New Jersey Life Insurance

New Jersey residents live near an Atlantic Ocean playground. This includes the famous gaming and resort area known as Atlantic City. In this city, you have your choice of numerous resort casinos, such as the Revel Hotel and Caesar's, or you can enjoy some tasty ocean delight at McCormick & Schmick’s Seafood Restaurant. In Lambertville, known as "The Antique Capital of New Jersey," residents can browse at the Golden Nugget Antiques Market or the People’s Store. In scenic Bridgewater where the famous flag of Betsy Ross first flew at the Middlebrook Winter Encampment, you can also enjoy outdoor pastimes at Duck Island Park.

In a state like New Jersey, there are many adventures to be had. However, one of the greatest adventures any person can have is building a family. New Jersey life insurance provides financial protection for your loved ones if something tragic and unforeseen happens to you. 

Best Life Insurance Companies in New Jersey

Though many different insurance companies in New Jersey sell life insurance, some provide better quality and rates than others. That's why we compiled a list of the best life insurance companies in New Jersey by category for your convenience. 

Starting by checking into these top-rated local carriers first can help you save both time and money when hunting for the right coverage. We selected these carriers based on rates, coverage options, financial strength ratings, Better Business Bureau (BBB) ratings, customer reviews, customer service options, and more.

• Best New Jersey Life Insurance Company Overall: Banner Life
• Best New Jersey Life Insurance Company for Females: Nationwide
• Best New Jersey Life Insurance Company for Males: Nationwide
• Best New Jersey Life Insurance Company for Seniors: Nationwide
• Best New Jersey Life Insurance Company for Young Adults: Mutual of Omaha
• Best New Jersey Life Insurance Company for Smokers: MassMutual
• Best New Jersey Life Insurance Company for Term Life Insurance: Banner Life
• Best New Jersey Life Insurance Company for Whole Life Insurance: MassMutual

Best New Jersey Life Insurance Company Overall: Banner Life

We chose Banner Life as the best overall life insurance company in New Jersey for a few reasons. First, the carrier offers affordable and competitive rates for life insurance in New Jersey for a broad range of prospective customers. Coverage is available for people with preexisting conditions. 

The carrier also has excellent financial strength and good customer feedback scores. A 35-year-old female can get a 20-year term life insurance policy with $500,000 in coverage from Banner Life for an average of just $23.04 per month. A male of the same age can get the same amount of coverage for $26.80 per month from Banner Life.

Banner Life dates all the way back to 1851. The carrier has a longstanding reputation for providing competitive pricing on all types of life insurance. 

The insurance company offers term life insurance, no-medical-exam term life insurance, and universal life insurance. Banner Life is also known for its outstanding financial strength and customer satisfaction ratings. 

Best New Jersey Life Insurance Company for Females: Nationwide

We chose Nationwide as the best life insurance company for females in New Jersey. Nationwide has some of the most affordable life insurance rates for females in New Jersey. 

The average cost for $250,000 in 10-year term life insurance for females in New Jersey is just $10.43 per month, while a policy with over $965,000 in coverage is still affordable at $17.87 per month. Nationwide is also known for its excellent financial strength and BBB ratings.

Nationwide is a longstanding carrier that dates back almost a century. The insurance company provides policy options for term, universal, whole, and variable life insurance. 

Nationwide has excellent ratings from both AM Best and the BBB. The carrier also provides 24/7 claims reporting for policyholders.

Best New Jersey Life Insurance Company for Males: Nationwide

We also chose Nationwide as the best life insurance company for males in New Jersey. Nationwide has some of the cheapest life insurance rates for males in New Jersey. 

A 10-year term life insurance policy for males with $250,000 in coverage averages just $11.81 per month, while a policy with $965,000 in coverage is still affordable, averaging $24.02 per month. Nationwide's affordable rates, excellent financial strength, and BBB ratings easily move the carrier to the top of our list in this category.

Nationwide is a longstanding carrier that dates back almost a century. The insurance company provides policy options for term, universal, whole, and variable life insurance. 

Nationwide has excellent ratings from both AM Best and the BBB. The carrier also provides 24/7 claims reporting for policyholders.

Best New Jersey Life Insurance Company for Seniors: Nationwide

We chose Nationwide as the best life insurance company for seniors in New Jersey. Nationwide's rates continue to be extremely affordable for seniors in New Jersey, especially when compared to other carriers. 

A 10-year term life insurance policy with $113,000 in coverage for a 60-year-old non-smoker male of average height and weight in New Jersey goes for an average of just $44.19 per month through Nationwide.

Nationwide is a longstanding carrier that dates back almost a century. The insurance company provides policy options for term, universal, whole, and variable life insurance. 

Nationwide has excellent ratings from both AM Best and the BBB. The carrier also provides 24/7 claims reporting for policyholders.

Best New Jersey Life Insurance Company for Young Adults: Mutual of Omaha

We chose Mutual of Omaha as the best life insurance company for young adults in New Jersey. Mutual of Omaha is known for providing affordable rates and having excellent financial strength. 

For a 20-year term life insurance policy with $380,000 in coverage for a 25-year-old non-smoker male in New Jersey of average height and weight, policies are available at an average of just $19.43 per month through Mutual of Omaha.

Mutual of Omaha is another longstanding carrier that dates back well over a century. The insurance company provides policy options for whole, term, and universal life insurance. 

Mutual of Omaha also provides living benefits for policyholders on many of its life insurance policies. Customers can also get guaranteed-issue coverage if they have preexisting conditions. 

Finally, Mutual of Omaha offers several riders to further enhance life insurance coverage.

Best New Jersey Life Insurance Company for Smokers: MassMutual

We chose MassMutual as the best life insurance company in New Jersey for smokers. Though smokers have to pay much more for coverage than non-smokers, certain carriers still help to keep rates lower than others, including MassMutual. 

For a 20-year term life insurance policy with $965,000 in coverage for a 32-year-old smoker male of average height and weight in New Jersey, the average cost is $170.24 per month. MassMutual's rates are among the lowest in the state for smokers, and the carrier has solid financial strength.

MassMutual dates all the way back to 1851. The carrier specializes in life insurance and offers policy options for whole, term, universal, and variable life insurance. 

MassMutual also has the highest available AM Best financial strength rating of "A++." Customers can also get annuities or look into retirement planning options with MassMutual.

Best New Jersey Life Insurance Company for Term Life Insurance: Banner Life

We chose Banner Life as the best life insurance company in New Jersey for term life insurance. Banner Life is one of the most affordable and accessible options for many prospective customers in New Jersey. 

Term life coverage is available with no medical exam and in term increments of up to 40 years. A 20-year term life insurance policy with $500,000 in coverage for a 45-year-old non-smoker male in New Jersey averages just $55.72 per month from Banner Life.

Banner Life dates all the way back to 1851. The carrier has a longstanding reputation for providing competitive pricing on all types of life insurance. 

The insurance company offers term life insurance, no-medical-exam term life insurance, and universal life insurance. Banner Life is also known for its outstanding financial strength and customer satisfaction ratings. 

Best New Jersey Life Insurance Company for Whole Life Insurance: MassMutual

We chose MassMutual as the best life insurance company in New Jersey for whole life insurance. MassMutual has demonstrated it pays higher dividends to policyholders in New Jersey than most other carriers. A whole life insurance policy from MassMutual builds cash value and has the potential to earn dividends. 

The insurance company is also a great choice for coverage thanks to its excellent financial strength and customer satisfaction scores. A New Jersey independent insurance agent can help you obtain quotes for a whole life insurance policy through MassMutual.

MassMutual dates all the way back to 1851. The carrier specializes in life insurance and offers policy options for whole, term, universal, and variable life insurance. 

MassMutual also has the highest available AM Best financial strength rating of "A++." Customers can also get annuities or look into retirement planning options with MassMutual.

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The Different Types of Life Insurance in New Jersey

A few different types of life insurance are available in New Jersey. Understanding your coverage options can help you better select the right policy for you. Here's a further breakdown of the life insurance options available in New Jersey:

• Term life insurance: Term life insurance is purchased for a specified time frame, or term, that often ranges from 10 to 30 years. When the term is over, the policy is no longer effective. Term life policies are the least expensive option and provide coverage during the years that it's needed most.
• Whole life insurance: Whole life insurance is a type of permanent life insurance, meaning it doesn't expire while the policyholder is alive and still continuing to pay their premiums. This type of policy can build equity that can be cashed in or saved to support dependents following the policyholder's death. Whole life policies are the most expensive option but offer the highest level of benefits.
• Universal life insurance: Universal life is a more flexible type of permanent life insurance. As with whole life insurance, it builds a cash value. Policyholders can access their accrued money in the form of low-interest loans. They can also use their accumulated earnings to cover premium costs if necessary. These policies are more expensive than term life but less expensive than whole life.

A New Jersey independent insurance agent can help you get set up with the right kind of life insurance for you.

Average Cost of Life Insurance in New Jersey 

The average cost of life insurance in New Jersey can vary based on many different factors, including gender. Women in New Jersey pay an average of $9.41 per month for a policy that offers $250,000 in coverage. Men pay about $9.68 for the same amount of coverage. 

However, when increasing the amount of coverage to $965,000, the amount the average woman pays for a policy jumps to about $17.87 per month. The average for this amount of coverage is several dollars higher for men, at about $24.02 per month.

New Jersey Life Insurance Laws

New Jersey has a few laws related to life insurance that are crucial to understand if you have coverage or are going to get coverage. Life insurance laws are in place to help protect policyholders. These laws dictate how life insurance carriers in New Jersey are allowed to operate. 

Here are a few New Jersey life insurance laws to study and learn:

• Free look period: In New Jersey, policyholders are allowed 10 days to review their life insurance policy and receive a full refund for paid premiums if they want to cancel their coverage.
• Guaranty fund protection: In New Jersey, if a customer's life insurance company goes bankrupt, the state's Life and Health Insurance Guaranty Association can cover them with limits of up to $100,000 for loss cash surrender and $500,000 for death benefits.
• Grace period: In New Jersey, life insurance policyholders are allowed up to 30 days to catch up on missed premium payments before their carrier can cancel their coverage.
• Contestable period: In New Jersey, there is a two-year period in which a life insurance policyholder's claims cannot be contested. After this contestable period ends, if the policyholder is found to have lied on their application, the insurance company may reject their claims.
• Time allowable: In New Jersey, life insurance companies must fully settle a life insurance claim within 60 days of receiving proof of death and any required documentation. A life insurance company must pay out the death benefits to the beneficiary before this period is up by state law.

New Jersey Life Insurance FAQs

How to Buy a New Jersey Life Insurance Policy 

Since New Jersey life insurance policies vary so much from insurer to insurer, it's helpful to find a local independent insurance agent in your area. Independent insurance agents can help you compare New Jersey life insurance quotes so you can find the most affordable policy that’s right for you and your family.