Unlike with other types of insurance, where you live doesn’t really matter when you get life insurance quotes. The best life insurance companies in New Jersey depend more on the type of coverage you want and your age, health, and lifestyle.
Because rates don’t vary by state, our recommendations for the best life insurance companies in New Jersey are similar to our overall best companies for the same categories. What does vary by state are the laws and regulations for things like life insurance grace periods and contestability, as well as the companies available.
Policygenius score | Best for … | AM Best score | Number of complaints | Cost | ||
|---|---|---|---|---|---|---|
4.9/5 ★ | Overall, cheapest, term life, smokers, young adults | A+ | Lower than average | $ | ||
4.8/5 ★ | No-medical-exam life | A+ | Lower than average | $ | ||
4.8/5 ★ | Marijuana users | A | Lower than average | $ | ||
4.9/5 ★ | Whole life | A++ | Much lower than average | $$$ | ||
4.1/5 ★ | Seniors | A+ | Lower than average | $$ |
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 company in New Jersey: Legal & General America
The best overall life insurance company in New Jersey is Legal & General America, which also does business as Banner Life and William Penn in other states. Legal & General America offers competitive rates for a range of needs, including people with high blood pressure, diabetes, and smokers.
We also like that Legal & General America offers no-medical exam life insurance policies to certain applicants between the ages of 20 and 60. Cutting out the medical exam part of applying for life insurance can save a lot of time and hassle in the buying process.
Cheapest life insurance company in New Jersey: Legal & General America
The cheapest life insurance in New Jersey comes from Legal & General America — though remember that where you live doesn’t actually affect your life insurance rates. But Legal & General America is even affordable for people with pre-existing conditions that make it hard to get cheap coverage elsewhere, one reason why it’s a top pick.
The best way to find cheap life insurance for your age, health, and the type of policy you need in New Jersey (or anywhere else) is by comparing quotes. Getting coverage while you’re still regularly young and your rates are lower is also a good way to save money.
Best term life insurance in New Jersey: Legal & General America
The best company for term life insurance in New Jersey is also Legal & General America. We like Legal & General America’s flexibility: it offers term lengths up to 40 years — longer than many other companies.
A term life policy is the best kind of coverage for most people. When you buy term life insurance, you choose your policy’s “term,” or the amount of time it lasts. You make regular payments to keep the policy active, and then if you die during the policy term, your loved ones will receive a payment.
Best no-medical-exam life insurance in New Jersey: Pacific Life
Pacific Life is the best company for no-medical-exam life insurance in New Jersey. Applicants in good health may be able to qualify for up to $3 million in coverage without needing to take a medical exam.
No-medical exam policies just cut out the medical exam and approval process that’s usually required when you buy term life insurance. Eligibility rules vary by company, but you’re most likely to be a candidate for no-med life insurance if you’re young or you have a clean medical history.
Best whole life insurance in New Jersey: MassMutual
The best whole life insurance company in New Jersey is MassMutual. Whole life insurance policies are guaranteed to pay out when you die, so long term financial stability is important in choosing a company. MassMutual has earned strong financial strength ratings, including an A++ from AM Best.
Whole life insurance policies include a cash savings component that gains interest (and can sometimes pay out dividends) over time. Your family can collect benefits when you die like any other life insurance policy, but you can also use the policy’s cash value component while you’re still alive.
Best life insurance for seniors in New Jersey: Prudential
The best life insurance company for seniors in New Jersey is Prudential. Prudential is our number one choice for seniors in New Jersey because of its affordable rates for applicants over 60 years old (even for people with some age-related health problems like osteoporosis and arthritis).
Best life insurance for young adults in New Jersey: Legal & General America
Legal & General America offers some of the cheapest life insurance rates for young adults regardless of their health profile. The company offers no-medical-exam and instant-decision options for young people who are in excellent health or have just one or two minor and well-controlled health conditions.
Best life insurance for marijuana users in New Jersey: Lincoln Financial
The best life insurance company for marijuana users in New Jersey is Lincoln Financial. That’s because Lincoln Financial won’t automatically classify you as a smoker if you’re a marijuana user, meaning your rates will be significantly cheaper than with a company that puts marijuana users in the same category as tobacco smokers.
Marijuana is legal in New Jersey, and it’s important to be honest with your insurance company about your habits. If your life insurance company finds out you lied when you applied for coverage, you put your beneficiaries at risk in the future.
Best life insurance for smokers in New Jersey: Legal & General America
Legal & General America is the best life insurance company for smokers in New Jersey. Although getting life insurance is always going to be more expensive if you’re a smoker, you may still be able to find affordable coverage with Legal & General America — and you can also re-apply for lower premiums after you’re at least one year off smoking.
How is life insurance different in New Jersey
It’s important to know about the state-specific life insurance laws and regulations in New Jersey when you’re getting ready to buy a policy.
Contestable period: The contestable period in New Jersey is two years. That’s the amount of time your insurance company has to deny a claim if it discovers you lied or misrepresented yourself when you applied for coverage.
Free look period: The free look period in New Jersey is 10 days. That’s the time you have to cancel your life insurance policy and still receive a full refund.
Grace period for missed payments: You have at least 30 days to make up a missed payment in New Jersey before your life insurance company can cancel your coverage.
Guaranty Fund: If your life insurance company goes out of business, the New Jersey Life & Health Insurance Guaranty Association covers up to $500,000 in death benefits and $100,000 in cash surrender value.
Time allowable to settle a claim: In New Jersey, life insurance companies have to settle a claim within 60 days after receiving proof of death.
Largest life insurance companies in New Jersey
Many of the largest life insurance companies in the U.S. operate in New Jersey. Here are the largest life insurance companies in New Jersey by market share.
Company | Market share in New Jersey |
|---|---|
Prudential | 12.51% |
Nationwide | 10.22% |
New York Life | 6.74% |
MassMutual | 6.65% |
Guardian Life | 6.14% |
MetLife | 5.49% |
Northwestern Mutual | 5.20% |
Lincoln Financial | 4.06% |
Penn Mutual | 2.70% |
John Hancock | 2.40% |
What happens if a life insurance company goes bankrupt in New Jersey
It’s rare for life insurance companies to go bankrupt, but if it happens, the New Jersey Life & Health Insurance Guaranty Association will cover part of your policy’s benefits.
The New Jersey Life & Health Insurance Guaranty Association covers up to $500,000 of your life insurance policy’s death benefits and up to $100,000 in its cash surrender value — the amount you can get if you end your life insurance policy before you die.
How to find a lost life insurance policy in New Jersey
If you’re a family member of the deceased or the executor of someone’s estate, you can find a lost life insurance policy by searching the Life Insurance Policy Locator Service from the National Association of Insurance Commissioners.
Average life insurance rates in New Jersey
The average cost of life insurance for a healthy 35-year old in New Jersey who’s buying a $500,000, 20-year term policy is $27 per month ($307 per year) for women and $32 per month ($373 per year) for men.
Your location doesn’t play a part in the cost of your life insurance, but your rates do depend on other factors, like your age, health, and lifestyle, plus your policy’s term length and coverage amount.
According to Policygenius data from 2023, here’s what people pay for life insurance, on average, based on age, gender, and coverage type and amount:
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
|---|---|---|---|---|
20 | Female | $15 | $23 | $34 |
Male | $19 | $29 | $48 | |
30 | Female | $15 | $23 | $37 |
Male | $18 | $29 | $49 | |
40 | Female | $22 | $35 | $61 |
Male | $25 | $43 | $75 | |
50 | Female | $44 | $78 | $139 |
Male | $57 | $102 | $188 | |
60 | Female | $108 | $194 | $355 |
Male | $149 | $268 | $500 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 09/01/2024.
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