Primerica Life Producer Practice Test

At what minimum age can a person purchase a life insurance policy on their own life in New Jersey?

1. 18

2. 21

3. 15

4. 16

The correct answer is: 15

In New Jersey, the minimum age at which an individual can independently purchase a life insurance policy on their own life is 15 years old. This provision allows minors to secure a life insurance policy, which can be beneficial for various reasons, such as providing financial protection for their family in the event of an unexpected tragedy. In New Jersey, while minors have the capacity to enter into contracts in certain circumstances, there are specific regulations that allow for this type of insurance contract, acknowledging that young individuals might seek to ensure their life coverage independent of their guardians. This demonstrates a level of recognition by the state of the maturity and financial responsibility some young individuals may possess. Other options provided do not align with the actual regulations in New Jersey. Those ages either exceed or do not reflect the specific legislation regarding minors purchasing life insurance, highlighting the importance of understanding state laws governing insurance to ensure compliance and informed purchasing decisions.