How Much Does Burial Insurance In New York Cost?
The average cost of end-of-life insurance in New York is about $55-$110 per month for about $10,000 in coverage. The price you pay is based on your exact age, gender, health, tobacco usage (if any), and the death benefit.
Below is a whole life rate table showing some sample premiums for New York.
| Age & Gender | $5,000 | $10,000 |
|---|---|---|
| Female age 40 | $12 | $21 |
| Female age 45 | $13 | $23 |
| Female age 50 | $14 | $24 |
| Female age 55 | $15 | $28 |
| Female age 60 | $18 | $33 |
| Female age 65 | $22 | $41 |
| Female age 70 | $28 | $53 |
| Female age 75 | $37 | $71 |
| Female age 80 | $50 | $98 |
| Female age 85 | $70 | $136 |
| Male age 40 | $14 | $25 |
| Male age 45 | $15 | $27 |
| Male age 50 | $17 | $31 |
| Male age 55 | $20 | $36 |
| Male age 60 | $23 | $43 |
| Male age 65 | $29 | $54 |
| Male age 70 | $37 | $70 |
| Male age 75 | $50 | $97 |
| Male age 80 | $69 | $135 |
| Male age 85 | $91 | $178 |
Best Funeral Insurance Companies In New York
The states regulate insurance products- not the federal government. Because of that, final expense policies vary by state.
The most significant issue seniors have when shopping for burial insurance in New York is a severe lack of choices.
Most insurers refrain from offering their products in New York to avoid overburdensome regulations.
That said, below is a table with an overview of which final expense companies are available in New York.
| Insurance Company | Coverage & New Applicant Age Limits | Policy Type, Length & Product name |
|---|---|---|
 | Coverage: $1,000-$50,000 Age Range: 45-85 | Whole Life Insurance Lasts forever once issued "Immediate Solution"- Preferred (no waiting period) |
 | Coverage: $5,000-$25,000 Age Range: 50-75 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
 | Coverage: $2,000-$25,000 Age Range: 50-75 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
 | Coverage: $5,000-$50,000 Age Range: 50-80 | Whole Life Insurance Lasts forever once issued "Permanent Life" (no waiting period) |
| Coverage: $5,000-$25,000 Age Range: 50-75 | Whole Life Insurance Lasts forever once issued "Guaranteed Acceptance" (2 Yr waiting period) |
Is There A Law In New York That Makes 75 The Maximum Age For Life Insurance?
No law in New York requires life insurance companies to stop offering coverage after age 75.
The life insurance age limit in New York is often 75 simply because insurance providers choose to do so because the regulatory environment in New York makes it very difficult and likely unprofitable to offer coverage beyond 75.
Thankfully, some companies offer burial insurance for those over 75, but the options are limited. Seniors over 80 in New York can still obtain coverage, but 85 is the absolute oldest.
Why Is It So Hard To Find Life And Burial Insurance In New York?
Consumers who live in New York and shop for final expense insurance quickly realize it’s hard to find coverage. The typical response from companies and brokers is that they do not offer coverage in New York.
So why is that?
The problem with New York is the regulation. For decades, insurance regulators have held the false belief that the more rules and regulations they impose on insurers to protect consumers, the better off they are.
In reality, the exact opposite is true.
Because of the oppressive regulations in the state, insurance companies choose not to offer coverage there. It’s much harder for them to be profitable, and they would rather avoid the headaches that come with trying to comply with all the regulatory requirements that other states simply do not have.
For example, Mutual of Omaha used to offer its Living Promise coverage in New York. However, they removed it from the state in 2018 because of New York laws. Similarly, Foresters Financial used to offer final expense insurance in New York. However, they, too, removed it from the state for the same reasons.
In the end, New York laws translate into citizens having about 80% fewer final expense insurance options than all other states.
How Does Final Expense Insurance Work?
Final expense insurance is a small whole life insurance policy that covers end-of-life expenses. The top burial insurance companies typically offer $2,000-$50,000 in coverage.
They don’t require medical exams, and seniors with complicated health histories can still qualify.
Most policies only require you to answer a few health questions, and some plans are guaranteed acceptance with no questions.
Opting for a guaranteed life insurance plan will be more expensive and have a two-year waiting period.
The fine print is very straightforward since these plans are whole life insurance.
The price never changes, the death benefit will never decrease, and the coverage lasts forever. In addition, cash value will grow over time, which the policyholder can access and spend in any way they desire.
The insurance company will pay the death benefit directly to your beneficiaries or funeral home when you die.
When you die, the insurance company will pay your beneficiaries the death benefit (tax-free), which can be spent on funeral expenses, medical bills, debts, or any other expenditure.
If your loved ones don’t need all the money for funeral costs, they can keep the remaining money.
How Much Does A Funeral Cost In New York?
The NFDA reports that the average funeral in New York costs $8,573 for a burial and $6,498 for cremation.
| Service Type | Average Cost |
|---|---|
| Burial Service | $8,573 |
| Direct Burial (No Service) | $3,803 |
| Cremation Service | $6,498 |
| Direct Cremation (No Service) | $2,391 |
Keep in mind that if you bypass the funeral services, you can reduce the cost of a funeral by thousands of dollars. For example, a direct burial in New York costs only $3,803. Also, you can use a funeral cost calculator to estimate your final expenses accurately.
The Free Look Period In New York And The FTC Funeral Rule
The New York DFS mandates that all life insurance policies include a “free look” provision that is a minimum of 10 days but may go as high as 30.
This clause grants the policy owner the right to review and refuse a newly issued policy for any reason. Furthermore, if you return the policy within the free look period, the insurer must refund you any premiums paid.
On a national level, the Federal Trade Commission established the Funeral Rule that governs funeral service providers. This law requires them to provide consumers with written prices and allows them to pick and choose which products and services they want.
Additionally, funeral homes must accept products from outside sources, such as caskets, urns, or flowers.
How Choice Mutual Can Help
Pre-planning a funeral is something everyone should do. If you don’t, you condemn your family to plan and pay for your final wishes.
No matter where you live in New York, we can help you find the best senior final expense policy. We are an independent broker that represents multiple insurance companies. We aim to match each customer with whichever policy is best for them.
Most funeral insurance plans with no waiting period are only sold through brokers like Choice Mutual. Alternatively, if you buy coverage directly from insurers like Colonial Penn, they typically make you wait two years before you’re insured for natural causes of death.
Ultimately, we can answer all your questions and help you find which insurance provider will approve you for the best policy. If you need final expense insurance in New York, call us at 1-800-644-2926.
We have thousands of positive online customer reviews.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
- states regulate insurance. https://www.iii.org/publications/commercial-insurance/how-it-functions/regulation
- NFDA reports. https://nfda.org/news/media-center/nfda-news-releases/id/8134/2023-nfda-general-price-list-study-shows-inflation-increasing-faster-than-the-cost-of-a-funeral
- New York DFS. https://www.dfs.ny.gov/consumers/life_insurance
- Funeral Rule. https://www.ftc.gov/news-events/topics/truth-advertising/funeral-rule
