Best Life Insurance Companies in Jersey City, NJ

If you live in Jersey City, New Jersey, and want life insurance, Nationwide is the best overall company for the average adult. However, if you are a young adult, a senior or a smoker, Transamerica is the company that offers the cheapest rates. Life insurance in the city costs an average of $10 per month for a $250K policy and around $25 per month for the recommended policy amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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If you have a life insurance policy, your loved ones will be provided for in the event you pass away unexpectedly. Since Jersey City has several life insurance companies, you should shop around and compare premiums to ensure that you are getting the policy that best suits your needs.

MoneyGeek ranked the best life insurance companies in Jersey City, New Jersey, for various age groups and demographics.

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2023

Best Life Insurance Companies in Jersey City, NJ, for 2023

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Best Cheap Life Insurance in Jersey City

For $250K in coverage in Jersey City, Transamerica and MassMutual are the cheapest for men and women, with monthly premiums of around $10.

While a $250K insurance policy might be less expensive, it may not be enough for your beneficiaries' needs. A $965K policy is recommended based on buyer profiles and state-specific variables.

Nationwide offers the cheapest $965K coverage for men and women. These policies cost around $25 and $18 per month, respectively.

Cheapest Life Insurance Companies for Males and Females in Jersey City
  • Cheapest For
    $250K Coverage
    $965K Coverage (Recommended)
  • Male

    Transamerica

    Nationwide

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Jersey City for Men and Women

When it comes to life insurance, the policyholder’s gender and insurance levels impact their premiums. For instance, females in Jersey City spend around 3% more for coverage than the state average and males pay approximately 5% more than the state average.

For a $250K policy, the city’s men pay around $18 monthly compared to women’s average of $17. The difference may be bigger for policies with higher coverage.

The state-recommended coverage of $965,000 (estimated based on per capita income from the U.S. Bureau of Economics, average age, average mortgage debt and average personal debt) costs the city’s men an average of $49 monthly and roughly $45 per month for women.

When it comes to 10-year term policies, men pay an average of $29 each month, while women pay $26 monthly, regardless of the policy limit.

Average Monthly Life Insurance Rates in Jersey City: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $12
    $25
  • MassMutual
    $12
    $25
  • Transamerica
    $10
    $25
  • Mutual of Omaha
    $13
    $28
  • AAA
    $14
    $32
  • State Farm
    $19
    $44
  • Prudential
    $31
    $73
  • Progressive Life
    $17
    $76
Average Monthly Life Insurance Rates in Jersey City: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $18
  • MassMutual
    $10
    $19
  • Mutual of Omaha
    $12
    $20
  • Transamerica
    $13
    $33
  • State Farm
    $21
    $47
  • AAA
    $17
    $50
  • Progressive Life
    $20
    $54
  • Prudential
    $17
    $60

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Jersey City using average buyer profile statistics, including the average age of 32, the average weight of 181 pounds for males and 144 pounds for females, and an average coverage need of $965,000.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The cost of life insurance in Jersey City, NJ, is strongly influenced by a person's gender. Women tend to outlive men, according to the data from National Center for Health Statistics. Studies show several reasons for men dying earlier than women, including their exposure to unsafe working conditions and skipping doctor visits. As a result, men pay higher insurance rates than women.

The majority of life insurance policyholders, however, are males. Whether they are the only earner or stay-at-home mothers, women's contributions to family economics have grown. This means that it’s a good idea for them to have a policy.

Most Popular Life Insurance Companies in New Jersey

According to overall market share, the three most popular life insurance companies in New Jersey on average are Prudential Financial Inc. (10%), MassMutual (8%) and Northwestern Mutual (8%). According to the statistics, the top seven life insurance companies in New Jersey hold around 49% of the state's market share.

The table below represents the market shares of the top seven life insurance firms in the state.

Most Popular Life Insurance Companies in New Jersey

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  • Company
    Market Share
  • Prudential
    10%
  • Guardian
    8%
  • Northwestern Mutual
    8%
  • MassMutual
    8%
  • New York Life
    6%
  • Lincoln Financial
    6%
  • Brighthouse Financial
    4%
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MONEYGEEK DICTIONARY

Market share measures how much revenue a company makes compared to those of other businesses in the same industry. This shows that a major player in the life insurance industry has sold more policies than the rest of the group.

In this study, MoneyGeek used 2020 S&P Global data reports to compile market share data for New Jersey's insurance providers.

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Cheapest Life Insurance for Young People in Jersey City

Monthly life insurance premiums for young adults in Jersey City range from $19 to $30. According to MoneyGeek's research, the following companies provide the cheapest average life insurance rates to young people in the city:

  • Transamerica: $19 per month
  • MassMutual: $20 per month

In the table below, you'll find life insurance rates from multiple insurers for young people in Jersey City.

Best Life Insurance Companies for Young People in Jersey City, NJ

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  • Company
    Monthly Cost
  • Transamerica
    $19
  • MassMutual
    $20
  • Mutual of Omaha
    $20
  • AAA
    $25
  • State Farm
    $25
  • Prudential
    $26
  • Nationwide
    $27
  • Progressive Life
    $30

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Jersey City who is 5 feet 10 inches, 154 pounds and purchases a 20-year term contract at the average coverage need of $380,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Jersey City life insurance premiums are often lower for younger policyholders. Your insurance rates will go up as you age and become more prone to diseases. You might save money on your premiums if you buy life insurance when you're younger.

Cheapest Life Insurance for Seniors in Jersey City

For older residents in Jersey City, the average monthly life insurance premium can range between $43 and $92. The two companies in Jersey City that provide senior life insurance at the lowest average prices are as follows:

  • Transamerica: $43 per month
  • MassMutual: $45 per month

The table below lists the best and cheapest life insurance companies for the city’s seniors.

Best Life Insurance Companies for Seniors in Jersey City, NJ

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  • Company
    Monthly Cost
  • Transamerica
    $43
  • MassMutual
    $45
  • Nationwide
    $47
  • AAA
    $48
  • State Farm
    $49
  • Mutual of Omaha
    $51
  • Progressive Life
    $73
  • Prudential
    $92

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Jersey City who is 5 feet 10 inches, 181 pounds and purchases a 10-year term contract at the average coverage need of $113,000.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Life insurance policies for senior citizens are pricier due to the likelihood that the policy will outlive the policyholder. However, compared to the policy amount of the average adult, seniors can opt for a policy with a lower value. This is because it's more likely that when they pass away, their dependents will be mature adults who can support themselves financially.

A senior's life insurance payouts are generally used to cover burial expenses or debt repayment. As a result, we've set the sample level of insurance coverage for older citizens in Jersey City at a lower amount than other profiles.

Cheapest Life Insurance for Smokers in Jersey City

Life insurance premiums for the majority of smokers in Jersey City cost between $152 and $277 a month on average. According to MoneyGeek, the following are the city's cheapest average life insurance providers for smokers:

  • Transamerica: $152 per month
  • State Farm: $178 per month

In the table below, you can find a list of the most affordable life insurance companies in Jersey City for smokers.

Best Life Insurance Companies for Smokers in Jersey City, NJ

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  • Company
    Monthly Cost
  • Transamerica
    $152
  • State Farm
    $178
  • MassMutual
    $180
  • Nationwide
    $188
  • Mutual of Omaha
    $189
  • Prudential
    $205
  • AAA
    $207
  • Progressive Life
    $277

Rates were determined by analyzing quotes for a 32-year-old male smoker in Jersey City who is 5 feet 10 inches, 181 pounds and purchases a 20-year term contract at the average coverage level of $965,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are considered high-risk customers by insurance firms, and their rates are calculated with the documented negative effects of smoking on one's health over time in mind. Nevertheless, smokers can still find reasonably priced life insurance. Since life insurance premiums for smokers tend to increase considerably with age, MoneyGeek advises smokers in Jersey City to purchase a 20-year term policy.

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Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

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Insurance Rates

Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.

About the Author


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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