New York Life Term Life Insurance Rates by Age Chart 2021

New York Life Term Life Insurance Rates by Age Chart 2021

Are you looking to compare New York Life’s term life insurance rates to the term life insurance rates of their top competitors?

Great! You came to the right place.    

In this article, we’ll show you a chart with New York Life’s term life insurance rates by age as well as a chart with the rates from New York Life’s top competitors for term life insurance.

This will help you in selecting which life insurance company is the best for you and your family.

New York Life: Term Life Insurance Rates by Age Chart

The chart below shows the monthly rates (quotes) for New York Life term life insurance policy for a healthy, non-smoker, male at the Preferred health class for a 20-year term policy.

Age$100,000 coverage$250,000 coverage$500,000 coverage$1,000,000 coverage
18$13.30$19.01$32.52$57.69
19$13.30$19.01$32.52$57.69
20$13.30$19.01$32.52$57.69
21$13.30$19.01$32.52$57.69
22$13.30$19.01$32.52$57.69
23$13.30$19.01$32.52$57.69
24$13.30$19.01$32.52$57.69
25$13.30$19.01$32.52$57.69
26$13.37$19.12$32.74$58.04
27$13.44$19.23$32.96$58.39
28$13.51$19.34$33.18$58.74
29$13.58$19.45$33.40$59.10
30$13.67$19.56$33.62$59.54
31$13.79$19.58$33.68$60.33
32$13.90$19.61$33.71$61.12
33$14.01$19.63$33.75$61.91
34$14.13$19.65$33.80$62.70
35$14.23$19.72$33.93$63.32
36$15.30$21.12$36.74$67.98
37$16.37$22.53$39.56$72.65
38$17.45$23.94$42.38$77.31
39$18.52$25.35$45.19$81.98
40$19.58$26.73$47.96$86.73
41$20.58$29.44$53.38$97.02
42$21.57$32.15$58.79$107.32
43$22.57$34.85$64.20$117.62
44$23.56$37.56$69.61$127.91
45$24.57$40.22$74.94$138.21
46$26.94$45.32$85.14$158.36
47$29.31$50.43$95.35$178.51
48$31.68$55.53$105.56$198.66
49$34.04$60.64$115.77$218.82
50$36.40$65.76$126.02$238.88
51$39.41$74.65$143.80$274.61
52$42.42$83.54$161.57$310.34
53$45.43$92.43$179.35$346.06
54$48.88$101.31$197.12$381.79
55$51.47$110.22$214.94$417.34
56$57.16$124.85$244.20$476.22
57$62.85$139.48$273.46$535.09
58$68.55$154.11$302.72$593.96
59$74.24$168.74$331.98$652.83
60$79.93$183.37$361.24$711.70
61$89.37$206.80$408.10$798.21
62$98.81$230.23$454.96$884.71
63$108.25$253.66$501.82$971.22
64$117.70$277.09$548.68$1,057.72
65$127.14$300.48$595.46$1,144.14

Date of birth used is 5/1. Rates as of 9/3/2021. New York Life 20 Year Level Term (20LCT) product.

New York Life Insurance Company Premiums vs. Pacific Life vs. Banner Life vs. Protective Life vs. Lincoln Financial vs. AIG vs. State Farm vs. Primerica vs. Prudential vs. Mutual of Omaha vs. SBLI vs. Transamerica vs. Primerica

The table below compares the term life insurance rates between: New York Life vs. Pacific Life vs. Banner Life vs. Protective Life vs. Lincoln Financial vs. AIG vs. State Farm vs. Prudential vs. Mutual of Omaha vs. SBLI vs. Transamerica vs. Primerica for a $100k, $250k, $500k and $1 million policy on a 20-year level term. The table also shows the financial rating for each life insurance company.

CompanyRatingFounded$100k$250k$500k$1 million
Protective LifeSuperior1907$52.36$105.81$200.78$387.89
TransamericaExcellent1928$52.98$107.72$203.39$393.02
Pacific LifeSuperior1868$54.46$106.46$200.99$388.32
Banner LifeSuperior1836$54.46$119.89$226.95$422.87
AIGExcellent1850$55.49$110.72$205.62$393.20
SBLIExcellent1907$61.63 $141.47$274.74$446.98
State FarmSuperior1922$64.38$135.94$259.24$489.79
PrudentialSuperior1875$69.22$144.38$281.32$523.69
Mutual of OmahaSuperior1909$71.60$147.49$273.70$517.08
New York LifeSuperior1845$73.55$174.35$343.20$659.96
Lincoln FinancialSuperior1905$76.61$110.94$203.35$392.44
PrimericaSuperior1977N/A$148.68$280.73$554.33

Rates are for a 60-year old male, excellent health- $100k, $250k, $500k and $1 million 20-year term policy at Preferred Plus health class- D.O.B. 5/1/1961. Rates as of 9/3/2021.

New York Life Term Life Insurance Plans

Level Premium- Convertible Term 10-20

The New York Life’s Level Premium Convertible Term 10-20 has level (fixed) premiums for 10, 15 or 20 years. After this initial period rates increase significantly and increase each year thereafter.

Yearly Convertible Term

Premiums start out lower than the New York’s level term product because the rates increase ever year. This product is ideal for someone who only needs coverage for a very short period of time.

Million Plus Level Term 10

The New York Life Million Plus Level Term 10 plan is designed for those that need one million dollars of life insurance coverage or more and want New York Life’s most competitively priced 10-year level term product. After the 10 year term ends, the premium increases significantly and annually.

Sample Rates for New York Life Insurance Company Million Plus Level Term Product

Now lets take a look at the rates for a the New York Life Million Plus Level Term 10: $1 million, $2 million, $3 million, $4 million and $5 million New York Life Insurance term policy. The rates below are for a 50-year old male, in excellent health.

  • A $1,000,000 10-year term New York Life policy is priced at $100 in monthly in premiums.
  • A $2,000,000 10-year term New York Life policy is priced at $196 in monthly premiums.
  • A $3,000,000 10-year term New York Life policy costs $291 in monthly premiums.
  • A $4,000,000 10-year term New York Life policy costs $387 month in monthly premiums.
  • A $5,000,000 10-year term New York Life policy costs $483 in monthly premiums.

Rates for a 50-year old male, excellent health, Select Preferred Nonsmoker, 10 Year Level Term (1m+)- D.O.B. May, 1st 1971

New York Life Insurance Company Premiums for the Million Plus Level Term Product vs. Pacific Life vs. Protective Life vs. Transamerica vs. AIG vs John Hancock vs. State Farm vs. Primerica

CompanyRatingTerm$1 million$2 million $3 million $4 million $5 million
Protective LifeA+10 year$70.05$134.56$199.08$263.59$328.10
Pacific LifeA+10 year$70.46$135.85$201.22$266.60$331.97
Lincoln FinancialA+10 year$70.86$133.98$197.10$260.22$323.34
TransamericaA10 year$71.38$140.18$208.98$277.78$346.58
AIGA10 year$72.71$139.95$207.18$274.42$341.66
John HancockA+10 year$75.08$144.11$213.14$282.16$361.73
New York LifeA++10 year$100.66$196.32$291.97$387.63$483.28
State FarmA++10 year$100.89$195.69$285.39$378.49$471.59
PrimericaA+10 year$108.78$210.43$312.08$413.73$515.38

Rates for a 50-year old male, excellent health, Select Preferred Nonsmoker- D.O.B. 5/1/1971. Rates as of 9/3/2021.

New York Life Insurance’s Term Life Policies Are Ideal For:

  • Family Protection
  • Income Replacement
  • Debt Protection
  • Mortgage Protection
  • Final Expenses
  • Estate Planning
  • Buy-Sell Agreement
  • Business Protection
  • SBA Loan
  • Employer (Key Man, Key Person) Coverage

New York Life Insurance Company Term Life Insurance Underwriting

Below are the health rating classes for New York Life Insurance Company and their underwriting guidelines 2021.

Select Preferred Health Cass:

To qualify for the best health class, Select Preferred, with New York Life the applicant needs to meet the following criteria:

  • No nicotine use in the past 5 years
  • Body Mass Index (BMI) between: 19.5-27.4
  • Cholesterol: Maximum of 275 with HDL ratio of 4.5 or lower
  • Blood Pressure: 130/80 reading or lower (ages 18-59), (ages 60-69) 140/85 (ages 70+) 145/85
  • Driving Record (MVR): No more than two moving violations on past 3 years

Preferred and Select Standard Health Class:

To qualify for the second best health class, Preferred nonsmoker and Select Standard (Preferred smoker), with New York Life the applicant needs to meet the following criteria:

  • Preferred: no nicotine use in the last 5 years (occasional cigar with negative screening is permitted)
  • Select Standard: nicotine use is permitted
  • Body Mass Index (BMI) between: 27.5-30.9
  • Cholesterol: Maximum of 300 with HDL ratio of 4.6 to 6.0
  • Blood Pressure: 135/85 reading or lower (ages 18-59), (ages 60-69) 150/90 (ages 70+) 155/90
  • Driving Record (MVR): No more than two moving violations on past 3 years

Nonsmoker Health Class:

To qualify for the average health class, standard nonsmoker, with New York Life the applicant needs to meet the following criteria:

  • No nicotine use in the past 12 months (1 year) occasional cigar is permitted with negative nicotine screening
  • Cholesterol: Greater than 300 with HDL ratio of 6.6-7.0
  • Blood Pressure: Not ratable blood pressure readings
  • Driving Record (MVR): Depends on history

New York Term Life Insurance Underwriting Versus Competitors

Below are sample underwriting niches from other Superior rated life insurance companies such as: Pacific Life, Lincoln Financial, Banner Life, Protective Life and Prudential.

  • Pacific Life Insurance Company has a very favorable build chart. For example, Pacific Life allows an applicant the Preferred Best health class with a build (height/weight) of 5’10” 209 lbs or another example is 6’00 221 lbs with a (BMI) of≤ 33 is still eligible for the best health class.
  • Lincoln Financial allows total cholesterol up to 300 (HDL ratio 5.0 or less) and still qualify for the Preferred Plus health class.
  • Lincoln Financial offers the Preferred health class after 24 months (2 years) of quitting smoking cigarettes and the Preferred Plus health class after just 36 months (3 years).
  • Banner Life offers a standard plus health class for diabetics that were diagnosed age 50 and over with an A1c of less than 7.
  • Pacific Life, Banner Life, Lincoln Financial and Protective Life- Preferred Best rate class available on a blood pressure medication, as long at it is well-controlled.
  • Preferred Plus and Preferred rates are also possible from A+ rated companies for: Anxiety/depression, sleep apnea, no-medical exam, high cholesterol, travel, multiple moving violations for driving, avocations such as scuba diving and piloting private plane.
  • Non-tobacco rates are available from top A+ rated life insurance companies such as: Prudential and Lincoln Financial for: smokeless tobacco, chewing tobacco, dip, unlimited cigars, pipes and even marijuana.

Bottom Line

New York Life Insurance Company is the third-largest life insurance company in America and the largest mutual life inusrance company in America today. New York Life is one of only three life insurance companies (NW Mutual and TIAA-CREF) in the United States to receive a AAA financial rating making them one of the three strongest life insurance companies financially in America.

There is no question on the prestigious hisotry, financial stength, size and market share of New York Life Insurance Company. However, a drawback for New York Life is their term life insurance rates.

As seen above in our New York Life Term Life Insurance Rates by Age Chart, the rates for New York Life are often significantly more expensive than other Superior rated life insurance companies. While life insurance companies such as: Pacific Life, Protective Life, Banner Life, Prudential, Lincoln Financial and John Hancock are not an A++ Superior rated from A.M. Best, these life insurers are still A+ Superior rated by A.M. Best which is the same rating category, Superior as New York Life.

There are 761 life insurance companies in America in 2021, and each one has their own rates and underwriting guidelines. Some life insurance companies offer much more favorable pricing and underwriting in certain areas such as: blood pressure, cholesterol, build (height/weight) BMI, medications, medical history, family history, driving record, hobbies, travel, etc. When shopping for a new life insurance policy it’s imperative to shop around and compare life insurance rates from multiple highly-rated life insurance companies, including New York Life and choose the best insure company for you.


FAQ

Is New York Life insurance good?

Yes, New York Life Insurance is one of the most trusted life insurance companies in America. New York Life Insurance Company is A++ Superior rated, has been in business since 1845, is the largest mutual life insurance company and the third largest life insurance in the United States.


How can I receive instant New York Life term life insurance quotes?

You can receive instant New York Life term Life Insurance quotes here. Just change the ‘Minimum Life Company Rating’ to A++ Superior and enter your basic information, no personal contact information is asked and it will return the rates from A++ rated life insurance companies including New York Life.


Is New York Life Insurance Company’s term insurance worth it?

Life insurance is a very important financial product designed to replace future income or cover debts if someone to were pass away unexpectedly. New York Life is one of the largest and best life insurance companies in the country. They are A++ rated and pay out valid claims. However, their premiums are typically more expensive than those of their competitors. It’s important to compare rates from New York Life as well as other Superior rated term life insurance companies and choose the best company for you.


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