Updated: November 14, 2024
Advertising & Editorial Disclosure
Protective is the best life insurance provider in Paterson, New Jersey, for both men and women. The average monthly premium is $16 and $13, respectively. Its MoneyGeek score of 92 is based on a 20-year term policy and $500,000 coverage.
Different factors should be considered when deciding on life insurance. Your unique needs may mean a different company is best for you.
Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies in Paterson, New Jersey.
Coverage costs and company information for life insurance providers were updated in October 2024.
BestLife InsurancePaterson, NJBest Life Insurance Companies in Paterson
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the overall best life insurance companies:
This was done using the average profile with a 20-year term policy and $500K coverage.
Protective offers the best life insurance in Paterson for both men and women, with a MoneyGeek score of 92 out of 100 and a monthly premium of $16 for men and $13 for women.
Top providers for men:
Top providers for women:
Protective stands out for its high affordability, customer satisfaction and financial stability.
Protective is the premier choice for life insurance in Paterson, catering to both men and women. With an impressive MoneyGeek score of 92, Protective offers affordable monthly premiums of $13 for women and $16 for men.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies:
Quotes gathered were for a $250K life insurance policy with a 10-year term.
For men seeking the best term life insurance in Paterson, Mutual of Omaha stands out with a MoneyGeek score of 91 and averaging $18 per month on premiums. Women fare best with Protective, scoring 92 at $16 per month.
The top two term life insurance companies for men are:
For women, the top two are:
Term life insurance offers coverage for a specific period and provides a death benefit if the insured passes away during the term. For instance, a parent might get term life insurance to ensure that their child's educational expenses are covered until graduation.
For men in Paterson seeking reliable term life insurance, Mutual of Omaha is the top choice, with a MoneyGeek score of 92. The monthly premium for this coverage is approximately $18, making it a financially sensible option.
Pros:
Cons:
For women in Paterson seeking reliable term life insurance, Protective emerges as the top choice. With an impressive MoneyGeek Score of 92, it offers an affordable monthly premium of $16, striking a balance between cost and quality coverage.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best whole life insurance companies:
We did not weigh affordability as we did not collect whole life insurance quotes. The company below has the highest score among the companies that offer whole life insurance policies based on a 20-year term at $500K coverage.
Protective is the top provider of the best whole life insurance in Paterson for both men and women, with a MoneyGeek score of 92. The company is a strong choice for individuals seeking reliable and cost-effective coverage.
The top whole life insurance companies for men and women are:
Whole life insurance is a permanent policy that covers the insured's entire lifetime, with a fixed premium and a cash value component. Individuals may choose whole life insurance to leave a legacy for their heirs or to have a consistent insurance cost regardless of future health changes.
Protective is the best choice for whole life insurance in Paterson for men and women, offering exceptional service and value.
Pros:
Cons:
Ensure you're getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best universal life insurance companies:
We did not weigh affordability as we did not collect universal life insurance quotes. The company below has the highest score among the companies that offer universal life insurance policies, over a 10-year term for $250K coverage.
The best universal life insurance in Paterson is Protective. Its high MoneyGeek score of 91 reflects its commitment to affordability, customer satisfaction and financial stability.
The top two universal life insurance for men and women are:
Universal life insurance is a flexible policy that allows policyholders to adjust their premiums and death benefits to suit their changing needs. Someone might choose universal life insurance over term life insurance for the potential to accumulate cash value that can be borrowed.
Paterson men and women can get universal life insurance from Protective to receive quality service and value.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies that don't require a medical exam:
We did not weigh affordability as we did not collect any insurance quotes for this category. The company below has the highest score among the companies that offer life insurance policies without mandatory medical exams, for a 10-year term with $250K coverage if the insuree was in poor health.
For those seeking the best no-medical-exam life insurance in Paterson, Protective is the top choice, with a MoneyGeek score of 91 for both men and women.
The top two life insurance companies that don't require a medical exam are:
Life insurance without mandatory medical exams allows individuals to get covered quickly without the hassle of testing. Someone with a busy schedule or a fear of needles might choose this type of insurance to avoid the inconvenience or discomfort of a medical exam.
For those seeking no-medical-exam life insurance in Paterson, Protective is the top choice, with a MoneyGeek score of 91.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for seniors:
We derived quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer's age to 70.
For seniors in Paterson seeking reliable coverage, Mutual of Omaha offers the best term life insurance. The company received a MoneyGeek score of 92 for men with an average monthly premium of $35 and a score of 91 for women with a premium of $32.
Age significantly impacts life insurance premiums as older individuals present a higher risk to insurers. The best term life insurance for seniors should balance affordability and high-quality customer satisfaction.
| 1 | Mutual of Omaha | $35 | 92 |
| 2 | Protective | $38 | 91 |
| 3 | Nationwide | $40 | 90 |
| 4 | AAA | $46 | 88 |
| 5 | Transamerica | $39 | 87 |
| 6 | Prudential | $40 | 87 |
| 7 | Allstate | $51 | 86 |
| 8 | Haven | $44 | 85 |
| 9 | State Farm | $66 | 84 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for people who smoke:
We collected quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer to reflect an active smoker.
In Paterson, Mutual of Omaha stands out with the best term life insurance for smokers. It earned a MoneyGeek score of 92 for men and 90 for women, with average monthly premiums of $35 and $32, respectively.
Smoking typically raises life insurance premiums due to the associated health risks.
| 1 | Mutual of Omaha | $35 | 91 |
| 2 | Allstate | $34 | 89 |
| 3 | Protective | $58 | 88 |
| 4 | AAA | $43 | 88 |
| 5 | Transamerica | $35 | 88 |
| 6 | Nationwide | $48 | 88 |
| 7 | Prudential | $35 | 87 |
| 8 | State Farm | $54 | 85 |
| 9 | Haven | $63 | 82 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for young adults:
We collected quotes using a $250K life insurance policy with a 10-year term for a 20-year-old buyer.
The best term life insurance for young adults in Paterson is offered by Protective. It has a MoneyGeek score of 92 and average monthly premiums of $4 for women and $5 for men.
Age significantly impacts life insurance premiums, with younger individuals generally enjoying lower costs.
| 1 | Protective | $5 | 92 |
| 2 | Mutual of Omaha | $5 | 92 |
| 3 | Nationwide | $6 | 90 |
| 4 | AAA | $6 | 89 |
| 5 | Transamerica | $5 | 88 |
| 6 | Allstate | $8 | 88 |
| 7 | State Farm | $10 | 87 |
| 8 | Prudential | $8 | 87 |
| 9 | Haven | $7 | 86 |
| 10 | Bestow | $27 | 83 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best cheap term life insurance companies:
We adjusted the weighting to favor affordability for a $250K life insurance policy with a 10-year term.
Protective offers the best cheap term life insurance in Paterson for both men and women, with a MoneyGeek Score of 92 and average monthly premiums of $7 and $8, respectively.
Age, health, coverage amount and term length are a few factors that influence the cost of life insurance premiums. To get the lowest premiums, maintain good health, avoid tobacco and choose a term length and coverage amount that fits your needs.
| 1 | Protective | $8 | 92 |
| 2 | Mutual of Omaha | $8 | 92 |
| 3 | Nationwide | $10 | 90 |
| 4 | Transamerica | $9 | 89 |
| 5 | AAA | $10 | 89 |
| 6 | Allstate | $12 | 85 |
| 7 | Prudential | $12 | 85 |
| 8 | Haven | $12 | 85 |
| 9 | State Farm | $16 | 82 |
The average monthly premium for term life insurance in Paterson is $14 for women and $17 for men.
Factors such as age, health, lifestyle, occupation, the amount of coverage and the type of policy affect the cost of life insurance premiums. In Paterson, several local conditions may also cause life insurance premiums to be higher or lower, compared to the rest of New Jersey. Local health statistics, economic conditions, crime rates and environmental factors are just a few reasons.
By considering these factors, you can better navigate the complexities of life insurance and find a policy that suits your needs and budget.
The company with the best life insurance in Paterson for men is Protective, with a MoneyGeek score of 92.
The monthly premium cost for the best life insurance for men in Paterson is $16. This cost is based on Protective's policy.
The company with the best life insurance in Paterson for women is Protective, with a MoneyGeek score of 92.
The monthly average premium for the best life insurance for women in Paterson is $13. This price is offered by Protective.
Life insurance in Paterson may have different premium costs and coverage options compared to the rest of New Jersey. For example, Protective offers a competitive monthly premium of $13 for women and $16 for men in Paterson. These rates can vary based on the insurer and specific circumstances in other parts of New Jersey.
If a life insurance company goes bankrupt in Paterson, policyholders are generally protected by state guaranty associations. These associations step in to cover claims up to certain limits, ensuring that policyholders do not lose their coverage entirely.
Paterson residents might need life insurance to provide financial security for their families, cover outstanding debts or ensure that funeral expenses are paid. Life insurance can also be a tool for estate planning and securing the future of dependents.
To find a lost life insurance policy in Paterson, residents can start by checking personal records and contacting the insurance company directly. They can also use online databases and state insurance department resources to locate unclaimed policies.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
