Best Life Insurance Companies in Peoria, AZ

MoneyGeek found that the best life insurance company in Peoria for the average adult is Nationwide. And the best provider for young people and seniors is MassMutual, while Transamerica is the best for smokers. The cheapest average life insurance rate in Peoria for $250K coverage is $13 per month and around $23 per month for the recommended Arizona coverage amount of $708K.

Advertising & Editorial DisclosureLast Updated: 12/23/2022
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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.

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2023

Best Life Insurance Companies in Peoria, AZ, for 2023

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Best Cheap Life Insurance in Peoria

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.

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

    MassMutual

    Nationwide

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Peoria for Men and 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.

Average Monthly Life Insurance Rates in Peoria: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $14
    $23
  • MassMutual
    $13
    $23
  • Mutual of Omaha
    $14
    $25
  • Transamerica
    $18
    $38
  • AAA
    $20
    $40
  • State Farm
    $25
    $48
  • Prudential
    $35
    $58
  • Progressive Life
    $29
    $63
Average Monthly Life Insurance Rates in Peoria: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $16
  • Mutual of Omaha
    $12
    $17
  • MassMutual
    $10
    $17
  • Transamerica
    $13
    $26
  • AAA
    $14
    $29
  • State Farm
    $18
    $31
  • Prudential
    $21
    $34
  • Progressive Life
    $20
    $40

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender is one of the major factors that determine the cost of life insurance. Generally, policies have higher rates for men than women because women tend to have a longer life expectancy. Reports indicate that men die earlier than women since they are more likely to take up dangerous jobs. They also have a higher suicide rate and a higher probability of skipping health-related appointments.

A report from the Life Insurance Marketing and Research Association shows that fewer women purchase life insurance than men. However, MoneyGeek suggests that women, regardless of their employment status, consider buying life insurance coverage to safeguard the future financial status of their dependents.

Most Popular Life Insurance Companies in Arizona

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.

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

By definition, the market share of an insurer refers to the premiums sold compared to the total number of premiums sold by other insurers within the same industry. Insurers with a high market share are more popular since they have sold more policies.

MoneyGeek determined the market share data used in this research using the total premiums written in Arizona, according to the 2020 S&P Global Data reports.

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Cheapest Life Insurance for Young People in Peoria

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.

Best Life Insurance Companies for Young People in Peoria, AZ

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  • Company
    Monthly Cost
  • MassMutual
    $19
  • AAA
    $20
  • Nationwide
    $22
  • Transamerica
    $25
  • Mutual of Omaha
    $25
  • State Farm
    $25
  • Progressive Life
    $26
  • Prudential
    $53

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Young people pay a lower life insurance premium because they are less risky to insure. However, policy rates increase considerably with age. To save money, MoneyGeek suggests getting a life insurance policy while young.

Cheapest Life Insurance for Seniors in Peoria

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.

Best Life Insurance Companies for Seniors in Peoria, AZ

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  • Company
    Monthly Cost
  • MassMutual
    $46
  • Mutual of Omaha
    $52
  • Nationwide
    $53
  • State Farm
    $55
  • AAA
    $70
  • Progressive Life
    $83
  • Transamerica
    $85
  • Prudential
    $95

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Insurers consider senior buyers as high-risk since they are less likely to outlive their policies. Therefore, seniors tend to pay a higher premium for life insurance than other buyers.

Fortunately, seniors can comfortably purchase a lower coverage life insurance policy since their beneficiaries are often grown-ups and financially independent, and the policy only needs to cover end-of-life expenses like funeral arrangements. That is why MoneyGeek’s sample policy for seniors has a lower coverage than the average buyer.

Cheapest Life Insurance for Smokers in Peoria

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.

Best Life Insurance Companies for Smokers in Peoria, AZ

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  • Company
    Monthly Cost
  • Transamerica
    $116
  • MassMutual
    $139
  • State Farm
    $143
  • Nationwide
    $146
  • Mutual of Omaha
    $153
  • Prudential
    $173
  • Progressive Life
    $218
  • AAA
    $256

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

In Peoria and elsewhere, smokers pay a higher premium for life insurance because they are at a higher risk of developing health-related complications that may shorten their lifespan. However, they can still get the most affordable life insurance for smokers by comparing quotes across providers.

MoneyGeek suggests purchasing a longer-term (20-year) policy since rates spike enormously for smokers as they age.

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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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