Life insurance by state · NY
Life insurance in New York
What New York law gives you, which carriers quote in New York, and how to get covered — from an independent agency licensed in New York.
The short answer
New York residents can buy term, whole life and final expense coverage, but New York requires insurers to use separate New York companies, so fewer products are available there. We’ll check what’s available for you. New policies typically come with a 10-day free look, and the state guaranty association backs life insurance death benefits up to $500,000.
Your protections in New York
| Regulator | New York State Department of Financial Services (DFS) |
|---|---|
| Free-look period | Typically at least 10 days · 60 days for replacement policies (Insurance Regulation 60, 11 NYCRR Part 51, required Appendix 10C notice); at least 30 days for policies sold by mail without an agent when the Buyer's Guide isn't included in the first solicitation (Ins. Law §3209(b)(1)(A)) |
| Guaranty association | Life and Health Insurance Company Guaranty Corporation of New York: up to $500,000 death benefit, $500,000 cash value (overall per-person cap applies) |
| Community property state | No |
| State estate / inheritance tax | Estate tax: yes · Inheritance tax: no — New York's estate tax starts from the decedent's federal gross estate (plus certain gifts made within 3 years of death), so life insurance that is includable federally under IRC §2042 — proceeds payable to the estate, or a policy the decedent owned or controlled at death — counts toward New York's basic exclusion amount ($7,350,000 for 2026 deaths). A policy owned by someone else (e.g., an irrevocable life insurance trust) is generally outside the gross estate. |
Good to know in New York
- New York Insurance Law §3214(c) requires interest on life insurance death claims from the date of death to the date of payment, at the rate the insurer pays on proceeds left under its interest settlement option. Source
- DFS offers a free Lost Policy Finder that helps families find unclaimed benefits on life policies or annuities of a deceased immediate family member; fee-charging search services can't use it. Source
How to get covered in New York
- Figure out how much you need — final expense calculator or mortgage protection calculator.
- See typical prices by age — life insurance cost by age.
- Tell us your health history — we match you to the New York carrier most likely to approve you at the best price (condition guides).
- Apply by phone with an e-signature — many decisions are instant or same-day.
Licensed in New York. Compare dozens of carriers in one free call — no pressure.
Get my quotes → Call 586-343-1505Sources: Regulator · Guaranty association · Free-look rule · Estate/inheritance tax
Straight answers
Life insurance in New York — FAQ
How long is the free-look period for life insurance in New York?
New individual life insurance policies sold in New York typically give you at least 10 days to review the policy and cancel for a full refund (60 days for replacement policies (Insurance Regulation 60, 11 NYCRR Part 51, required Appendix 10C notice); at least 30 days for policies sold by mail without an agent when the Buyer's Guide isn't included in the first solicitation (Ins. Law §3209(b)(1)(A))). The exact window is printed on your policy’s first page.
What happens to my life insurance if the company fails in New York?
The Life and Health Insurance Company Guaranty Corporation of New York protects New York residents up to $500,000 in life insurance death benefits and $500,000 in cash value, subject to an overall per-person cap. It’s a backstop — choosing a financially strong carrier still matters.
Who regulates life insurance in New York?
The New York State Department of Financial Services (DFS). You can verify an agent’s license or file a complaint with them.
Can I buy life insurance in New York by phone?
Yes. United Eagles Financial is licensed for life insurance in New York; most applications are done by phone or video with an electronic signature.