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

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.