Best Life Insurance Companies in New York for 2024

MassMutual was awarded Best Overall Runner-Up due to its strong offerings. The company provides an extensive selection of life insurance products, such as term, whole, and universal life, at very competitive prices, along with a broad range of riders for customization.

The agents at MassMutual are experts in their field, having received extensive training on the company’s life insurance products. These “career agents” sell only MassMutual policies, giving them an edge when helping clients who need to learn more about various life insurance options.

Another factor in our decision was MassMutual’s financial strength. AM Best awarded it the top rating of A++ Superior, highlighting the company’s outstanding financial stability and claims-paying reliability.

Earning the title of Best Overall highlights MassMutual’s focus on providing a wide selection of products with the support of a well-trained sales team, rather than just offering the lowest rates. Though it may not have as much brand visibility or market dominance in New York, it is still a highly respected name in the state.

New York Life is a household name in New York, thanks to its main headquarters sitting among the skyscrapers in New York City and its many offices throughout the state. They employ thousands of people throughout New York and has been a leading life insurer in the state since 1845.

We chose New York Life as best overall, not only because of its name but also because of its diverse product line.

New York Life is one of the best term life insurance companies offering term policies with a large face amount. Their Million Plus Level Term 10 policy provides a fixed rate for the first ten years and offers coverage of $1 million or more. Premiums will increase after the initial ten years. Additionally, many of their term life insurance policies are convertible to permanent life insurance policies.

The company offers several whole life policies, one of which allows for payment customization. This option is particularly useful for those who experience income fluctuations or wish to pay off their policy early. The Secure Wealth Plus whole life policy is available for individuals between the ages of 0 and 60 and can be paid off within 10 years.

New York Life is also our Best Overall category winner because of its size and financial strength. It is the third largest life insurance company in the United States, the largest mutual life insurance company in the U.S., and is ranked #72 on the Fortune 500 list of the largest United States corporations by total revenue.

Renowned for its focus on seniors, Mutual of Omaha has long been a trusted name. Seniors appreciate the company not only for the iconic “Mutual of Omaha’s Wild Kingdom” show but also because its agents are extensively trained to understand the unique needs of the senior market.

This insurance provider is recognized for its senior life insurance products, which include two options for seniors with health problems. One of these is a guaranteed-issue policy that requires no medical exam or health history questions, perfect for seniors with serious illnesses such as cancer, stroke, or heart attack.

The second product is a simplified-issue policy that asks for answers to medical history questions but doesn’t require a medical exam, making it a great choice for seniors with minor health issues like high blood pressure or type 2 diabetes who wish to skip the exam process.

Life insurance costs more for seniors than for any other age group, and many seniors trust Mutual of Omaha. The company has a long history in the insurance world, particularly with products designed for seniors, such as Medicare supplements and life insurance. Baby Boomers and their parents have trusted the brand since their childhood.

Mutual of Omaha is also widely regarded as a top name in senior insurance products, thanks to its effective direct mail program targeting seniors and its agents’ in-depth training on the company’s offerings.

State Farm has consistently been recognized by J.D. Powers for its high customer satisfaction in life insurance, reflecting the company’s strong commitment to serving its policyholders. It’s no wonder, given that State Farm has the largest network of agents in the U.S.

Policyholders greatly appreciate State Farm’s commitment to excellent customer service. The company stands out by offering numerous neighborhood offices, where clients can conveniently meet with local agents in person for any assistance they need.

Known for its excellent customer service and fast claim handling, State Farm is trusted in the life insurance sector, where families in mourning depend on timely and caring assistance from their insurer.

Transamerica is aware of its strengths, particularly in offering affordable life insurance rates for young adults. They understand that many young people are careful with their budgets, especially when it comes to life insurance. That’s why the company ensures its policies are priced to meet the needs of young, cost-conscious consumers looking for coverage that fits within their budget.

Transamerica created its website with younger buyers in mind, knowing they value clear and concise information that’s easy to access. The site is user-friendly and filled with useful details, helping customers navigate their options effortlessly. Transamerica is committed to offering life insurance protection to everyone, regardless of age or financial situation.

Attracting younger buyers is a challenge for life insurance companies, as many young adults don’t see life insurance as necessary. They typically delay purchasing coverage until they marry or have children. Despite this, companies like Transamerica remain focused on this demographic, as lower mortality rates mean better profit margins.

Transamerica ranked the lowest for customer service among the companies we evaluated. This might be because they depend on independent agents for both sales and service, and some agents operating on their own may fall short in this area.

Recognized as the leading life insurance provider in New York, MassMutual also excels financially, offering highly competitive rates statewide. Despite the presence of several budget-friendly term insurance companies, MassMutual still provides the most favorable rates.

While price shouldn’t be the only factor when buying life insurance, it remains a key consideration for many buyers. MassMutual, typically known for its professionalism, offers the best rates in New York. The company is aiming to increase its presence in the state by employing competitive pricing strategies.

Price is an important consideration for life insurance buyers in today’s market. MassMutual stands out with its affordable premiums and generous coverage limits. While their whole and universal policies aren’t as competitively priced, their term life insurance offers large coverage amounts, as permanent life policies are generally more expensive.

Nationwide has a solid reputation and many local offices offering sales and service. Their slogan, “Nationwide is on your side,” proves true for smokers in New York searching for life insurance. Although their smoker rates are slightly higher than the top competitors, we found Nationwide to be the best option for smokers due to its competitive rates, accessible agents, and excellent customer support.