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Senior Life Insurance In New York

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Some people say that New York State is a challenging place for life insurance, but regulators do a good job of protecting consumers. This is a great time to find senior life insurance in New York either for yourself or your elderly parents. This coverage can help finance a variety of final expenses like funerals and paying off credit card debt left over after a family member dies. Because life insurance for seniors pays a cash benefit, it can even be used to leave behind an inheritance for children and grandchildren.

This is also a great time to compare life insurance quotes. Use our quick quote form, and you can view multiple rates and plans online side by side.

New York State Senior Statistics

These are some interesting statistics about New York State senior citizens:

  • Average NY age of death: 80.5
  • NY population over 65: 14.4%
  • Average NY home value: $295,300
  • Average NY household income: $57,683

More senior citizens live in the biggest New York cities, and you can find them listed here with the total population of the city:

  • New York City: 8,175,133
  • Brooklyn: 2,300,664
  • Queens: 2,272,771
  • Manhattan: 1,487,536 4
  • Bronx: 1,385,108

New York Senior Life Prices

You can find affordable life insurance for yourself or your elderly parents. You are welcome to get custom prices from us, but these are some sample monthly rates for different amounts of coverage for a 63-year-old New York State man who doesn’t smoke:

  • $8,000: $39.04
  • $12,000: $57.46
  • $20,000: $94.30

Note: These are sample prices, and they are not intended to represent prices from any New York insurance company. Your own premiums will be based upon your health, age, the amount and type of coverage you buy, and the insurance company that you choose to do business with.

Kinds of New York State Life Insurance for Seniors

In New York, there are companies that will insure almost anybody from babies to senior citizens over 80 years of age. However, it is important for consumers to understand the basic types of life insurance policies on the market. These are popular choices for New York senior citizens:

  • Term insurance: It is still possible for younger seniors to buy fairly small term insurance policies with no medical exam. Term will be cheaper, but it does expire after the term is up, and this might be 10,15 or 20 years. A medical exam is required.
  • Whole life: Many older people can find affordable whole life policies, sometimes called burial or funeral insurance, with a fairly modest face value. These senior plans do not require a medical exam.

Without an exam, elderly people may not be able to qualify for larger term policies, but modest face amounts are still available.  They can even find guaranteed acceptance life insurance that does not require them to answer any health questions. One thing to know about guaranteed acceptance life insurance, is that there will be a waiting period that has to expire before the full face value is payable. This waiting period might last for two or three years, and before it expires, the company may only refund premiums or pay some percentage of the full face value.

Finding Life Insurance For your Parents

Adult children and other family members are welcome to help an elderly person quote and buy life insurance. However, the person who will be insured must participate in the application process. The individual who will be insured may need to take a quick phone interview or sign an application. Still, the process is fairly easy, and it can all get handled over the phone or online.

Find the Best Life Insurance Senior Citizens

Filling out our quick life insurance quote form should only take a couple of minutes, and it will deliver competitive prices and quality insurers side by side. We hope to help many New Yorkers find the best life insurance policy at the right price.