to Find the Best Life Insurance in New York

Life insurance gives you the peace of mind of knowing that your family will be financially prepared in case of your death. But finding the best life insurance in New York can be a little overwhelming, especially if you’re just starting to shop for life insurance for the first time.

We’ve outlined the essentials that you need to know about life insurance in New York, including what to look for in a policy that’s best for you.

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Table of Contents

The Average Cost of Life Insurance in New York

The average cost of life insurance in New York is $675 per year, which comes out to $56 per month. Many factors can impact your cost of life insurance, including your age, health status, pre-existing medical conditions, occupation, habits like smoking, and the type of policy and amount of insurance that you decide to purchase.

Providers of life insurance in New York must adhere to Article 32 of New York Consolidated Law. That article requires that insurance providers:

  • Give you a 10-day free look period, during which time you can terminate your policy and receive a refund of your premium
  • Give you a 61-day grace period after your first payment, meaning if you are late with your payment, your provider can’t cancel your policy for 61 days
  • Pay your family accrued interest on your death benefit that begins on the date of your death

Since the cost of life insurance in New York can vary so much, getting a personalized NY life insurance quote will give you the most accurate idea of what you will pay for your coverage. To get started, get a free, personalized life insurance quote today from ConsumerCoverage.

What to Consider When Choosing the Best Life Insurance in New York

Before you shop for life insurance in New York, it’s important to think about how much coverage you need. Make a list of outstanding financial obligations that your family is responsible for, like your mortgage and car loans, and consider how much coverage would be needed to give your family the financial support they need.

You will have your choice of several life insurance policy types, too:

  • Whole life insurance is a permanent policy with lifetime coverage. Your family will be guaranteed a payment if you die, and the policy also has a cash value that earns interest at a fixed rate.
  • Universal life insurance offers lifetime coverage, too, but this policy lets you raise and lower your premiums within limits. This type of policy earns cash value at a variable interest rate, but if the investments underperform, you could see your premiums increase.
  • Variable life insurance is a combination of a lifelong insurance policy with a cash-value investment account. The cash portion of the account is typically invested in mutual funds, so its value can fluctuate over time.
  • Term life insurance guarantees your family a death benefit. Keep in mind that your coverage only lasts for set terms, like 10 or 20 years. You can usually renew the coverage for another term if you want to extend your insurance.


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How to Find Cheap Life Insurance in New York

You can find cheap life insurance in New York in several ways. If you have access to an employer-sponsored life insurance program, you may qualify for lower group rates than you would see if shopping for your own individual policy. Making some lifestyle changes, like losing weight or quitting smoking, may also help you to get a lower rate.

Look for discounts as you shop for life insurance in New York, too. Some companies offer discounts when you buy a certain amount of coverage, like $300,000. If you qualify for a discount, your $300,000 life insurance policy might actually cost less than a $250,000 policy.

Shopping around for life insurance can help you to find the best price for the coverage you need. Get a free, personalized quote from ConsumerCoverage today to see how rates compare.


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