Best Life Insurance Companies in Arizona

What Is the Average Cost of Life Insurance for Companies in Arizona?

Life insurance rates in Arizona are generally lower for women because they tend to live longer than men. Gender is one of the elements that can considerably impact your insurance costs, and it may vary significantly in Arizona life insurance quotes.

A comparable life insurance policy for male policyholders costs an average of $19.93 per month, representing a $4.66 disparity. In Arizona, female policyholders can obtain an insurance policy with a coverage of $250,000 and a monthly payment of approximately $15.27.

Opting for the MoneyGeek-recommended $708,000 coverage in Arizona could lead to higher monthly premiums. Women, on average, may see their monthly quotes rise to $28.83 for this coverage, reflecting a $13.56 increase. Meanwhile, men are quoted an average of around $39.56 per month, which is $19.63 higher than what they pay for $250,000 in insurance coverage.

Best Cheap Life Insurance in Arizona

If you opt for a lower amount of life insurance coverage, your monthly insurance premiums will be lower as well. According to MoneyGeek’s analysis, the average rate for coverage is $9.41 per month for women and men, with quotes from the company at $11.10. The premium insurance coverage in Arizona’s MassMutual is $250,000, which is the lowest.

Following your demise, you have the ability to protect the financial well-being of your dear ones by conducting an evaluation of your financial circumstances and ascertaining the suitable amount of coverage before acquiring a life insurance plan. In the event that your family members are young, they may require sufficient funds to cover their daily expenses or settle any outstanding debts. It is important to note that a policy with lower coverage may be more affordable, although it may not encompass all major expenses after your passing.

MoneyGeek recommends a life insurance policy of $708,000 for an average individual in Arizona, taking into account factors such as age, personal debts, average income, and the cost of living in the state, regardless of gender. This recommendation considers essential expenses to be met after death.

Nationwide provides the most cost-effective life insurance quotes in Arizona, with a monthly rate of $14.72 for women and $19.43 for men, covering MoneyGeek’s recommended coverage amount of $708,000 for both genders.

Best Cheap Life Insurance Companies in Arizona: Males

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  • Recommended Coverage: $708,000.

  • Nationwide.

    $11.81

    $19.43

  • MassMutual.

    $11.10

    $19.47

  • Omaha Mutual.

    $12.04

    $20.60

  • Transamerica.

    $15.05

    $31.81

  • AAA.

    $16.50

    $33.62

  • State Farm.

    $20.67

    $40.00

  • Prudential.

    $29.41

    $48.22

  • Progressive Life.

    $24.36

    $52.11

  • Best Cheap Life Insurance Companies in Arizona: Females

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  • Recommended Coverage: $708,000.

  • Nationwide.

    $10.43

    $14.72

  • Omaha Mutual.

    $10.84

    $15.25

  • MassMutual.

    $9.40

    $15.30

  • Transamerica.

    $12.20

    $24.25

  • AAA.

    $13.07

    $26.37

  • State Farm.

    $16.64

    $28.74

  • Prudential.

    $18.97

    $31.16

  • Progressive Life.

    $18.41

    $37.03

  • Insurance life quotes for a 10-year term were determined by gathering costs policy information from major life insurance companies in Arizona.

    Which Companies Have the Best Life Insurance Rates for Seniors in Arizona?

    As you grow older, it is crucial to understand that life insurance premiums in Arizona often come at a higher cost for senior citizens due to the higher risk they pose to insurers. This is because insurers perceive seniors as high-risk customers. In Arizona, seniors frequently pay higher monthly premiums for life insurance policies that are similar to those offered to younger individuals at lower rates by insurers.

    If you are a senior in Arizona, you can still get a relatively low-cost policy. However, seniors usually require less insurance coverage because they rarely need to financially support their children after death. Nevertheless, it is important to have enough coverage to pay for other unpaid liabilities and burial costs.

    Given that Arizona generally offers the cheapest rates for seniors, MoneyGeek noted two companies in the state that offer policies offering coverage for seniors at $73,000 or less.

  • MassMutual: $38.37 monthly.
  • Mutual of Omaha: $43.47 monthly.
  • Best Life Insurance Companies for Seniors in Arizona

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  • MassMutual.

    $38.37

  • Omaha Mutual.

    $43.47

  • Nationwide.

    $44.19

  • State Farm.

    $46.20

  • AAA.

    $57.99

  • Progressive Life.

    $69.17

  • Transamerica.

    $70.89

  • Prudential.

    $79.39

  • By analyzing quotes for rates, a 60-year-old male non-smoker in Arizona, who measures 5 feet 10 inches and weighs 197 pounds, purchases a 10-year term contract with an average coverage requirement of $73,000.

    Most Popular Life Insurance Companies in Arizona

    This can help you make a decision while choosing a life insurance company in Arizona. You can look at the company’s market share, which clearly demonstrates its financial strength. Always go with an insurance provider that will pay your insurance claims on time and is financially stable.

    The percentage of overall policies in the state determines the company’s ownership, which is determined by dividing the number of policies sold in Arizona by the total number of policies. The calculation of a life insurance company’s market share is based on the number of premiums written.

    Prudential Financial Inc. Is the most popular insurer with a market share of 6.72%. In Arizona, the seven most popular life insurance companies account for approximately 35% of the market share.

    Most Popular Life Insurance Companies in Arizona

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  • Prudential Financial Inc. Is a global financial services corporation based in Newark, New Jersey, USA.

    6.72%

  • Northwestern Mutual.

    5.84%

  • Lincoln Financial.

    5.32%

  • Pacific Life.

    5.04%

  • Life in New York.

    4.62%

  • State Farm.

    4.18%

  • John Hancock.

    3.44%

  • The information analyses from the 2020 S&P Global Data were obtained and reveal that the total written premiums in Arizona for the life insurance market are based on data sharing.

    Arizona Life Insurance Laws You Should Know

    When searching for the top life insurance quotes in Arizona, it is advisable to compare prices from a wide range of providers. It is also important to acquaint yourself with Title 20 of the Arizona statutes, as it covers insurance regulations.

    Below, we have explained some of the important terms from the glossary of life insurance for Arizona.

  • Arizona’s life insurance policyholders do not have a mandated free look period by law, which means that if you decide not to keep the policy, your purchase will be considered final and you may not receive a full refund. However, some insurers offer a reasonable period for evaluation and return of the policy if you are not satisfied.
  • Insurers in Arizona are obligated to offer policyholders a grace period lasting up to 30 days, during which the insurance coverage remains active. Within this timeframe, policyholders can pay a missed premium without facing any penalties. The grace period refers to this designated timeframe.
  • In Arizona, your life insurance carrier is required to promptly pay claims. Most claims are settled within two months, if not sooner. Failure to settle the claims on time can result in the insurance provider facing fines.
  • The coverage of acquiring two years after the policyholder dies becomes incontestability. If you die within this time frame, the insurance company may refuse to pay your beneficiaries’ claim. During this two-year period, which is known as the contestable period, your insurance provider may dispute the claim application.
  • Which Companies Have the Best Life Insurance Rates for Young People in Arizona?

    Purchasing a life insurance policy at a young age can result in significant savings on monthly premiums. In Arizona, policyholders who are in their youth generally enjoy reduced premium rates due to the impact of age on the cost of life insurance. Buyers who are younger have a decreased likelihood of mortality.

    These two life insurance providers offer the most cost-effective life insurance quotes in Arizona for young individuals.

  • MassMutual: $15.72 per month.
  • AAA: $16.50 per month (exclusive to military households).
  • Best Life Insurance Companies for Young People in Arizona

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  • MassMutual.

    $15.72

  • AAA.

    $16.50

  • Nationwide.

    $18.59

  • Transamerica.

    $20.54

  • Omaha Mutual.

    $20.65

  • State Farm.

    $21.11

  • Progressive Life.

    $21.53

  • Prudential.

    $44.48

  • To cater to a more youthful purchaser, we opted for a 20-year duration to offer an extended period of coverage. The typical requirement for coverage amounts to $240,000 for a 20-year agreement obtained by a 25-year-old male non-smoker in Arizona, standing at 5 feet 10 inches and weighing 168 pounds. The rates were determined through an analysis of quotations.

    Which Companies Have the Best Life Insurance Rates for Smokers in Arizona?

    Smokers in Arizona may face significantly higher life insurance premiums compared to non-smokers, as smoking poses significant health risks, especially for senior males. Even though you can still obtain affordable insurance quotes by shopping around and comparing prices from different insurers, the premiums for smokers are often twice as expensive as those for non-smokers.

    The two life insurance companies listed below offer the most affordable premiums for smokers in Arizona.

  • Transamerica: $96.96 per month.
  • Mass Mutual: $115.55 monthly.
  • Best Life Insurance Companies for Smokers in Arizona

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  • Transamerica.

    $96.96

  • MassMutual.

    $115.55

  • State Farm.

    $118.80

  • Nationwide.

    $121.71

  • Omaha Mutual.

    $127.76

  • Prudential.

    $144.03

  • Progressive Life.

    $181.22

  • AAA.

    $213.49

  • As one grows older, premiums for individuals who smoke rise significantly in order to offer extended coverage, therefore we recommend purchasing a policy with a longer duration (20 years) for smokers. Premiums were calculated by examining price estimates for a male smoker, aged 30, residing in Arizona, standing at a height of 5 ft 10 inches and weighing 197 pounds, who acquires a 20-year term agreement with the average required coverage of $708,000.

    Methodology

    MoneyGeek suggested that individuals living in Arizona should consider obtaining life insurance coverage worth $708,000, taking into account various factors. The evaluation of the suggested coverage was based on data from the United States Bureau of Economics, along with the average mortgage debt, personal debt, and age prevalent in the state. However, it is important to highlight that the specific circumstances of each buyer may necessitate a higher or lower amount of coverage compared to our recommendation.

    Information regarding Mark Fitzpatrick.

    Mark Fitzpatrick headshot

    Mark Fitzpatrick, a senior content director at MoneyGeek with over five years of experience, has been quoted in several publications including Mashable, NBC News, CNBC, and various insurance-related topics. He creates personalized content and conducts original research, analyzing the insurance market for every buyer.

    Mark, who holds a bachelor’s degree from Boston College and a master’s degree in International Relations and Economics from Johns Hopkins University, is passionate about using his knowledge in insurance and economics to bring transparency and help others feel confident in their financial moves.