Best Life Insurance Companies in New Jersey for March, 2024

After extensive research, it’s clear that MassMutual stands out as the best life insurance company in New Jersey.

min read
Updated: 21 January 2024
Written by
Bob Phillips
On this page Open

Like most New Jersey residents, you’re probably looking to streamline your search for the right life insurance while also saving some cash. I’m here to simplify the process and help you secure the perfect life insurance policy for your needs.

My findings indicate that MassMutual stands out as the best life insurance company in New Jersey, not just due to its market share, but for its exceptional coverage and service, all at a wallet-friendly price – a true winning combination.

In our evaluations, other notable New Jersey life insurance companies also shone: Mutual of Omaha topped the list for seniors, Transamerica proved ideal for young adults, State Farm emerged as a customer service standout, and Nationwide earned praise for smokers. Additionally, MassMutual was recognized for offering the most affordable life insurance in New Jersey.

A few moments invested in reviewing the information below can make all the difference. Remember, having the right life insurance safeguards the lifestyle you desire for your loved ones in the event of an unexpected passing. It’s a clear demonstration of your dedication to those who matter most.

Best Life Insurance Companies In New Jersey, 2024

mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People - Transamerica
nationwide-icon-logo
Best for Smokers - Nationwide
Best Life Insurance, New Jersey 2024

Comparison Of The Best Life Insurance Companies In New Jersey

To help you in choosing the best life insurance providers in New Jersey, we've prepared a table showcasing our top companies based on several key factors.

Overall Rating A.M. Best Rating Best For Online Experience J.D. Power Rating Get A Quote
Mutual of Omaha
4.6

A+

Seniors

9.7

801

Instant Quote
MassMutual
4.8

A++

Best Overall

9.7

780

Instant Quote
Transamerica
4.7

A

Young Adults

9.8

740

Instant Quote
State Farm
4.8

A++

Best For Customer Service

9.5

839

Instant Quote
MassMutual
4.8

A++

Best For Cheapest Life Insurance

9.7

780

Instant Quote
Nationwide
4.6

A+

Best For Smokers

9.6

791

Instant Quote
Scroll to see comparisons

Our Methodology

Our method for choosing the top New Jersey life insurance companies was meticulous and all-encompassing. We considered various factors, including customer service ratings, product options, pricing, and online usability. Furthermore, my background in selling life insurance and engaging with agents from other insurers has given me valuable insights into their offerings and practices.

Our choice of companies wasn't solely driven by providing the most budget-friendly life insurance, except in the "Best for Cheapest Life Insurance" category. We are firm in our belief that each of these companies excels in their specific market segment, and price shouldn't be the sole determinant when making decisions about life insurance quotes or provider.

30

Quotes Analyzed

15+

Years of experience

16

Brands reviewed

28+

Research hours

Reviews Of The Best Life Insurance Companies In New Jersey


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

MassMutual stands out as our best overall choice, and this award is well-deserved. The company boasts an impressive selection of high-quality life insurance options, including term life insurance, whole life insurance, and universal life insurance policies, all at remarkably competitive life insurance rates. Moreover, their policies offer a diverse range of riders for added customization.

The dedicated sales agents at MassMutual, known as “career agents,” are exceptionally trained and well-versed in the company’s life insurance product lineup. Their exclusive focus on MassMutual products provides a valuable advantage to life insurance shoppers seeking a deeper understanding of the various options available.

The strong financial footing of MassMutual also weighed heavily in our assessment. With an outstanding AM Best rating of A++ (Superior), the company demonstrates exceptional financial strength and a solid track record for meeting claims obligations.

Earning the title of Best Overall speaks to MassMutual’s commitment to offering a wide range of products backed by a proficient sales team, prioritizing quality over simply having the lowest prices. While MassMutual might not have the same widespread recognition or market dominance as some competitors in New Jersey, it enjoys a strong reputation within the state’s boundaries.

Benefits & Drawbacks

Benefits
  • Exceptional financial ratings
  • A diverse product portfolio offering numerous riders
  • The most cost-effective life insurance rates in New Jersey
Drawbacks
  • Incapability to acquire whole life policy through online channels
  • A lower J.D. Power rating when measured against specific major competitors
  • Exclusive availability through MassMutual agents

Best For Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Mutual of Omaha has earned a stellar reputation for its expertise in addressing the insurance needs of seniors. Over the years, seniors have placed their trust in the company, not only because of the well-known show “Mutual of Omaha’s Wild Kingdom” but also because of the extensive training provided to their agents in serving the senior demographic.

This life insurance provider is renowned for its senior life insurance offerings, which encompass two distinct types of products designed specifically for seniors with health concerns.

One is a guaranteed-issue life insurance policy that eliminates the need for a medical exam or health history inquiries, making it an excellent choice for seniors facing significant medical conditions like cancer, stroke, or heart conditions.

The other option is a simplified-issue life insurance policy that involves answering medical history questions but skips the medical examination, making it an attractive choice for seniors with minor health issues such as high blood pressure or type 2 diabetes, who prefer to avoid the hassle of a medical exam.

Seniors typically face higher life insurance costs, and they have placed their trust in Mutual of Omaha. With a long-standing presence in the insurance sector, Mutual of Omaha has garnered a solid reputation, especially for its senior-focused insurance offerings, which encompass Medicare supplements and life insurance. Baby Boomers and their parents have a deep-rooted familiarity and trust in the company, having been exposed to it since childhood.

Furthermore, Mutual of Omaha enjoys recognition as one of the most prominent and esteemed names in senior insurance products, largely owing to its robust direct mail program targeting the senior demographic and the extensive training provided to its agents in the product lineup.

Benefits & Drawbacks

Benefits
  • Seniors in New Jersey benefit from competitive life insurance rates
  • Well-trained agents offer peace of mind to seniors
  • The company maintains a strong financial position
Drawbacks
  • The company faces a higher ratio of complaints compared to select competitors
  • Fewer agents are available in New Jersey in comparison to many other major insurers.

Best Life Insurance Companies For Seniors In New Jersey

Life Insurance Company Monthly Cost
MassMutual $44
Mutual of Omaha $45
Nationwide $46
State Farm $48
Progressive Life $71

*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

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica proudly acknowledges its strengths, and one of them is providing affordable life insurance rates tailored to young adults. They recognize that many young individuals are careful with their finances, especially when it comes to life insurance.

This is why Transamerica has structured its policies to be accessible to budget-conscious younger customers who aim to maximize their coverage without stretching their wallets.

Additionally, Transamerica’s website is thoughtfully designed with younger buyers in mind, as this demographic values clarity and ease of information. Ensuring that the site is informative and user-friendly enables customers to navigate their policy options effortlessly. Transamerica firmly believes that everyone, regardless of age or financial constraints, deserves the protection and peace of mind that life insurance offers.

Life insurance companies encounter a unique challenge when it comes to younger buyers. Many young adults don’t immediately see the need for life insurance, often postponing it until they marry or have children. Nevertheless, companies like Transamerica continue to prioritize serving this demographic because they have lower mortality rates, which translates to better profitability.

In our assessment of various companies, it’s worth noting that Transamerica received the lowest score for customer service. This could be attributed to their reliance on independent insurance agents for both sales and service, with some independent agents working individually and possibly needing improvement in this aspect.

Benefits & Drawbacks

Benefits
  • The option to purchase term life insurance is available online
  • Policy face amounts extend to as much as $10 million
  • Qualifying applicants can secure coverage of up to $2 million without a medical exam
Drawbacks
  • The minimum face amount for term life insurance starts at $25,000
  • The company scores lower in customer service satisfaction compared to its competitors

Best Life Insurance Companies For Young Adults In New Jersey

Life Insurance Company Monthly Cost
Mutual of Omaha $20
MassMutual $21
Transamerica $19
Nationwide $27
Progressive Life $29

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life insuranpolicy.


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

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

Benefits
  • 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
Drawbacks
  • Life policies can only be purchased through State Farm agents
  • Offers a limited selection of riders

Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

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

Benefits
  • 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
Drawbacks
  • 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
Mutual of Omaha $12
Nationwide $11
Transamerica $11
State Farm $18

*Rates based on a $250,000 10-year term life coverage for a 30-year-old female nonsmoker


Best For Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

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

Benefits
  • 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.
Drawbacks
  • 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
MassMutual $172
State Farm $170
Nationwide $179
Transamerica $144
Mutual of Omaha $181

*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:

  1. Assess your coverage needs: Many life insurance companies provide “life insurance calculators” on their websites to help you determine the appropriate coverage amount.
  2. 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.
  3. 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

Best Cheap Life Insurance Companies In New Jersey For Females

Life Insurance Company Rates for $250,000 Coverage Rates for $965,000 Coverage
Mutual of Omaha $12 $20
MassMutual $10 $19
Nationwide $11 $18
Transamerica $13 $33
State Farm $21 $46

*Rates based on a 10-year term life insurance policy for a 30-year-old female nonsmoker

Best Cheap Life Insurance Companies In New Jersey For Males

Life Insurance Company Rates for $250,000 Coverage Rates for $965,000 Coverage
MassMutual $12 $25
Nationwide $12 $25
Mutual of Omaha $13 $27
Transamerica $10 $25
State Farm $18 $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.

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.

Go back to top