New York is a tough place to find life insurance. Restrictive laws and regulations mean that most providers don’t offer policies in New York. But do seniors seeking New York burial insurance have better chances?
Likely, no. Though it’s meant to be affordable and accessible to most seniors, burial insurance policies are subject to the same restrictive New York life insurance laws. Usually a quality option for seniors, it’s tough to find reliable burial insurance in New York.
Contact Final Expense Benefits for your burial insurance needs. Though we do not offer sales services to seniors living in New York, we may be able to help you determine options for quality, affordable coverage.
To learn more about your life insurance options, call us at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET. For a personalized funeral cost estimate and to see how much coverage could cost, check our free online funeral cost calculator and quoting tool.
Key takeaways
The average cost of a funeral in New York is $8,836, a large sum that a quality burial insurance policy could help cover.
However, due to complex, restrictive regulations, most life insurance companies do not offer burial insurance in New York.
Not only are insurers limited, but brokerages like Final Expense Benefits are too, which limits seniors’ access to reliable assistance when finding policies.
Most New York burial insurance providers are unreliable for seniors, such as AARP and Colonial Penn.
Average Cost of a Funeral in New York
Funeral costs are on the rise – with no end in sight. Savvy seniors looking to get ahead of the costs are turning to burial insurance as a way to cover funerals, cremations, burial plot costs, and other end-of-life expenses. According to Funeralocity, average funeral costs in New York vary by the type of memorial you want, ranging from:
- Traditional funeral with burial service: $8,836 + $2,505 average burial plot cost
- Cremation with traditional funeral service: $6,289
- Direct burial (burial with no funeral service): $3,005
- Direct cremation (cremation with no funeral service): $2,395
These prices are for basic services and may vary depending on your location, desired funeral amenities, and more. Check our funeral cost calculator for more information.
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Top Funeral Homes in New York
Here are some of the most popular funeral homes in New York:
| Funeral Home | Location | Phone Number | Customer Rating |
|---|---|---|---|
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Peru, NY |
5.0 / 5 |
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Maspeth, NY |
5.0 / 5 |
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Queens, NY |
5.0 / 5 |
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Glen Head, NY |
4.6 / 5 |
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Glen Head, NY |
4.8 / 5 |
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New York Funeral Cost Breakdown
General costs for funerals in New York vary based on several factors. None affect cost more than the type of funeral you want. Traditional funerals with burials are the most expensive, mostly due to pricey necessities like a casket and burial plot. Costs add up for traditional funerals and often vary, including:
- Basic services
These include licensing, funeral director fees, and more. - Transportation
Includes costs for transportation from a local morgue and the costs for driving a casket in a hearse to the cemetery. - Service preparation
Embalming, an expensive body preparation procedure, is necessary for traditional funerals. - Service
Includes costs for officiants and decoration, alongside average funeral home rental fees. - Casket
Caskets vary widely in price; this cost accounts for a median-priced wooden one. - Burial plot
Burial plot costs vary by location.
Burial insurance is a low-cost type of whole life insurance that offers seniors an affordable way to help their loved ones cover these rising end-of-life expenses. However, due to New York’s restrictive regulations, most insurers don’t offer burial insurance in New York. Here’s how these laws work:
New York Burial Insurance Laws
New York’s strict life insurance laws are meant to help protect consumers, but their side effect is noticeable: rather than adapting to these laws, most insurance companies don’t offer policies in New York.
Here’s an overview of New York’s complex, unique life insurance regulations:
New York Burial Insurance Provider Requirements
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- Insurer reserve fund requirements
Per the Insurance Information Institute, New York requires insurers to have at least $500,000 of accessible funds to ensure they can properly pay out policy claims.
This is a much higher requirement than most states and often means that only the largest insurers can afford to provide policies in New York.
- Insurer licensing requirements
Insurance companies need to be “domiciled” in New York to qualify for the NY Department of Financial Services’ (DFS) licensing, necessary to provide policies there. Life insurance companies have their headquarters across the United States, meaning most of them are ineligible for this license. However, some companies operate New York-specific subsidiary companies so they can offer policies in the state.
- Agency restrictions
Most life insurance companies offer policies through brokerage agencies, like Final Expense Benefits. However, like their licensing requirements, New York requires agents to not only be located in the state to sell there, but they also can’t sell over the phone – only in person. This unfortunately cuts New York residents off from the convenience of working with agencies, which is normally a great way to save time and money.
New York Burial Insurance Policy Requirements
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- Mandatory policy provisions
New York requires all life insurance policies, including burial insurance, to follow complex replacement rules and age restrictions. Because these provisions are so complicated, most insurers avoid changing their policies just for one state.
- “Senior life plan” restrictions
New York places limits on age and coverage ranges on simplified-issue and guaranteed life insurance policies. These policies may be some of the only ways for seniors with serious pre-existing medical conditions to secure coverage, but come with waiting periods and high premium rates that limit their effectiveness. These limitations are worsened thanks to New York’s restrictions. With New York’s strict 50 to 75 age range and $25,000 payout maximum, these policies may be too expensive and limited for most seniors.
- Free look provision
One law that isn’t unique to New York is the “free look” provision. According to the New York DFS, life insurance clients must be provided a 10 to 30 day period in which they can test their new policy. If they decide they don’t want the policy, companies must offer the client a full refund or replacement.
Unfortunately, instead of complying with these complicated, restrictive rules, most insurance providers choose not to offer policies in New York. But how much should seniors expect to pay for their few options for New York burial insurance?
How Much Does New York Burial Insurance Cost?
Also called final expense insurance, burial insurance offers seniors low-cost, whole-life coverage. With average benefit payouts ranging from around $5,000 to $50,000, these policies offer plenty of tax-free cash to cover funerals and other end-of-life expenses.
Seniors in good health can qualify for no-wait plans at low rates, while those with pre-existing conditions may qualify for modified or guaranteed policies. Though burial insurance is generally affordable for seniors, rates rise as applicants age or health concerns worsen. Don’t wait – apply early and save.
$10,000 New York Burial Insurance Rates
Here’s are sample rates for New York burial insurance for seniors 50 to 80. These rates are calculated for a benchmark $10,000 burial insurance policy from Transamerica, one of our top-rated partner providers:
| Age | Monthly Rate (Male) | Monthly Rate (Female) |
|---|---|---|
|
50 |
$31 |
$24 |
|
55 |
$36 |
$28 |
|
60 |
$43 |
$33 |
|
65 |
$54 |
$41 |
|
70 |
$70 |
$53 |
|
75 |
$97 |
$71 |
|
80 |
$136 |
$101 |
These rates are calculated for a $10,000 burial insurance policy from Transamerica, using a non-smoking applicant with no pre-existing health conditions.
For real life insurance rates from our top providers, contact Final Expense Benefits. We can help you find a great burial insurance policy at any budget.
Why Choose Final Expense Benefits?
Life insurance agencies, like Final Expense Benefits, are here to help seniors find the right coverage at the right price. We pride ourselves on our agents’ work ethic, and partner with over 20 of the top life insurance companies.
Though Final Expense Benefits doesn’t conduct business in New York, we may be able to assist seniors seeking reliable coverage. Call us today to learn more about your options for life insurance or see how the right burial insurance policy can fit into your end-of-life plans.
New York Burial Insurance Companies
Few companies offer burial insurance in New York, and the ones who do are largely limited. Here are the options seniors have:
- Transamerica
Transamerica is a large burial insurance provider and a Final Expense Benefits partner. Their policies are low-cost and reliable burial insurance options for seniors. - Colonial Penn
Colonial Penn offers the well-known 995 plan in New York, but this policy’s high prices, coverage constraints, and poor customer service reputation make it a poor choice. - New York Life
The New York Life Insurance Company is located in New York City and offers a variety of term life, universal life, and annuity options nationwide. However, they don’t offer any specific burial insurance policies, making them a shakier pick for seniors. - AARP
The AARP offers exclusive burial insurance policies through New York Life, though they are limited. They’re group life insurance, meaning policyholders have little control over their rates, coverage, and add-on insurance riders.
Final Thoughts
Because of the state’s strict regulations and high business costs, seniors seeking burial insurance in New York have few options. Though these regulations are intended to help protect consumers, they exclude most companies from offering coverage in New York.
For assistance in finding a quality burial insurance policy, contact Final Expense Benefits. Our expert agents can help you find a reliable policy at any budget. Note that seniors in New York may be exempt from Final Expense Benefits assistance.
Call us today at (866) 786-0725, or check our free online quoting tool and personalized funeral cost calculator to see how much you could spend.
FAQ
Why do most companies not sell burial insurance in New York?
Most burial insurance companies avoid selling policies in New York due to the state’s complicated and restrictive life insurance regulations.
Are there companies that sell burial insurance in New York?
A few companies sell burial insurance in New York. These include Final Expense Benefits partner Transamerica and unreliable major providers like AARP and Colonial Penn.
What is burial insurance?
Burial insurance is a low-cost type of whole life insurance designed to offer seniors accessible, affordable coverage. Average benefit payouts range from around $5,000 to $50,000. Try our burial insurance quoting tool for accurate, personalized pricing estimates.
How much does a funeral cost in New York?
Traditional funerals average around $8,800, but costs vary based on desired services and could reach as high as $20,000. Check our funeral cost calculator to check how much you should save.