New York Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

With your life insurance policy, you can keep protecting and supporting your loved ones, even after you’re gone. Because losing a primary income earner can have devastating financial effects on a household, you should become insured as early as possible. This doesn’t mean you should just randomly pick a policy, as you could end up with one unsuitable for your family’s needs or something you can’t afford. To avoid these, you should take the time to explore your options, and analyze your potential premiums payments. Check out the tables below showing the monthly cost of life cover in Albany, New York.

Estimated Monthly Premiums
Albany, NY 12202
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

Comparing the monthly premiums average of the younger female and male groups, you’ll see a difference of nearly $6.50 for the non-smokers, and almost $17 for the smokers. Move on the older non-smoking group, and the difference goes up to almost $26. For smokers within the established adult group, the difference amounts to a little more than $52.

In short, women generally spend less than men of the same age, health condition, and lifestyle. Statistics and long-term studies influence this because they show that women live longer and take fewer risks.

Reducing term but increasing coverage

Say you want half a million as the payout, but would like to reduce the term to just 20 years. This is what your monthly payments may look like:

Estimated Monthly Premiums
Albany, NY 12202
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

Both tables indicate that younger people, regardless of gender, pay a lot less than their older peers. Thus, buying earlier can help you save hundreds, if not thousands of dollars over the term of your policy. This is especially true when you get a policy with premiums that won’t change, or even they did, just slightly.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

More life insurance help

Aside from becoming insured at an earlier age, there are several other things you can do to keep your premiums affordable. For instance, there are discounts (hyperlink to “These Discounts Will Help You Save Money on Life Insurance” article) you can qualify for.

And to make sure the insurance company handling your money is licensed, confirm their status with the New York State Department of Financial Services.