Updated: May 22, 2024
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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.
BestLife InsuranceJersey City, NJBest Life Insurance Companies in Jersey City, NJ, for 2023
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 For | $250K Coverage | $965K Coverage (Recommended) |
|---|---|---|
Male | Transamerica | Nationwide |
Female | MassMutual | Nationwide |
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.
| Nationwide | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $25 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $25 |
| Transamerica | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $25 |
| Mutual of Omaha | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $28 |
| AAA | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $32 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $18 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $20 |
| Transamerica | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $33 |
| State Farm | Rates for $250K Coverage$21 | Rates for $926K Coverage (Recommended) $47 |
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.
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.
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.
| Prudential | Market Share10% |
| MassMutual | Market Share8% |
| Northwestern Mutual | Market Share8% |
| Guardian | Market Share8% |
| Lincoln Financial | Market Share6% |
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.
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:
In the table below, you'll find life insurance rates from multiple insurers for young people in Jersey City.
| Transamerica | Monthly Cost$19 |
| MassMutual | Monthly Cost$20 |
| Mutual of Omaha | Monthly Cost$20 |
| AAA | Monthly Cost$25 |
| State Farm | Monthly Cost$25 |
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.
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.
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:
The table below lists the best and cheapest life insurance companies for the city’s seniors.
| Transamerica | Monthly Cost$43 |
| MassMutual | Monthly Cost$45 |
| Nationwide | Monthly Cost$47 |
| AAA | Monthly Cost$48 |
| State Farm | Monthly Cost$49 |
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.
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.
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:
In the table below, you can find a list of the most affordable life insurance companies in Jersey City for smokers.
| Transamerica | Monthly Cost$152 |
| State Farm | Monthly Cost$178 |
| MassMutual | Monthly Cost$180 |
| Nationwide | Monthly Cost$188 |
| Mutual of Omaha | Monthly Cost$189 |
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.
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.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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 Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
