New Jersey Life Insurance

Get cheap life insurance quotes at Individual life insurance coverage purchased in 2008 in New Jersey totaled $70 billion. $20 billion was paid to New Jersey residents in annuities, dividends, and death benefits in 2008. New Jersey residents own 4 million individual life insurance policies and have $1 trillion in death benefit coverage. The average amount of coverage purchased is $170,000. The amount of group life insurance coverage is over $460 billion.

There are 416 life insurance companies licensed to issue life insurance policies in New Jersey. 6 life insurers are domiciled in the state. Over 35,000 people are employed in the the life insurance industry in New Jersey.

New Jersey Life Insurance Regulations

Title 17 of the New Jersey Statutes regulates procedures and policy requirements in the state. The 10-day “free look” period is guaranteed to all new policy holders and gives them a freedom to decline the coverage for a full refund of premiums. Life insurance claims in New Jersey must be settled within 2 months of receiving a death certificate. The 30-day grace period on late payments is included as a provision on all New Jersey life insurance policies.

Life insurance companies in New Jersey may cancel life insurance policies if any misstatements, even accidental ones, are found on the application within the first 2 years. Find discount term life insurance quotes from the trusted life insurance companies online!

New Jersey Health Facts

The state ranks 23rd out of 50 for life expectancy. The life expectancy is 77 years in New Jersey. The data was taken from the American Human Development Report (2008-2009). 9 million people live in New Jersey and more then 15% are uninsured. The median annual income is $64,000. More information about state demographics, economy, health costs, and insurance coverage can be found at Get cheap life insurance quotes now at

New Jersey Department of Insurance

20 West State Street, 11th floor

P. O. Box 325

Trenton, New Jersey 08625-0325

Web site:

Telephone: (609) 292-7272