Best Life Insurance Companies in Gilbert, AZ

The best overall life insurance in Gilbert, Arizona, is Nationwide. Young people and seniors may find the cheapest rates from MassMutual. Alternatively, people with a smoking history could find better premiums from Transamerica. Life insurance rates in Gilbert, Arizona, are as low as $16 for $250K in coverage and $28 per month for Arizona state’s recommended coverage.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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When your family depends on you financially, life insurance provides them with monetary support in the event of your death. It can be overwhelming to choose between life insurance companies in Gilbert, Arizona. However, it’s essential to compare rates to get the best policy.

Use this MoneyGeek’s guide to find the best life insurance companies in Gilbert, Arizona, based on your age, gender and smoking history.

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2023

Best Life Insurance Companies in Gilbert, AZ, for 2023

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Best Cheap Life Insurance in Gilbert

Life insurance quotes in Gilbert vary between genders and coverage amounts. The cheapest policies for $250K in coverage are from MassMutual at around $16 for men and $11 for women.

While $250K coverage is cheap, getting the state-recommended coverage might be a good idea. In Arizona, the state-recommended coverage amount is $708,000. This recommended amount is determined by state-specific factors and buyer profiles.

For $708K in coverage, Nationwide offers the cheapest policies for men at an average of $28 per month and women at roughly $17 per month.

Cheapest Life Insurance Companies for Males and Females in Gilbert
  • Cheapest For
    $250K Coverage
    $708K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Gilbert for Men and Women

In Gilbert, the average cost of insurance varies by gender. Men in Gilbert pay around 46% more than the state average, while women pay approximately 14% more than the state average.

To put these numbers into perspective, a $250K policy costs $29 per month for men and $17 per month for women.

In accordance with Arizona’s recommended coverage limit of $708,000 (based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average age and average personal debt), men can expect to pay roughly $58 per month, while women can expect to pay around $33 per month.

Regardless of the policy limit, the average monthly premiums for a 10-year term policy are around $37 for men and $22 for women.

Average Monthly Life Insurance Rates in Gilbert: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $17
    $28
  • MassMutual
    $16
    $28
  • Mutual of Omaha
    $18
    $30
  • Transamerica
    $22
    $46
  • AAA
    $24
    $49
  • State Farm
    $30
    $58
  • Prudential
    $43
    $70
  • Progressive Life
    $36
    $76
Average Monthly Life Insurance Rates in Gilbert: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $12
    $17
  • Mutual of Omaha
    $12
    $17
  • MassMutual
    $11
    $17
  • Transamerica
    $14
    $28
  • AAA
    $15
    $30
  • State Farm
    $19
    $33
  • Prudential
    $22
    $35
  • Progressive Life
    $21
    $42

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

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender is one of the major factors that dictate how much your life insurance will cost. Studies have found that life insurance premiums are more costly for men. This is due to men having a shorter life expectancy caused by a combination of factors such as being more prone to heart disease, having riskier jobs and more. Gilbert is one of the many U.S. cities that charge higher life insurance premiums to men than women.

Interestingly, men are found to buy life insurance more than women. Whether a woman is a breadwinner or not, it’s important for her to get life insurance since she is a contributing member of her household.

Most Popular Life Insurance Companies in Arizona

In Gilbert, the top three companies with the highest average market share are Prudential Financial Inc. (7%), Northwestern Mutual (6%) and Lincoln Financial (5%). Based on MoneyGeek’s analysis, the top seven most popular companies in the city make up around 35% of the market share.

See which companies in Gilbert made the top seven most popular life insurance companies with the highest market share below.

Most Popular Life Insurance Companies in Arizona

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  • Company
    Market Share
  • Prudential
    7%
  • Northwestern Mutual
    6%
  • New York Life
    5%
  • Pacific Life
    5%
  • Lincoln Financial
    5%
  • State Farm
    4%
  • John Hancock
    3%
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MONEYGEEK DICTIONARY

The higher the market share, the more policies a life insurance provider claims to have sold relative to its competitors. The market share data in this guide is based on S&P Global’s 2020 market intelligence reports.

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Cheapest Life Insurance for Young People in Gilbert

In Gilbert, the average cost of life insurance for young people ranges between $23 and $65 per month. MoneyGeek found that, on average, the most affordable companies in Gilbert for young people are:

  • MassMutual: $23 per month
  • AAA: $24 per month

The table below shows the best and cheapest life insurance companies in Gilbert for young people.

Best Life Insurance Companies for Young People in Gilbert, AZ

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  • Company
    Monthly Cost
  • MassMutual
    $23
  • AAA
    $24
  • Nationwide
    $27
  • Transamerica
    $30
  • Mutual of Omaha
    $30
  • State Farm
    $31
  • Progressive Life
    $31
  • Prudential
    $65

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Gilbert who is 5 feet 10 inches, 168 pounds and 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

The younger you are, the cheaper your life insurance will be. However, it becomes more expensive as you age since life insurance providers take your health into consideration. That said, one of the best strategies to get cheaper life insurance is by purchasing a policy while you’re young.

Cheapest Life Insurance for Seniors in Gilbert

The cost of life insurance for seniors in Gilbert often varies, with premiums ranging from around $56 per month up to $116 per month. Based on MoneyGeek’s rankings, the cheapest companies offering life insurance for seniors are, on average:

  • MassMutual: $56 per month
  • Mutual of Omaha: $63 per month

Compare the best and cheapest life insurance companies for seniors in Gilbert in the table below.

Best Life Insurance Companies for Seniors in Gilbert, AZ

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  • Company
    Monthly Cost
  • MassMutual
    $56
  • Mutual of Omaha
    $63
  • Nationwide
    $65
  • State Farm
    $67
  • AAA
    $85
  • Progressive Life
    $101
  • Transamerica
    $103
  • Prudential
    $116

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

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LIFE INSURANCE COSTS MORE FOR SENIORS

Seniors typically pay higher life insurance premiums than the average adult because they are seen as riskier to insure. However, because their beneficiaries are more likely to be mature adults who can provide for themselves financially, they typically don't need as much coverage. Life insurance payouts for seniors typically cover funeral expenses, estate taxes and outstanding debts.

As a result, MoneyGeek’s quoted rates for seniors have cheaper premiums than other groups since the coverage amount is lower than what was used for other profiles.

Cheapest Life Insurance for Smokers in Gilbert

Life insurance rates for smokers in Gilbert range between $142 per month and $312 per month. On average, MoneyGeek’s research shows that the top companies with the cheapest policies for smokers are:

  • Transamerica: $142 per month
  • MassMutual: $1,689 per month

See the table below for other affordable life insurance companies in the city for your profile.

Best Life Insurance Companies for Smokers in Gilbert, AZ

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  • Company
    Monthly Cost
  • Transamerica
    $142
  • MassMutual
    $169
  • State Farm
    $173
  • Nationwide
    $178
  • Mutual of Omaha
    $186
  • Prudential
    $210
  • Progressive Life
    $264
  • AAA
    $312

Rates were determined by analyzing quotes for a 30-year-old male smoker in Gilbert who is 5 feet 10 inches, 197 pounds and 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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Life insurance providers deem smokers as risky to insure because of having a higher risk for smoking-related illnesses like heart attacks and strokes. However, you can still find affordable life insurance for smokers by shopping around and comparing quotes from several insurers in your city. Since quotes are expected to increase substantially with a smoking history, you may think about getting a longer-term policy (at least 20 years) to lock your rates.

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Insurance Rates

Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.

About the Author


Mark Fitzpatrick headshot

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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