Best Life Insurance Companies in Tempe, AZ

The best overall life insurance company for an average adult in Tempe, Arizona, is Nationwide. But, MassMutual offers the most affordable rates for young people and seniors, and smokers’ best choice is Transamerica.

On average, the lowest cost for life insurance in Tempe is $12 per month for a $250,000 coverage policy and $20 per month for Arizona’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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If you have people who depend on you financially, one of the best investments you can make is a life insurance policy. It can help support them after your passing and lessen any financial burdens.

MoneyGeek collected and analyzed quotes from life insurance companies in Tempe, Arizona, to uncover the best life insurance in the city for various profiles. Our guide includes our top picks based on age, gender and smoking history.

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2023

Best Life Insurance Companies in Tempe, AZ, for 2023

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Best Cheap Life Insurance in Tempe

Your gender and coverage amount determine the cost of your life insurance. For $250,000 coverage in Tempe, MassMutual gives the lowest average monthly rate — $12 for men and $10 for women.

However, a $250,000 coverage amount might not be enough for most people. MoneyGeek urges you to consider purchasing a policy with Arizona’s recommended coverage amount of $708,000, calculated using average age, cost of living, average income, average personal debt and other state-specific factors.

For the state-recommended coverage, Nationwide offers the cheapest coverage at an average monthly premium of $20 for men and $15 for women.

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

    MassMutual

    Nationwide

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Tempe for Men and Women

Males and females in Tempe pay slightly higher life insurance premiums compared to the Arizona average cost. Using the state average as a point of reference, men in Tempe pay around 4% more, while women pay roughly 3% more.

In Tempe, on average, men pay $21 per month, while women pay around $16 per month for a policy with $250,000 coverage.

You may choose to get the Arizona-recommended coverage amount of $708,000. That coverage amount was calculated based on multiple factors, such as per capita income from the U.S. Bureau of Economic Analysis, average personal and mortgage debt and average age. That means it provides adequate financial protection for most Arizonans.

A life insurance policy with the Arizona-recommended coverage amount costs an average of $41 monthly for men and $30 monthly for women.

With a 10-year term policy, regardless of the coverage limit, the average monthly premium is $26 for men and $19 for women.

Average Monthly Life Insurance Rates in Tempe: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $12
    $20
  • MassMutual
    $12
    $20
  • Mutual of Omaha
    $13
    $21
  • Transamerica
    $16
    $33
  • AAA
    $17
    $35
  • State Farm
    $21
    $42
  • Prudential
    $31
    $50
  • Progressive Life
    $25
    $54
Average Monthly Life Insurance Rates in Tempe: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $15
  • Mutual of Omaha
    $11
    $16
  • MassMutual
    $10
    $16
  • Transamerica
    $13
    $25
  • AAA
    $13
    $27
  • State Farm
    $17
    $30
  • Prudential
    $20
    $32
  • Progressive Life
    $19
    $38

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

Insurers consider your gender when calculating your life insurance policy premium. Generally, women tend to pay lower rates because women often outlive men. There are several factors that may explain why women live longer, such as men’s inclination to engage in risky behaviors, having more dangerous jobs and being less socially connected.

Women may live longer, but men buy life insurance more than women do. That highlights an ownership gap that needs addressing. MoneyGeek encourages women to consider life insurance as an essential investment that can provide income replacement following their death as a wage earner in the household.

Most Popular Life Insurance Companies in Arizona

Prudential Financial Inc. (around 7%), Northwestern Mutual (around 6%) and Lincoln Financial (roughly 5%) are the most popular life insurance companies in Arizona by market share.

The top seven life insurance providers in Arizona, based on market share, account for roughly 35% of total life insurance revenue across the state.

View MoneyGeek’s summary table below to see the most popular life insurance companies in Arizona based on market share.

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

A company’s market share is the percentage of sales that it gets out of the total sales within its industry. It is its “slice of the pie,” so to speak.

The market share data that MoneyGeek used in its life insurance company analysis is based on total premiums written in the 2020 state data reports from S&P Global.

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Cheapest Life Insurance for Young People in Tempe

Life insurance for young adults in Tempe is priced, on average, between $16 and $46 per month.

Based on MoneyGeek’s average rates research, the two cheapest life insurance companies for young people in Tempe are:

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

Refer to our table below to see the complete list of the life insurance companies for young adults in Tempe.

Best Life Insurance Companies for Young People in Tempe, AZ

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  • Company
    Monthly Cost
  • MassMutual
    $16
  • AAA
    $17
  • Nationwide
    $19
  • Transamerica
    $21
  • Mutual of Omaha
    $21
  • State Farm
    $22
  • Progressive Life
    $22
  • Prudential
    $46

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

Individuals who are 25 years of age and younger are generally healthier and have not yet developed age- and lifestyle-related illnesses. Insurers, therefore, consider them less risky to insure and charge them a lower premium.

But, rates get more expensive as the policyholder gets older. For this reason, MoneyGeek highly recommends that you purchase life insurance at a young age to enjoy a lower premium for a longer period of time and save money.

Cheapest Life Insurance for Seniors in Tempe

On average, seniors in Tempe pay anywhere from $40 to $83 a month for life insurance.

MoneyGeek found that seniors in Tempe find the average lowest rates from the following providers:

  • MassMutual: $40 per month
  • Mutual of Omaha: $45 per month

Check the table below for MoneyGeek’s comprehensive list of the life insurance companies in Tempe for seniors and their respective rates.

Best Life Insurance Companies for Seniors in Tempe, AZ

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  • Company
    Monthly Cost
  • MassMutual
    $40
  • Mutual of Omaha
    $45
  • Nationwide
    $46
  • State Farm
    $48
  • AAA
    $60
  • Progressive Life
    $72
  • Transamerica
    $74
  • Prudential
    $83

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Tempe 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

Age is one of the factors that insurance providers consider when calculating a premium. Typically, they charge seniors higher rates because their policy is likely to outlive them and are therefore riskier to insure.

One of the best ways for seniors to save on their policy is by getting less coverage. Most seniors do not need a high coverage amount since their beneficiaries are likely to be financially independent adults. Their policies generally only need to cover expenses related to funeral and burial arrangements or outstanding debts. For this reason, MoneyGeek’s sample coverage amount for seniors is less than for other profiles.

Cheapest Life Insurance for Smokers in Tempe

Typically, smokers pay a higher rate for life insurance. In Tempe, policies for smokers are priced roughly between $101 and $222 per month.

MoneyGeek found the top life insurance companies offering the most affordable rates for smokers in Tempe. They are:

  • Transamerica: $101 per month
  • MassMutual: $120 per month

Check MoneyGeek’s table below for a complete list of the life insurance providers for smokers in Tempe, alongside their respective rates.

Best Life Insurance Companies for Smokers in Tempe, AZ

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  • Company
    Monthly Cost
  • Transamerica
    $101
  • MassMutual
    $120
  • State Farm
    $124
  • Nationwide
    $127
  • Mutual of Omaha
    $133
  • Prudential
    $150
  • Progressive Life
    $188
  • AAA
    $222

Rates were determined by analyzing quotes for a 30-year-old male smoker in Tempe 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

Insurance companies classify smokers in the higher-risk category since they are more prone to having health issues and shorter life spans. To make up for this increased risk, life insurance companies charge them a higher premium.

To get the best rate, we recommend that you explore various options for cheap life insurance for smokers. MoneyGeek also highly recommends buying a longer-term policy (20 years or more). The extended coverage period protects against the exponential increase in the premium that insurers typically charge 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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