Best Life Insurance Rates in New Jersey

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If you’ve ever played the game of Monopoly, you might recognize those street names from the resort town of Atlantic City. This popular New Jersey vacation destination is home to the world’s longest boardwalk. New Jersey is also the site of the first ever baseball game, college football game, and professional basketball game in history. A high life expectancy and the lowest suicide rate in the country bodes well for New Jersey life insurance rates.

New Jersey Life Insurance Quotes

Finding good, affordable life insurance shouldn’t break your bank. But unfortunately that’s often the case.

How can you combat that? Turn to QuoteWizard. We’ll put you in touch with New Jersey's top insurance companies. That way you can find the best rates for you and your budget.

Life Insurance Rate Factors in New Jersey

Below are the major factors that affect life insurance rates

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates.

Life expectancy at birth in New Jersey is 80.3 years, the one of the highest for any state. The life expectancy at birth for the US overall is 78.9 years. Say you bought a 30-year term life policy in New Jersey at age 52. You'd be more likely than not to pass away before 82 years of age, the end of the term.

On the other hand, say you're 32 years old and purchased a 30-year term life policy. You'd be well under New Jersey’s life expectancy of 80.3 years old when the policy term ended. And you’d be a much lower risk to insure. So you'd pay much lower rates than the person in the former example.

Driving Record - Car accidents are incredibly common. They kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they're at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places with higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries. These account for about 33,000 deaths in the US every year. In New Jersey, the death rate from injury due to firearms is 5.7 per 100,000 deaths, the sixth-lowest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Women live longer than men on average. So they pay less for insurance than a similar man would. In New Jersey, the percentage of the population that’s female is 51.2%. The percentage that’s male is 48.8%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of New Jersey residents that used QuoteWizard last year.

 
         
 
   
53%Male
   
47%Female
 

Health History - If you've been diagnosed with or have a family history of serious illnesses, it can impact your rates.

Conditions like heart disease or cancer can make your premiums much higher. In some cases, a pre-existing condition can make you ineligible. This is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in New Jersey that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
65%Healthy
   
28%Major
   
7%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance. This is especially relevant in New Jersey, where skiing and hunting are common recreational activities.

Marital Status - Married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. In New Jersey in 2009, the rate of marriage for people over 15 was 28.1 per 1,000 people. The rate of divorce was 12.1 per 1,000 people. And the rate of widowhood was 11.1 per 1,000 people.

Marriage status of New Jersey residents that used QuoteWizard last year.

 
         
 
   
66%Single
   
34%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous. The most common job in New Jersey, proportionally, is a marriage and family therapist.

Tobacco Use - Tobacco users don’t live as long as non-tobacco users. So tobacco users pay a lot more for life insurance. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD. Any of these may cause higher rates and an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 15.7% of New Jersey adults smoked cigarettes – about 1,085,000 adults.

Percentage of QuoteWizard users in New Jersey that indicated that they smoke last year.

 
         
 
   
90%Don't Smoke
   
10%Smoke
 

Travel - Do you regularly travel to developing countries, particularly countries on the US State Department’s Warning List? If so, you'll pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - One of the largest contributing factors to a policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the higher the premiums.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy. This means an increased probability of their policy being paid out. Obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers. So overweight and obese individuals can expect to pay higher rates.

As of 2013, the adult obesity rate in New Jersey was 26.3%. This makes New Jersey the #39 most obese state. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. New Jersey  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 18,460 170.1 21st 169.8
2 Cancer 16,315 156.2 34th (tie) 163.2
3 Lower Respiratory Disease 3,245 31.1 47th 42.1
4 Accidents 3,028 31.8 46th 39.4
5 Stroke 3,456 32.4 38th (tie) 36.2
6 Alzheimer's Disease 1,812 16.2 45th (tie) 23.5
7 Diabetes 2,043 19.4 33rd 21.2
8 Influenza/Pneumonia 1,356 12.6 42nd 15.9
9 Kidney Disease 1,400 13.1 28th 13.2
10 Suicide 757 8.0 50th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

New Jersey Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Prudential Financial Inc. $3,790,676 17.4%
2 MetLife Inc. $1,893,260 8.7%
3 AEGON $1,206,059 5.5%
4 American International Group $1,070,567 4.9%
5 Jackson National Life Group $1,069,221 4.9%
6 AXA Life Insurance Co. $1,045,081 4.8%
7 Lincoln National Corp. $873,939 4.0%
8 Guggenheim Capital LLC $848,505 3.9%
9 TIAA - CREF $692,022 3.2%
10 New York Life Insurance Group $698,902 3.2%

Financial Strength Ratings of Top New Jersey Life Insurers

Source: A.M. Best (Ratings as of 9/2/2015)

  • Prudential Financial Corp: A+
  • MetLife.: A+
  • AEGON: A+
  • American International Group: A
  • Jackson National Life Group: A+
  • AXA Life Insurance Co.: A+
  • Lincoln National Corp.: A+
  • Guggenheim Capital LLC: B++
  • TIAA - CREF: A++
  • New York Life Insurance Group: A++
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Rating Guide

New Jersey Life Insurance Regulations

Insurance in New Jersey is governed by the laws defined by Titles 17 and 17-B of the New Jersey Statutes, as outlined by the Dept. of Banking & Insurance of the State of New Jersey.

This legislation is used to regulate claims and provide certain protections to New Jersey consumers, for example:

Grace Period: Life insurance policyholders in New Jersey are entitled to a 30-day “grace period.”This lets them make up a missed payment without punishment or file a death claim after the missed payment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment. If the insured individual passes away during the grace period, the insurance company is responsible for paying the claim.

Timely Payment of Claims: In New Jersey, it is required that insurance companies pay out claims in a timely manner, meaning within two months. If unreasonable delay occurs, the state will fine, penalize, and/or sanction the insurance company. Interest will accrue based on the length of the delay. The interest is then paid to the beneficiary.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. New Jersey insurers may challenge any information in your application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

New Jersey Life & Health Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the NJLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(732) 345 – 5200
Address:
New Jersey Life & Health Insurance Guaranty Association
11 Wharf Avenue, Suite One
Red Bank, NJ 07701

New Jersey Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Peter Hartt
Insurance Hotline:
(609) 292– 7272
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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