Best Life Insurance Companies in New Jersey for 2024
I have concluded that MassMutual is the best life insurance provider in New Jersey based on my findings.
We’ve helped millions of people find life insurance.
Like everyone, people in New Jersey want to save time and money when looking for the best life insurance. My goal is to take on the research and guide you to the most suitable policy efficiently.
In my findings, MassMutual stands out as the best life insurance company in New Jersey, not because of its market share, but due to its great service, coverage, and competitive pricing, which I see as the ideal combination.
Besides MassMutual, our top picks include Mutual of Omaha for seniors, Transamerica for young people, State Farm for outstanding customer service, and Nationwide for smokers. MassMutual was also acknowledged for offering the lowest life insurance prices in New Jersey.
Taking a moment to read the results below is a smart investment of your time. Without sufficient life insurance, your family could struggle to live the life you want for them if something happens to you. Buying life insurance is a sure sign of your dedication to their future.
Best Life Insurance In New Jersey, 2024
Compare The Best Life Insurance In New Jersey
To help in your assessment of the top life insurance providers in New Jersey, here is a table that presents our top choices based on key criteria.
Overall Rating | A.M. Best Rating | Best For | Online Experience | J.D. Power Rating | Get A Quote | |
---|---|---|---|---|---|---|
Mutual of Omaha |
|
A+ |
Seniors |
9.7 |
801 |
Instant Quote |
State Farm |
|
A++ |
Best For Customer Service |
9.5 |
839 |
Instant Quote |
MassMutual |
|
A++ |
Best Overall |
9.7 |
780 |
Instant Quote |
Transamerica |
|
A |
Young Adults |
9.8 |
740 |
Instant Quote |
Nationwide |
|
A+ |
Best For Smokers |
9.6 |
791 |
Instant Quote |
MassMutual |
|
A++ |
Best For Cheapest Life Insurance |
9.7 |
780 |
Instant Quote |
Our Methodology
We used a thorough and comprehensive approach to select the top life insurance companies, taking into account factors like customer service, product offerings, pricing, and online experience. My own experience selling life insurance and working with other agents has given me additional insight into their services. While price played a role, our selections weren’t solely about offering the cheapest life insurance, except for the "Best for Cheapest Life Insurance" category. We believe these companies are leaders in their niches, and cost shouldn’t be the only consideration when picking a life insurance provider.
Quotes Analyzed
Years of experience
Brands reviewed
Research hours
The 6 Best Life Insurance Companies In New Jersey 2024
Best Overall
Key Statistics
Why We Like Them
⇅MassMutual received the Best Overall recognition because of its exceptional life insurance offerings. The company offers term, whole, and universal life policies at competitive rates and provides a wide selection of riders to enhance coverage.
MassMutual’s sales agents, called “career agents,” are highly knowledgeable thanks to their extensive training on the company’s life insurance offerings. Since they sell only MassMutual products, they are well-suited to help buyers unfamiliar with life insurance navigate their options.
MassMutual’s robust financial strength was essential in our evaluation. AM Best gave it the highest possible rating, A++ Superior, reflecting its solid financial stability and reliable claims-paying ability.
The decision to name MassMutual as Best Overall reflects the company’s commitment to a diverse product range and a well-trained sales force, not just offering low prices. Though it may not be as widely recognized or have the same market share as other companies in Louisiana, MassMutual is highly respected throughout the state.
Benefits & Drawbacks
⇅-
✓
-
✘
Best For Seniors
Key Statistics
Why We Like Them
⇅Mutual of Omaha is a leader in providing insurance to seniors. Seniors have trusted the company for years, not just because of the famous “Mutual of Omaha’s Wild Kingdom” show but also due to the in-depth training its agents receive to focus on the needs of the senior market.
This insurance provider is recognized for its senior life insurance product range, including two options tailored to seniors with health issues. The guaranteed-issue policy, which doesn’t require a medical exam or health questions, is ideal for seniors facing serious conditions like cancer, stroke, or heart attack.
The second product offered is a simplified-issue policy that involves answering a few medical history questions, but it doesn’t require a medical exam. It’s great for seniors with minor health issues like high blood pressure or type 2 diabetes who prefer not to take an exam.
Seniors, who typically pay the most for life insurance, trust Mutual of Omaha for their insurance needs. The company has been a well-established name in the senior insurance industry, offering Medicare supplements and life insurance for years. Baby Boomers and their parents have grown up recognizing and trusting the company.
Mutual of Omaha is a trusted name in the senior insurance market, bolstered by an effective direct mail program that reaches seniors and agents who are highly trained in the company’s insurance products.
Benefits & Drawbacks
⇅-
✓
-
✘
Best Life Insurance Companies For Seniors In New Jersey
Life Insurance Company | Monthly Cost |
GEICO | $48 |
Mutual of Omaha | $43 |
Nationwide | $49 |
Protective | $46 |
Prudentiaal | $50 |
*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life insurance contract.
Best For Young Adults
Key Statistics
Why We Like Them
⇅Transamerica acknowledges its strength in providing life insurance at affordable rates for young adults. The company understands that many young people are careful about their spending, particularly with life insurance, and has priced its policies to make it easier for budget-conscious young consumers to get sufficient coverage.
Transamerica created its website with the younger demographic in mind, providing clear and concise information that’s easy to find. The site is designed to be both informative and user-friendly, allowing customers to navigate their options easily. Transamerica believes everyone, regardless of age or budget, deserves the peace of mind life insurance brings.
Younger buyers often don’t view life insurance as essential, making it a challenging market. They tend to purchase policies after marriage or having kids. However, companies like Transamerica still focus on this group, as lower mortality rates bring greater profits.
Transamerica’s customer service rating was the lowest among the companies we reviewed. This may be due to their reliance on independent agents for both sales and service, where some agents working alone may not meet the desired service standards.
Benefits & Drawbacks
⇅-
✓
-
✘
Best Life Insurance Companies For Young Adults In New Jersey
Life Insurance Company | Monthly Cost |
Mutual of Omaha | $7 |
State Farm | $13 |
GEICO | $6 |
Nationwide | $9 |
Protective | $7 |
*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life insurance policy.
Best For Customer Service
Key Statistics
Why We Like Them
⇅J.D. Powers has consistently acknowledged State Farm for its longstanding high customer satisfaction ratings in the realm of life insurance. This recognition underscores the company’s unwavering dedication to providing top-notch service to policyholders. It’s no surprise considering that State Farm boasts more field agents across the nation than any other insurance provider.
State Farm’s reputation for exceptional customer service is well-earned, and policyholders genuinely value it. What sets the company apart is its extensive network of local neighborhood offices, seemingly found everywhere, where policyholders can have face-to-face meetings with their local agents to obtain sales assistance or address any policy-related needs.
State Farm is well-known for its exceptional customer service and swift claims processing, a vital aspect in the life insurance industry. This becomes especially crucial during difficult times when grieving families rely on their life insurance provider for timely and compassionate support.
Benefits & Drawbacks
⇅- Boasts a significantly lower number of customer complaints compared to the industry average
- Maintains top financial ratings for paying claims
- Boasts the largest licensed insurance agent network among all insurers ✓
- Life policies can only be purchased through State Farm agents
- Offers a limited selection of riders ✘
Cheapest Life Insurance
Key Statistics
Why We Like Them
⇅MassMutual, acknowledged as New Jersey’s top life and health insurance provider, also stands out as a financial leader offering highly competitive life insurance rates statewide. Despite the presence of numerous budget-friendly term insurance options in New Jersey, MassMutual consistently offers the most favorable life insurance rates.
While we don’t recommend making your life insurance decision solely based on price, it’s an essential consideration for buyers. MassMutual excels in providing the best rates for those seeking life insurance in New Jersey, even though it’s often associated with professionalism rather than affordability. Nevertheless, MassMutual is committed to expanding its presence in New Jersey and employs aggressive pricing strategies to achieve this objective.
In today’s economic landscape, the cost of life insurance is a significant consideration. MassMutual emerges as an excellent option due to its combination of affordable monthly premiums and substantial coverage. While their whole life insurance and universal life insurance policies may not be as cost-competitive, MassMutual consistently provides generous life insurance coverage amounts for term life insurance, as permanent life insurance often tends to be pricier.
Benefits & Drawbacks
⇅- Features a vast network of well-trained agents for selling MassMutual policies
- Provides a comprehensive range of life insurance products
- Offers the most budget-friendly rates in our assessment of life insurance in New Jersey ✓
- Does not support online applications for life insurance products
- Buying life insurance is solely done through a MassMutual agent ✘
Cheapest Life Insurance Companies In New Jersey
Life Insurance Company | Average Monthly Cost |
MassMutual | $10 |
Protective | $11 |
Nationwide | $13 |
GEICO | $11 |
Transamerica | $13 |
*Rates based on a $250,000 10-year term life coverage for a 30-year-old female nonsmoker
Best For Smokers
Key Statistics
Why We Like Them
⇅Nationwide is a well-respected company with numerous local offices catering to both sales and service. Their slogan, “Nationwide is on your side,” truly applies to smokers in New Jersey searching for life insurance. While Nationwide’s rates for smokers may be slightly higher compared to leading competitors, our assessment determined it to be the top choice for smokers due to its competitive pricing, readily available agents, and outstanding customer service.
If you’re a smoker seeking life insurance, you’re likely to face higher premiums compared to non-smokers. However, there’s a path to potentially reduce your life insurance rates to a level similar to those of non-smokers by demonstrating abstinence from smoking for 12-24 months, depending on the insurer’s policies. This typically involves undergoing a paramedical exam and a blood test to confirm the absence of nicotine in your system.
Benefits & Drawbacks
⇅- Nationwide policies are available through a widespread network of trained agents.
- A comprehensive range of life insurance products is offered.
- Nationwide maintains numerous offices across New Jersey. ✓
- Online applications for life insurance products are not available.
- Buying life insurance is exclusively done through a Nationwide agent ✘
Best Life Insurance Companies In New Jersey for Smokers
Life Insurance Company | Average Monthly Cost |
GEICO | $43 |
Allstate | $42 |
Nationwide | $59 |
Prudential | $44 |
Mutual of Omaha | $43 |
*Rates based on $632,000 of 20-year term life insurance for a 30-year-old male smoker
How To Find The Best Life Insurance Company For You
When searching for life insurance in New Jersey, it’s crucial to recognize that there’s no universal life solution. At Insuranceopedia, we understand that everyone’s circumstances are unique, and that’s why we assess multiple insurers and offer awards in various categories. To discover the ideal life insurance for your specific needs, we recommend following these three simple steps:
- Assess your coverage needs: Many life insurance companies provide “life insurance calculators” on their websites to help you determine the appropriate coverage amount.
- Select three companies for comparison: It’s wise to compare insurance companies, considering not only their rates but also their financial stability. Low rates are essential, but they lose meaning if your insurer can’t fulfill your claim.
- Start the application process: Many life insurance shoppers tend to delay their purchases, but it’s crucial not to procrastinate. Your family’s financial security is at stake, so prompt action is vital.
Largest Life Insurance Companies In New Jersey
Numerous life insurance companies operate in New Jersey, but here are the top five, ranked by their market share:
Life Insurance Company | Market Share |
Prudential Financial Inc. | 9.71% |
MassMutual | 7.77% |
Northwestern Mutual | 7.70% |
Guardian | 7.70% |
Lincoln Financial | 6.05% |
New York Life | 5.98% |
Brighthouse Financial | 3.77% |
Average Cost Of Life Insurance In New Jersey For Females
Life Insurance Company | Rates for $250,000 Coverage | Rates for $965,000 Coverage |
Mutual of Omaha | $12 | $21 |
MassMutual | $10 | $19 |
Nationwide | $13 | $18 |
Transamerica | $15 | $34 |
State Farm | $23 | $46 |
*Rates based on a 10-year term life insurance policy for a 30-year-old female nonsmoker
Average Cost Of Life Insurance For Males
Life Insurance Company | Rates for $250,000 Coverage | Rates for $965,000 Coverage |
MassMutual | $12 | $25 |
Nationwide | $14 | $26 |
Mutual of Omaha | $13 | $29 |
Transamerica | $11 | $27 |
State Farm | $19 | $43 |
**Rates based on a 10-year term life insurance policy for a 30-year-old male nonsmoker
Factors That Impact The Cost Of Your Life Insurance In New Jersey
The cost of life insurance in New Jersey hinges on several factors, including:
- Your chosen life insurance company
- Your age
- Gender
- Health status
- Smoking habits
- Credit score
- Riders incorporated into your policy
It’s worth noting that men typically pay higher monthly premiums than women due to their shorter lifespans. Similarly, smokers face higher costs because of their reduced life expectancies. In New Jersey, insurance companies might also consider your credit score when determining your insurance rate. Additionally, the inclusion of riders like disability waiver of premium or child riders can raise the overall cost of your insurance policy.
How Much Life Insurance Do You Need In New Jersey?
How much coverage is necessary varies from person to person and depends on individual circumstances. For instance, homeowners often need more life insurance coverage compared to renters. Individuals with dependents, like children, might also require higher protection levels.
Life insurance advisors typically suggest obtaining coverage that’s 10 to 20 times your annual income to secure your loved ones adequately. For instance, if your yearly earnings are $75,000, you might need coverage ranging from $750,000 to $1.5 million.
New Jersey Life Insurance Laws To Know
When considering life insurance in New Jersey, it’s vital to understand the state’s specific insurance regulations in place to safeguard policyholders. These laws encompass:
Contestable Period
As per New Jersey law, life insurance companies can contest a claim if they discover that the policyholder provided false or misleading information on their application within two years of the policy’s start date. However, after this two-year period, the insurance company cannot dispute the application due to any inaccuracies.
Free Look Period
Upon receiving your life insurance policy from the company or agent, you have a 10-day period to review it. If you decide you don’t want the policy within this timeframe, you can return it without penalties and receive a full refund of any premiums already paid to the issuing insurance company.
Grace Period For Missed Payments
New Jersey law allows for a 30-day grace period if you miss a payment. During this time, you can still make the payment without losing your coverage.
Settlement Time For Claims
To receive benefits, beneficiaries must file a claim with the insurer. Upon making a claim, all life insurance companies in New Jersey must settle it within 30 days.
Looking For Life Insurance In Other US States?
- Best Life Insurance In Louisiana
- Best Life Insurance In New York
- Best Life Insurance In South Carolina
- Best Life Insurance In Georgia
- Best Life Insurance In Massachusetts
- Best Life Insurance In Texas
- Best Life Insurance In Ohio
- Best Life Insurance In California
- Best Life Insurance In Florida
- Best Life Insurance In Alabama
- Best Life Insurance In Hawaii
FAQs
Is life insurance more expensive in New Jersey?
The cost of life insurance in New Jersey is in line with that of other states. Insurers who charge higher monthly premiums usually do so because they’ve had to pay out more death benefit claims than they initially expected.
How much per month is a million-dollar life insurance policy in New Jersey?
Our research indicates that MassMutual provides the most favorable rate for a $1 million, 10-year term life policy in New Jersey, with a monthly premium of $25.
What is the average monthly cost of life insurance in New Jersey?
The typical monthly expense for life insurance in New Jersey for a 30-year-old man may start at $9.99 for $250,000 in coverage, while a woman of the same age might find life insurance rates as low as $9.40.
What is the New Jersey Department of Banking and Insurance (NJ DOBI) and what does it do?
The New Jersey Department of Banking and Insurance (NJ DOBI) is a state agency responsible for regulating and overseeing financial services, including insurance, in New Jersey. NJ DOBI licenses insurance companies, monitors their financial stability, and enforces laws to safeguard New Jersey residents and policyholders. In addition, the New Jersey Department of Banking and Insurance educates consumers, resolves complaints, and promotes a competitive and fair insurance marketplace within New Jersey.
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