Updated: May 22, 2024
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Having life insurance can help support your beneficiaries with monetary assistance after your passing. There are different options to choose from when shopping for health insurance, and a careful comparison of prices can help you land better deals.
This MoneyGeek guide aims to help you find the best life insurance companies in Scottsdale, Arizona. It takes a detailed look at their offerings for different buyer profiles.
BestLife InsuranceScottsdale, AZBest Life Insurance Companies in Scottsdale, AZ, for 2023
In Scottsdale, MassMutual offers the most affordable $250K life insurance coverage, with monthly premiums averaging $17 for men and $12 for women.
While it’s less expensive, a policy with a $250K coverage maximum might not be sufficient. Based on state-specific factors, the average recommended amount for a life insurance policy is around $708K in Arizona.
The cheapest insurance for this coverage level in Scottsdale is offered by Nationwide, costing $30 and $19 per month for males and females, respectively.
Cheapest For | $250K Coverage | $708K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
Depending on your gender, life insurance costs differ. For instance, Scottsdale's female residents spend around 26% more than the state's average, while Scottsdale's male residents pay roughly 52% more.
Scottsdale males pay $30 per month on average for $250K in coverage, compared to $19 per month for women.
If you purchase the state-recommended level of coverage, based on per capita income from the U.S. Bureau of Economics, average personal debt, average mortgage debt and average age, these rates drastically alter.
The average monthly cost of insurance using Arizona's suggested coverage amount of $708K is $36 for women and $60 for males.
Additionally, males pay an average of $39 per month for 10-year term coverage, compared to $24 for women. This is the case regardless of the coverage limits.
| Nationwide | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $30 |
| MassMutual | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $30 |
| Mutual of Omaha | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $31 |
| Transamerica | Rates for $250K Coverage$23 | Rates for $926K Coverage (Recommended) $48 |
| AAA | Rates for $250K Coverage$25 | Rates for $926K Coverage (Recommended) $51 |
| Nationwide | Rates for $250K Coverage$13 | Rates for $926K Coverage (Recommended) $19 |
| Mutual of Omaha | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $19 |
| MassMutual | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $19 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $31 |
| AAA | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $33 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Scottsdale 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 National Center for Health Statistics (NCHS) found that women live longer than men do. As a result, they pay less for insurance. Women usually outlive men because men tend to choose risky jobs and skip routine doctor's appointments. As a result of these statistical probabilities, the average price of life insurance for men increases.
Despite the fact that women live longer, studies show that men make up the majority of life insurance policyholders. Whether or not they are the primary breadwinners in their families, women should use insurance to protect the value they provide to their households.
The most well-known life insurance companies in Arizona, on average, are Prudential Financial Inc. (7%), Northwestern Mutual (6%) and Lincoln Financial (5%).
The sum of the market shares of the top seven life insurance companies in Arizona is around 35%. The top seven insurers in the state are shown in the table below.
| Prudential | Market Share7% |
| Northwestern Mutual | Market Share6% |
| Lincoln Financial | Market Share5% |
| Pacific Life | Market Share5% |
| New York Life | Market Share5% |
A company's market share is the proportion of sales or revenue it brings in compared to other companies in the same industry. MoneyGeek created a list of the most well-known life insurance providers in Scottsdale for this guide using S&P Global's 2020 market intelligence data.
For younger people in Scottsdale, the typical monthly life insurance premium can be between $24 and $68. On average, the two insurers that are most reasonably priced for young individuals in the city are:
View other Scottsdale life insurance rates for young individuals in the table below.
| MassMutual | Monthly Cost$24 |
| AAA | Monthly Cost$25 |
| Nationwide | Monthly Cost$28 |
| Transamerica | Monthly Cost$31 |
| Mutual of Omaha | Monthly Cost$31 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Scottsdale 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.
Adults under the age of 25 pay less for life insurance. As you get older and are more prone to certain illnesses, your insurance expenses increase. One of the best ways to lower the cost of coverage is to buy life insurance when you are young. The monthly cost will be lower the younger and healthier you are.
In Scottsdale, the average cost of life insurance per month for seniors varies greatly, ranging from $58 to $121. On average, the following companies are the city's most affordable for seniors:
The table below lists more life insurance companies in Scottsdale that offer affordable rates for older residents.
| MassMutual | Monthly Cost$58 |
| Mutual of Omaha | Monthly Cost$66 |
| Nationwide | Monthly Cost$67 |
| State Farm | Monthly Cost$70 |
| AAA | Monthly Cost$88 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Scottsdale who is 5 feet 10 inches, 197 pounds and purchases a 10-year term contract at the average coverage need of $73,000.
Due to the increased likelihood that their policies will outlive them as they age, seniors pay higher life insurance premiums. However, because their dependents are more likely to be mature adults who can support themselves financially, seniors often don't need as much coverage.
Typically, only costs associated with funeral arrangements, estate taxes and similar expenses are covered by their life insurance policy. As a result, the sample senior insurance coverage offered by MoneyGeek is lower than for other profiles.
Scottsdale residents may pay as little as $148 per month for life insurance or as much as $325 per month for smokers. According to our data, the city's most affordable insurers for smokers are, on average:
A complete list of the city's insurance providers that offer smokers lower prices may be seen in the table below.
| Transamerica | Monthly Cost$148 |
| MassMutual | Monthly Cost$176 |
| State Farm | Monthly Cost$181 |
| Nationwide | Monthly Cost$185 |
| Mutual of Omaha | Monthly Cost$195 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Scottsdale who is 5 feet 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 as you age.
Smokers are considered high risk and have higher premiums since smoking can have detrimental long-term health impacts. The good news is that smokers can still get affordable life insurance. MoneyGeek advises purchasing a longer-term coverage (at least 20 years), as smoking amplifies aging-related rate increases.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
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 Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
