New Jersey Life Insurance

The 8.7 million residents of New Jersey purchase a great deal of life insurance from only 7 insurance providers operating in the state. A total of more than $117 billion in life insurance, including $74 billion in individual policies, is held by New Jersey residents. Though there are relatively few providers in the state, insurance in New Jersey is heavily regulated and the policies are often complex. Many people turn to an agent to help them understand the policies available. The companies issuing life insurance to New Jersey residents are headquartered outside of the state.

The New Jersey Office Responsible for Life Insurance

The New Jersey Department of Banking and Insurance helps ensure the solvency of insurance companies issuing policies in New Jersey. Within the Department is the Life Insurance Bureau, which directly handles the approval, upon review, of life insurance policies and forms. The Bureau also regulates insurance rate increases to protect consumers from undue premium hikes.

Title 11 from the Department of Insurance sets regulations for life and other types of insurance to be submitted for approval to the Commissioner. Insurance forms and rates must be approved before they can be issued. Consumer Protection Services offers New Jersey residents assistance with any insurance problems and regulation enforcement.

Contacting the Office of Financial and Insurance Services

Life Bureau Staff
NJ Dept. of Banking & Insurance
20 West State Street, 11th Floor
P.O. Box 470
Trenton NJ 08625-0470

Consumer Hotline: 1-800-446-7467