Best Life Insurance Companies in Paterson, NJ

The average life insurance rates in Paterson can be as low as $7 per month for a $250K policy and as little as $18 per month for the level of coverage recommended in New Jersey.

Based on MoneyGeek's findings, Nationwide is the best life insurance company in Paterson for the average adult. However, Transamerica emerged as the best provider for young people, seniors and smokers in Paterson.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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There may be a number of financial reasons to buy life insurance, including paying off debts, final expenses and any associated medical costs. You can select the service provider that best meets your demands by shopping around and evaluating costs. Discover the best life insurance companies in Paterson by using MoneyGeek's analysis of life insurance premiums based on your age, gender and smoking history.

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2023

Best Life Insurance Companies in Paterson, NJ, for 2023

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Best Cheap Life Insurance in Paterson

The price of your life insurance is based on your gender and the coverage level you choose. For a $250K coverage in Paterson, Transamerica provides the cheapest average monthly premium of $7 for men, while MassMutual has an average rate of $6 for women.

While it might be less expensive to buy a policy with a $250K coverage limit, it may not be a sufficient payout. A good starting point is the $965K recommended limit for life insurance in New Jersey. We arrived at this figure after considering the average cost of living, income, personal debt, age and other factors for New Jersey.

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

    Transamerica

    Nationwide

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Paterson for Men and Women

The price of life insurance in Paterson varies depending on gender. Compared to the statewide averages, men pay 26% less for coverage and women pay a whopping 33% less.

In Paterson, men pay an average of $13 per month for $250K coverage, while women pay roughly $11. These costs change significantly if you choose New Jersey's recommended coverage level, which is based on factors including age, typical mortgage debt and personal debt, as determined by the U.S. Bureau of Economic Analysis.

In New Jersey, $965K in coverage results in an average monthly insurance cost of $34 for men and $30 for women. Meanwhile, regardless of the amount of coverage, the average monthly cost of 10-year term insurance is $20 for men and $17 for women.

Average Monthly Life Insurance Rates in Paterson: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $18
  • MassMutual
    $8
    $18
  • Transamerica
    $7
    $18
  • Mutual of Omaha
    $9
    $19
  • AAA
    $10
    $22
  • State Farm
    $13
    $31
  • Prudential
    $22
    $51
  • Progressive Life
    $12
    $53
Average Monthly Life Insurance Rates in Paterson: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $7
    $12
  • MassMutual
    $6
    $13
  • Mutual of Omaha
    $7
    $13
  • Transamerica
    $8
    $22
  • State Farm
    $13
    $30
  • AAA
    $11
    $32
  • Progressive Life
    $13
    $35
  • Prudential
    $11
    $39

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Paterson 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 gender of the applicant has a big impact on Paterson’s life insurance rates. Due to the fact that women typically outlive men, their costs are reduced. Because they regularly engage in risky activities and work in hazardous conditions, insurers charge men higher premiums.

Men are also more likely than women to buy life insurance. However, women also play a key role in the finances of a modern family, so they should also consider getting a life insurance policy.

Most Popular Life Insurance Companies in New Jersey

Based on their market shares, the top three life insurance providers in New Jersey are Prudential Financial Inc. (10%), MassMutual (8%) and Northwestern Mutual (8%).

The leading New Jersey life insurance companies control around 50% of the industry in the state. Take a look at these companies by market share in the table below.

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 is the percentage of sales that a company generates in comparison to its industry competitors. In the life insurance industry, a company’s market share represents how many premiums it has written compared to all premiums written in the state.

The data we used to calculate market share comes from the total premiums generated by each company in the S&P Global 2020 state reports.

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Cheapest Life Insurance for Young People in Paterson

For young adults in Paterson, the cost of life insurance may range from an average of $13 to $20 per month. The two companies that offer life insurance in Paterson at the lowest rates for young people are:

  • Transamerica: $13 per month
  • MassMutual: $14 per month

Additional life insurance quotes in Paterson for young people are available in the MoneyGeek table below.

Best Life Insurance Companies for Young People in Paterson, NJ

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  • Company
    Monthly Cost
  • Transamerica
    $13
  • MassMutual
    $14
  • Mutual of Omaha
    $14
  • AAA
    $17
  • State Farm
    $18
  • Prudential
    $18
  • Nationwide
    $19
  • Progressive Life
    $21

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Paterson who is 5 feet 10 inches and 154 pounds that purchases a 20-year term contract at the average coverage need of $380K. 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

For those under 25, life insurance in Paterson is more economical. Your insurance costs will increase as you get older and become more likely to have serious health problems.

When you are younger, purchasing life insurance can help you ensure the financial security of your family. Buying life insurance at a young age is a great way to save money on premiums.

Cheapest Life Insurance for Seniors in Paterson

Life insurance policies in Paterson for seniors typically cost between $30 and $64 per month, on average. The top-rated life insurance companies for seniors in this city are as follows:

  • Transamerica: $30 per month
  • MassMutual: $31 per month

The table below contains further information on the top Paterson life insurance companies for seniors.

Best Life Insurance Companies for Seniors in Paterson, NJ

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  • Company
    Monthly Cost
  • Transamerica
    $30
  • MassMutual
    $31
  • Nationwide
    $33
  • AAA
    $33
  • State Farm
    $34
  • Mutual of Omaha
    $36
  • Progressive Life
    $51
  • Prudential
    $64

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

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors in Paterson pay extra for life insurance since it's more likely that their policy will outlive them as they age. That said, seniors usually don't require as much insurance coverage because their dependents are more likely to be self-sufficient.

A senior’s life insurance plan typically only needs to cover existing debts, final expenses, burial costs and associated expenses. Due to this, MoneyGeek's recommended coverage for senior life insurance is more limited than the coverage selected for other profiles.

Cheapest Life Insurance for Smokers in Paterson

Life insurance in Paterson for smokers can range from an average of $106 to $193 monthly. The cheapest smokers’ life insurance premiums in Paterson are offered by the following companies:

  • Transamerica: $106 per month
  • State Farm: $124 per month

See the MoneyGeek table below for more details on the Paterson life insurance companies that are most affordable for smokers.

Best Life Insurance Companies for Smokers in Paterson, NJ

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  • Company
    Monthly Cost
  • Transamerica
    $106
  • State Farm
    $124
  • MassMutual
    $125
  • Nationwide
    $131
  • Mutual of Omaha
    $132
  • Prudential
    $143
  • AAA
    $144
  • Progressive Life
    $193

Rates were determined by analyzing quotes for a 32-year-old male smoker in Paterson who is 5 feet 10 inches and 181 pounds that purchases a 20-year term contract at the average coverage need of $965K. 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

Because of the long-term harm that smoking causes to a person's health, insurers charge smokers increased premiums because they are considered to be high-risk customers. This explains why monthly life insurance premiums for smokers are so much higher than for non-smokers.

However, smokers can still purchase relatively affordable life insurance. MoneyGeek advises buying insurance for at least 20 years because smoking significantly raises your premiums as you age.

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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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