Best Life Insurance Companies in Paterson, NJ, for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.