Best Life Insurance Companies in Phoenix, AZ, for 2023

When the time comes, a life insurance policy provides a financial safety net for your beneficiaries after you are gone. The best way to ensure you get the right kind of coverage at the right price is to shop around and compare rates offered by different life insurance companies in Phoenix.

MoneyGeek helps you choose the right life insurance in Phoenix, Arizona, by comparing their average rates based on your age, gender and smoking history.

Your policy's coverage amount and gender are among the factors determining the cost of life insurance in Phoenix. For $250K in coverage, MassMutual offers the cheapest rates for both men and women. It charges a monthly average of $11 for men and $9 for women.

Although $250K in coverage might be affordable, your beneficiaries may need to cover their debts and living expenses after your passing. Consider getting Arizona's recommended coverage amount of $708K (based on the state's cost of living, average income, average personal debt and other state-specific factors).

MoneyGeek found that life insurance companies in Phoenix charge women 3% less than the state's average. Meanwhile, men in Phoenix pay 2% more than men in Arizona for life insurance.

The infographic below compares life insurance coverage rates for men and women with a 250K policy.

For life insurance with 250K coverage in Phoenix, women pay a monthly average of $15, whereas men pay $20. These rates go up when you get the state-recommended coverage amount, which is based on per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age.

Arizona recommended coverage of $708K, averages at $28 per month for women and $40 per month for men.

For a 10-year term policy, women pay an average of $18 per month. In contrast, men pay an average of $26 per month for the same policy. This difference exists regardless of the coverage limit chosen by each buyer.

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

The most popular life insurance companies in Arizona based on market share are Prudential Financial Inc. (7%), Northwestern Mutual (6%) and Lincoln Financial (5%). Pacific Life and New York Life also take up 5% each.

The table below shows Arizona's seven most popular life insurance companies and their respective market shares. Together they hold 35% of the total market share in Arizona.

Life insurance monthly premiums in Phoenix can range between $16 and $45. According to MoneyGeek, the two insurers offering the cheapest life insurance for young people are:

• MassMutual: $16 per month
• AAA: $17 per month

See the table below for the full list of the most affordable life insurance for young people in Phoenix, Arizona.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Arizona who is 5 feet 10 inches tall 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.

Seniors living in Phoenix can expect to pay between $39 and $81 monthly for life insurance. The most affordable life insurance companies in the city are:

• MassMutual: $39 per month
• Mutual of Omaha: $44 per month

Use the table below to compare life insurance companies in Phoenix, Arizona, with the lowest rates for seniors.

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

The average price of life insurance for smokers in Phoenix is between $99 and $218 per month. According to MoneyGeek, the two cheapest life insurance providers for smokers in Phoenix are:

• Transamerica: $99 per month
• MassMutual: $118 per month

The table below has more information about the city's most affordable insurance companies for smokers.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Arizona who is 5 feet 10 inches tall and weighs 197 pounds that purchases 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 Economics, 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.