Best Life Insurance Companies in Arizona

Owning a life insurance policy is a guarantee that your loved ones will receive financial support after your death. It’s not always easy to find the best policy for your needs, as many life insurance companies in Arizona provide competitive pricing. MoneyGeek’s research examined life insurance quotes from various insurers based on gender, age and smoking habits. Based on the data, we selected the best life insurance companies in Arizona to help you choose an insurance plan. We also reviewed the average monthly premiums from various insurers and the most affordable options across various categories.

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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, MassMutual provides Arizona's lowest insurance premium for $250,000 in coverage. The company quotes an average rate of $11.10 per month for men and $9.41 per month for women.

Although a policy with less coverage may be less expensive, it may not cover all critical expenditures after death. Furthermore, if your family members are young, they may require enough money to cover their living expenses or to pay any debts, bills and other obligations. Before you get a life insurance policy, you should assess your financial situation and determine how much coverage is appropriate for you. By doing so, you can financially safeguard your loved ones after your death.

For an average individual in Arizona, regardless of gender, MoneyGeek recommends a $708,000 life insurance policy to meet the essential expenses after death. This recommendation takes into account the cost of living in Arizona, as well as the state's average income, personal debts, age and other factors.

Nationwide offers the most affordable life insurance quotes in Arizona both for men and women for a policy providing MoneyGeek's recommended coverage of $708,000. The company quotes an average monthly rate of $19.43 for men and $14.72 for women.

Best Cheap Life Insurance Companies in Arizona: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $708k
  • Nationwide
    $11.81
    $19.43
  • MassMutual
    $11.10
    $19.47
  • Mutual of Omaha
    $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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  • Company
    $250K Coverage
    Suggested Coverage: $708k
  • Nationwide
    $10.43
    $14.72
  • Mutual of Omaha
    $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

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Arizona using average buyer profile statistics in Arizona, including average age of 30, average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $708,000.

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

Life insurance quotes in Arizona can vary considerably, and one of the elements that might impact your insurance costs is gender. Women in Arizona live longer lives than men, and therefore, their life insurance rates are generally lower.

For instance, female policyholders in Arizona pay around $15.27 monthly for an insurance policy with $250,000 coverage. Male policyholders, on the other hand, pay an average of $19.93 a month for a similar life insurance policy, which is a difference of $4.66.

Choosing the MoneyGeek-recommended $708,000 coverage in Arizona might result in higher monthly premiums. For females, the average quotes could jump to $28.83 a month for this coverage, a $13.56 increase, while men receive an average monthly quote of about $39.56, which is $19.63 more than what they pay for $250,000 in insurance coverage.

Most Popular Life Insurance Companies in Arizona

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

The market share of a life insurance company is calculated by dividing the number of premiums written by the company by the total number of policies sold in Arizona. It determines what percentage of the overall policies in the state belongs to the company.

The seven most popular life insurance companies in Arizona account for about 35% of the market share. Prudential Financial Inc. is the most popular insurer with a 6.72% market share.

Most Popular Life Insurance Companies in Arizona

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  • Company
    Market Share
  • Prudential Financial Inc.
    6.72%
  • Northwestern Mutual
    5.84%
  • Lincoln Financial
    5.32%
  • Pacific Life
    5.04%
  • New York Life
    4.62%
  • State Farm
    4.18%
  • John Hancock
    3.44%

Life insurance market share data for Arizona is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

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

Younger buyers have a lower risk of death. Because age influences the cost of a life insurance policy, young policyholders in Arizona typically pay lower premiums. Getting a life insurance policy when you're young can therefore save you a lot of money on monthly premiums.

The following two life insurance companies offer the most affordable life insurance quotes in Arizona for young people:

  • MassMutual: $15.72 per month
  • AAA: $16.50 per month (only available for military families)
Best Life Insurance Companies for Young People in Arizona

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  • Company
    Monthly Cost
  • MassMutual
    $15.72
  • AAA
    $16.50
  • Nationwide
    $18.59
  • Transamerica
    $20.54
  • Mutual of Omaha
    $20.65
  • State Farm
    $21.11
  • Progressive Life
    $21.53
  • Prudential
    $44.48

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Arizona who is 5 ft 10 inches and 168 pounds that purchases a 20-year term contract at the average coverage need of $240,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

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

While Arizona’s insurers offer lower rates to younger customers, the seniors in the state frequently pay higher monthly premiums for similar life insurance policies. This is because insurers view seniors as high-risk customers. It’s important to note that life insurance premiums in Arizona rise as you age.

However, seniors usually require less insurance coverage because they rarely need to support their children financially. After death, the policy must have enough coverage to pay their burial costs and other unpaid liabilities. You can still get a relatively low-cost policy if you're a senior in Arizona by shopping around.

Given that seniors generally need less coverage, MoneyGeek compared policies offering $73,000 in the state and noted that the following two companies offer the cheapest rates to seniors in Arizona:

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

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $46.20
  • AAA
    $57.99
  • Progressive Life
    $69.17
  • Transamerica
    $70.89
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Arizona who is 5 ft 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $73,000.

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

Smokers' life insurance premiums in Arizona may be much higher than the average person's. Premiums for smokers are often more than twice as costly. Furthermore, if you are a senior male who smokes, your life insurance premiums may be much higher as a result of the significant health risks you pose. Smokers can still get an affordable insurance quote by shopping around and comparing prices from several of the state’s insurers.

The following two life insurance companies have the most reasonable premiums for smokers in Arizona:

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

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  • Company
    Monthly Cost
  • Transamerica
    $96.96
  • MassMutual
    $115.55
  • State Farm
    $118.80
  • Nationwide
    $121.71
  • Mutual of Omaha
    $127.76
  • Prudential
    $144.03
  • Progressive Life
    $181.22
  • AAA
    $213.49

Rates were determined by analyzing quotes for a 30-year-old male smoker in Arizona who is 5 ft 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $708,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Arizona Life Insurance Laws You Should Know

When looking for the best life insurance quotes in Arizona, it is wise to compare rates from as many providers as possible. You should also be familiar with Title 20 of the Arizona statutes, which covers insurance law.

A few of the key phrases from the life insurance glossary for Arizona are explained below:

  • Free look period: For Arizona's life insurance policyholders, there's no free look period mandated by law. This means that your purchase of a life insurance policy will be considered final and you may not receive a full refund if you decide not to keep the policy. However, some insurers offer a reasonable period during which you can evaluate the policy and return it, if not satisfied.
  • Grace period: This is the period the policyholder can take to pay a missed premium without penalty. The insurance coverage will still be in effect during this period. In Arizona, insurers are required to provide policyholders with a grace period of up to 30 days.
  • Timely claims settlement: In Arizona, your life insurance carrier is required to pay claims promptly. 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.
  • Contestable period and incontestability: This is the two-year period during which your insurance provider might dispute the claim application for discrepancies or misinterpretations. If you die inside this time frame, the company may refuse to pay your beneficiaries’ claim. However, if the policyholder dies after two years of acquiring the policy, the coverage becomes incontestable.

Methodology

MoneyGeek considered a number of factors before recommending $708,000 in life insurance coverage for Arizona's residents. To evaluate the recommended coverage, we used data from the United States Bureau of Economics, as well as the state's average mortgage debt, personal debt and age. Keep in mind that each buyer is unique and may require more or less coverage than we recommend based on their specific circumstances.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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