New Jersey residents looking for life insurance companies have a long list of companies to choose from, and sorting through all the options can seem overwhelming. Ideally, you want to find a policy that provides affordable coverage no matter what stage of life you’re in, or what pre-existing health conditions you have.
We pulled together the best life insurance companies available to New Jerseyans of all types, along with the state laws governing life insurance so you know what your rights are.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in New Jersey
Best overall: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
Best no-medical-exam life insurance: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Most New Jersey residents should be able to find the most competitive rates with Banner Life, our pick for the best overall life insurance carrier in New Jersey. Banner Life provides the best rates to a broad range of people, and many applicants with pre-existing conditions can access affordable coverage.
Banner Life also boasts strong financial security and a low NAIC complaint rating of 0.35, far below the nationwide average of 1.00, positioning it favorably alongside its industry competitors.
Cheapest life insurance
Banner Life
Banner Life can offer life insurance rates among the most affordable in New Jersey to a variety of potential customers. New Jerseyans with certain pre-existing conditions won’t automatically be locked out of affordable coverage, either.
Best term life insurance
Banner Life
Term life insurance is the most accessible and appropriate option for most people, with affordable coverage that expires after the predetermined term length of the policy ends. Banner Life provides policies with term lengths up to 40 years and competitive rates for a variety of New Jersey applicants.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
New Jersey residents can bypass the medical exam portion of the life insurance application and get quick coverage by purchasing no-medical-exam life insurance, which uses past medical records to determine rates. Brighthouse Financial offers affordable no-exam life insurance policies for up to $2 million in coverage, with application decisions made in as little as 24 hours.
Best whole life insurance
2023 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer satisfaction ratings
Cons
High term life premiums
Term life not available through Policygenius
Whole life insurance is five to 15 times as expensive as term life insurance because it covers the policyholder for their entire lifetime. In addition, whole life insurance policies have a cash value component that allows policyholders to invest and save. MassMutual pays higher dividends than competitors for its whole life policies.
Best for seniors
2023 Policygenius award winner
Prudential
4.1
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
New Jersey seniors age 60 and over can get the most competitive rates from Prudential, even with specific health conditions that often come with old age.
Best for young adults
Brighthouse Financial
As a general rule, young adults can get affordable life insurance coverage pretty easily from a lot of places. But Brighthouse Financial offers some of the best rates out there for young adults and provides fast approvals, no-medical-exam options, and looser income requirements for students enrolled in college.
Best for people with pre-existing conditions
2023 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
Some pre-existing conditions like high blood pressure and diabetes may cause New Jersey residents to pay more for life insurance because the carrier views them as higher risk. But Lincoln Financial offers some of the most competitive rates to people with many types of health conditions.
Best for marijuana users
Lincoln Financial
Life insurance companies often assign marijuana users smoker rates, which are several times more expensive than non-smoker rates. New Jersey marijuana users can get 200% to 300% cheaper non-smoker rates with Lincoln Financial, which does not automatically qualify marijuana users as smokers.
Best for smokers
Banner Life
Smokers generally pay two to three times more for life insurance because of the health risks associated with smoking. Banner Life offers lower premiums to New Jersey smokers than competing carriers, and policyholders who manage to quit smoking for a full year can apply to reduce their rates.
Comparing the best life insurance companies in New Jersey
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Brighthouse Financial | 5.0 / 5 | No-medical-exam life, young adults | Term life, no-medical-exam life, whole life, short-term life, universal life | |
Banner Life | 4.9 / 5 | Overall, cheapest, term life, smokers | Term life, no-medical-exam life, universal life | |
MassMutual | 4.9 / 5 | Whole life | Term life, no-medical-exam life, whole life, universal life, variable universal life | |
Lincoln Financial | 4.8 / 5 | Marijuana users, people with pre-existing conditions | Term life, no-medical-exam life, indexed universal life, variable universal life | |
Prudential | 4.1 / 5 | Seniors | Term life, no-medical-exam life, short-term life, universal life, indexed universal life |
What is the average cost of life insurance in New Jersey?
Many factors influence how much life insurance costs, including the policyholder’s age, medical history, and the term length and coverage amount of the policy. Based on Policygenius data from 2023, the average monthly premium for a healthy 35-year old in New Jersey buying a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.
What happens if a life insurance company goes bankrupt in New Jersey?
Most policyholders will never need to worry about what happens if their life insurance company goes bankrupt. But in the rare case they do, the New Jersey Life & Health Insurance Guaranty Association will protect affected residents and offer coverage for as long as the policyholder continues to pay their premiums.
When an insurance company is found to be insolvent and is ordered liquidated, policyholders will be notified by the receiver and/or the guaranty association. The guaranty association will cover up to $500,000 in life insurance death benefits and up to $100,000 in cash surrender value to all affected New Jersey residents.
If a policyholder moves out-of-state and the life insurance company becomes insolvent, they will receive coverage from the guaranty association in the state where they currently live.
How to find a lost life insurance policy in New Jersey
When a person dies, their family members or the person managing their estate can search the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service for life insurance policies and annuity contracts in the decedent’s name.
New Jersey life insurance laws
New Jersey has laws that govern how life insurance companies and policies must operate in the state.
Free look period
In New Jersey, new policyholders must receive a minimum of 10 days to review their new life insurance policy and “return” it to cancel their policy and receive a full refund.
Guaranty Fund protection
The New Jersey Life & Health Insurance Guaranty Association covers up to $500,000 in death benefits and $100,000 in cash surrender value for New Jersey policyholders affected by the insolvency and liquidation of their life insurance carrier.
Contestable period
The contestable period is the amount of time during which a life insurance company can challenge and deny a claim if they can demonstrate that the applicant lied or made misrepresentations on their policy application. In New Jersey, the contestable period lasts for two years from the date the policy took effect.
Time allowable to settle a claim
In New Jersey, life insurance companies must settle a claim by paying out the death benefits within 60 days after receiving proof of death and other required documents.
Grace period for missed payments
New Jersey policyholders get a 30-day grace period to settle up a missed payment before the life insurance company can cancel their coverage. If a claim arises during the grace period and the policyholder hasn’t yet paid their overdue premium, the amount owed may be deducted from the death benefit.
Frequently asked questions
What is the number one life insurance company in New Jersey?
We named Banner Life as the number one life insurance company in New Jersey because it offers affordable coverage to a wide range of New Jerseyans and features a variety of term lengths for term life policies.
What is the life insurance free look period and grace period in New Jersey?
New Jersey allows at least 10 days from the date a new life insurance policy takes effect for the policyholder to cancel their policy and get a full refund. You also get a 30-day grace period to settle overdue premiums before the life insurance company can cancel your policy.
What types of life insurance are available in New Jersey?
Term life insurance and whole life insurance, the two most common policy types, are both freely available in New Jersey. Residents can also purchase the other main types of life insurance, including no-medical-exam policies with quick underwriting, and final expense insurance policies as well.
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