How Much Does Life Insurance Cost in New Jersey?
New Jersey pricing is above the national average. Updated for 2024.
Life Insurance Pricing in New Jersey
In New Jersey, the average cost for life insurance is $63 per month, which is 25% higher than the national average of $50. Most New Jersey residents pay between $25 and $250.
New Jersey has a higher cost of living than most states, which translates to higher labor rates and material costs. Urban areas within New Jersey may be even higher.
Life insurance provides financial protection for your family. Term life is the most affordable option, while whole life builds cash value but costs significantly more.
New Jersey vs National Average
What Affects Life Insurance Cost in New Jersey?
Policy Type
20-year term: $20-$60/mo. Whole life: $150-$500/mo (for same coverage)
Coverage
$250K: $15-$30/mo. $500K: $25-$50/mo. $1M: $40-$90/mo (healthy 35-year-old, term)
💡 Tips to Save on Life Insurance in New Jersey
- 1.Term life is 5-10x cheaper than whole life and sufficient for most people
- 2.Buy younger — rates increase significantly with age
- 3.Maintain good health to qualify for preferred rates
- 4.Compare quotes from multiple providers
Frequently Asked Questions
How much life insurance do I need?
A common guideline is 10-15x your annual income. Consider debts, childcare costs, and future expenses like college.