Best Life Insurance Companies in Peoria, AZ, for 2024

Life insurance ensures your beneficiaries receive financial support after your death. This guide outlines the best life insurance companies in Peoria, Arizona, across factors like the coverage amount, gender and age. We also include the cheapest life insurance company for smokers.

The cheapest life insurance provider in Peoria for a $250,000 policy amount is MassMutual, charging around $13 per month for men and $10 for women.

A lower policy amount means paying less for life insurance, but $250K may not offer sufficient financial support to your beneficiaries after your death.

MoneyGeek recommends a life insurance policy in Peoria with $708,000 coverage, determined according to Arizona averages for cost of living, age, income and personal debt. The cheapest insurer for this coverage limit is Nationwide, costing approximately $23 per month for men and $16 for women.

The average life insurance rate in Peoria is higher than the average cost of life insurance in Arizona, with men paying approximately 20% more than the state average and women paying roughly 9% more.

Gender is a factor that influences life insurance costs. The average cost of a $250K life insurance policy is $24 per month for men and $17 for women in Peoria.

MoneyGeek reviewed life insurance quotes in Peoria based on the recommended coverage amount for Arizona of $708,000 since it considers per capita income from the U.S. Bureau of Economic Analysis, average mortgage and personal debt and average age.

For the state-recommended amount of $708K, the average cost of life insurance in Peoria is $48 per month for men and $31 for women.

Your rate does change based on the duration of your policy. For a 10-year term, male buyers in Peoria pay about $30 per month, and female buyers around $21, regardless of the coverage amount.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Peoria 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.

According to MoneyGeek’s findings, the most popular life insurance companies in Arizona based on market share are Prudential Financial Inc., Northwestern Mutual and Lincoln Financial. They have a market share of around 7%, 6% and 5%, respectively.

The total market share for the seven top life insurance companies is around 35%. You can compare the market share data for these companies in Arizona in the table below.

Young people (aged 25 and under) in Peoria can get life insurance coverage at an average rate of $19 to $54 per month.

Based on MoneyGeek’s average cost research, the cheapest life insurance companies in Peoria for young buyers are:

• MassMutual: $19 per month
• AAA: $20 per month

You can use the following table to compare rates across life insurance companies for young people in the city.

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

In Peoria, insurance companies charge seniors between $46 and $95 per month, on average, for life insurance.

Per MoneyGeek’s findings, on average, the most affordable life insurance providers in Peoria for seniors are:

• MassMutual: $46 per month
• Mutual of Omaha: $52 per month

You can use the following table to compare the rates of life insurance providers in Peoria for seniors.

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

Generally, life insurance companies charge a higher premium for smokers than non-smokers, with Peoria insurers charging around $116 to $256 per month.

Based on MoneyGeek’s average rate data, the following companies offer the most affordable life insurance in Peoria for smokers:

• Transamerica: $116 per month
• MassMutual: $139 per month

The table below shows the average rates of life insurance providers in Peoria for smokers.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Peoria who is 5 feet 10 inches tall and weighs 197 pounds with a 20-year term contract at the average coverage need of $708,000.

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.