The Best & Cheapest Arizona Life Insurance Quotes & Companies
Updated June 30, 2021
Reading time: 11 minutes
Arizona —home to awe-inspiring nature, such as the Sonoran Desert, the Grand Canyon, and the Petrified Forest—is filled with residents who live, work, and play among the scenic Arizona countryside and buzzing cities. For life insurance policyholders in the state of Arizona, the sweet life in the warm sun is just a bit sweeter with the assurance of a life insurance policy.
Protecting your assets and the future security of your loved ones with the right life insurance policy seems like an insurmountable task to many. Insurify changes overwhelm into ease, with their easy-to-use comparison tool. Answer a few basic questions, and in minutes, Insurify will provide you with a list of quotes from the best life insurance companies to compare and even buy right on the site.
The average cost for a 20-year term life insurance policy at $1,000,000 in Arizona is anywhere from $10.80 to $136.07 depending on your age and other factors.
The cost of life insurance is mainly based on three factors: risk, mortality, and investment management. Risk in life insurance means only the chance of loss and no gain, such as an untimely death or a natural disaster harming your home. These are insurable risks that life insurance companies may cover. Insurers must consider the applicant’s chance of loss to the company.
During underwriting in the application process, underwriters analyze your risk should your application be accepted. If you purchase a policy in your 30s and pay premiums until you are 90, you are not a high risk to a life insurance company. Should you pass away a few years after paying premiums and should the insurer have to pay out your death benefit, you are a high risk to the company.
Most life insurance companies factor in mortality based on statistics gathered by the NAIC, listed on the Commissioners Standard Ordinary Table (CSO Table). The CSO Table shows the average experience of mortality in the U.S. for different genders and age groups until the age of 120. The NAIC also provides analysis on state mortality rates, which may affect premiums.
The investment management of your policy involves interest and expenses. Interest gained through investments can be deducted from your premium calculation. Expenses that your insurer expects to incur covering operating costs, providing a margin of safety, and also contributing to capital are added to your life insurance premium.
Because investment management and mortality are nonnegotiable consequences of life insurance, the most differing factor among life insurance policies is risk. Factors like smoking, dangerous jobs or hobbies, illness, and family history of illness contribute to higher premiums.
Insurers use statistical data to classify applicants into risk categories. They are required to be nondiscriminatory and use the same criteria for all applicants when classifying them into risks. An applicant who is classified into a standard risk meets the insurer ’s guidelines and pays standard premiums. A preferred risk has superb health and low-risk habits, and premiums are less. A substandard risk is a high risk and pays higher premiums.
Life insurance products are not all the same, because they need to encompass different walks of life. The right policy for a single mother in her 30s may not be the right policy for a growing family. The two fundamental types of policies that make up the life insurance market are term life insurance and whole life insurance.
Term life insurance lasts for a given amount of time; when the time limit is reached, it expires. If you pass away during the term of the policy, it will pay out. If you survive the time frame, the policy expires without paying out. Typically, term life insurance policies are renewable and convertible to permanent life insurance, with a premium increase. And term life insurance is usually cheaper than whole life insurance.
Term life insurance also comes in the form of term life riders. Riders are attached to base policies, usually at an extra cost, to add extra protection. Term life riders include long-term care riders, which cover the costs associated with long-term care such as nursing home care, and waiver of premium rider, which waives your premiums should you become disabled.
Whole life insurance is any type of permanent life insurance that grows cash value. Whole life insurance is the most traditional form of permanent life insurance. It has a guaranteed death benefit and guaranteed cash value. This distinguishes it from other types of permanent policies like variable and universal life policies, where cash value fluctuates with investment performance.
Term life insurance policies are usually less expensive than permanent policies. Also, the more life insurance coverage you purchase, the more your premium will be. Premiums for a $100,000 death benefit, or face amount, will be less than premiums for a $500,000 policy. The table below shows the average premium for different age groups for a $100,000 10-year term life insurance policy in Arizona.
|Age Group||Average Cost|
The best life insurance company is the one that has the best policy that fits your individual needs and your budget. Life insurance producers are required to make sure all recommendations are suitable to customers, including your personal finances. Financial advisors usually recommend buying at least 10 times your yearly income in life insurance coverage.
For life insurance companies to fulfill their end of the contract in exchange for your premiums, they must have the financial strength to pay claims. Independent rating services, such as A.M. Best, assign grades (usually from A to D) to alert consumers to a life insurance company ‘s financial strength. A is superior financial strength, and D is insolvent.
If your life insurance company goes insolvent, the state of Arizona ‘s Guaranty Funds may pay your claims. State laws give limitations on how much guaranty funds may pay policyholders with claims from insolvent companies. Arizona pays a maximum of $300,000 for death benefits and $300,000 for long-term care insurance. They also pay for property and casualty claims, disability income insurance claims, and more.
Term life insurance policies are usually less expensive than whole life insurance policies. Term policies typically range from one year to 30 years and are usually renewable with a rate increase. Since you can lock down rates for the entire term, a 10-year term life insurance policy ‘s rates will not increase during the term, and with a face amount of $100,000, premiums should remain affordable.
Life insurance coverage can cover a child from one day old, depending on the life insurance company. Life insurance for teens is usually inexpensive and can act as a tool to teach your child about savings and investments. Term policies that can be converted to permanent policies with cash value and nonforfeiture options features. When discussed with your teen, this can give them an early start in financial management.
Protective Life offers insurance to cover the needs of a growing family. It’ll help you determine the right coverage for major life events, like having a baby, starting a business, and retirement. You can discuss a life insurance policy for your teen with one of its life insurance agent s by phone or get a free online quote.
Haven Life insurance offers an online application process. It is backed by its parent company MassMutual, which with over a century on the life insurance market, is financially strong. If you are under the age of 65, some policies do not require a medical insurance exam. Visit Haven Life online to get a quote and apply for coverage.
The table below is the average price for teens for a 10-year, $100,000 term life insurance policy.
|Company name||Avg Cost|
In our 20s, we are usually just learning about what we want to do professionally, just starting out in our chosen profession, or have begun plans to start a family. Life insurance in our 20s gives us the security that debts from tuition, business loans, or a mortgage will not hinder our loved ones should we pass away.
Sagicor Life was established in 1954. A relatively young company, it has an A+ rating with A.M. Best. Operating in 21 countries, it is committed to being unrestricted by boundaries and offers equal opportunity. It offers online no-exam term life insurance, and you can be approved in minutes.
American Family offers term life insurance with 10- to 30-year terms. Premiums stay level for the duration of the term. You can add a children’s insurance rider and a waiver of premium to its term life policies.
The table below displays the average premiums for people in their 20s for a 10-year, $100,000 term life policy.
|Company name||Avg Cost|
|Mutual of Omaha||$26.45|
Most people purchase life insurance in their 30s. By this time in our lives, our businesses may have begun to speed up, we may have our first mortgage, and we may have children whose lives are more important than anything else. Life insurance helps secure our dreams here, even after we are gone.
Vantis Life has been in the insurance industry for over 75 years and is rated A+ with A.M. Best. It provides an online application process, and its term policies have guaranteed level premiums during the term, which can last from 10 to 30 years. Riders are available at no extra cost and, depending on the policy you choose, may cover long-term care.
Mutual of Omaha’s term life insurance plan features include a guaranteed death benefit, level premiums for the length of the term, and high face amounts, and policies can be converted to permanent insurance. Founded in 1909, it stands behind strong ethics and financial strength.
The following table shows the average premiums for a 10-year term life insurance policy for $100,00 for people in their 30s.
|Company name||Avg Cost|
|Mutual of Omaha||$25.80|
|Legal & General America||$39.00|
When we reach our 40s, we have built foundations that we want to last. Our life’s work has grown, and our legacy lies in all that we have strived for and created. Life insurance helps assure that our loved ones will not be financially strained from the loss of income resulting from our passing.
Foresters Financial’s term life insurance policies are affordable, with level premiums for the term length. It has been in business for almost 150 years. It offers an accelerated death benefit rider, and policies are renewable and convertible. Foresters Financial is rated A with A.M. Best.
MassMutual offers a quick online application process for its term life policies. Founded in 1851, MassMutual has excellent financial strength. Its term life policies are affordable, convertible, and renewable.
The table below gives examples of the average price for a 10-year, $100,000 term life policy for people in their 40s.
|Company name||Avg Cost|
|John Hancock Life||$73.50|
In our 50s, life insurance may become more important because we’re thinking about our retirement and want to be sure we have enough to live comfortably without using up all our savings. Life insurance helps provide an estate to handle debts and leave a legacy for our children, so when the time comes, we can enjoy our days off without worry.
Principal Life provides life insurance to cover any aspect of your family’s needs—for final expenses, debt, your mortgage, retirement, and more. It has been in the life insurance industry since 1879 and is a Fortune 500 company. It offers disability insurance and trusts as well.
Pacific Life offers a variety of life insurance products. Its term life policy lengths are from 10 to 30 years and, depending on the policy you choose, may provide long-term care benefits. Pacific life has almost $200 billion in assets and paid out $3 billion in claims in 2020.
The table below gives examples of the average price for a 10-year, $100,000 term life policy for people in their 50s.
|Company name||Avg Cost|
By 60, it’s time not only to take care of yourself but also to spend time with loved ones and possibly an ever-growing family. Most people retire in their 60s and want to make sure they can enjoy the best things life has to offer, like spending time with grandchildren. A life insurance policy ensures you can enjoy your time and know that the future is secure.
SBLI’s term life insurance policies are affordable and convertible, and if you are between the ages of 18 and 60, a medical exam is not required for policies of $750,000 or less. Founded in 1907, SBLI has A ratings with A.M. Best and S&P. Since 1907, it has paid out over $4 billion in benefits and dividends to its policyholders.
Prudential offers a variety of term life products with features like fixed premiums and a guaranteed death benefit. Depending on the policy you choose, you may be able to attach riders that provide living benefits, children’s riders, accidental death benefit riders, and more.
The chart below shows the average premiums for a 10-year, $100,000 term life policy for people in their 60s.
|Company name||Avg Cost|
|John Hancock Life||$165.73|
|Legal & General America||$169.42|
In our 70s, life insurance will be harder to purchase, and companies will insure you usually at higher premiums. Protection for the benefit of our estates allows our children and grandchildren to think about what’s truly important and not have to worry about final expenses or unpaid debt.
Assurity Life offers a variety of life insurance products, including disability and critical illness. Its term life policies are low-cost and have level premiums and a guaranteed death benefit. Founded in 1890, Assurity is a mutual company, and its policyholders are its top priority.
North American’s life insurance policies are meant to aid you with your financial plans for retirement, mortgage protection, and your life insurance needs. A part of Sammons Financial Group Company, North American has over 600,000 life insurance and annuities policies in force.
The chart below shows the average premiums for a 10-year, $100,000 term life policy for people in their 70s.
|Company name||Avg Cost|
|John Hancock Life||$67.15|
By using Insurify, you can identify the right company with the right policy for you more quickly. Simply answer a few basic questions, such as your age and your state of residence, and Insurify will produce a list of quotes from leading life insurance companies for you to compare.
Life insurance in the U.S. is regulated by each state. The Arizona Department of Insurance and Financial Institutions (DIFI) is responsible for setting and enforcing guidelines and insurance laws in Arizona. They assist and protect consumers by investigating and helping resolve complaints against insurance companies and ensure the solvency of insurers, among other duties.
The Arizona Department of Insurance gives administrative orders against insurers and insurance agents for violating Arizona insurance laws. Their investigations include health insurance, auto insurance, annuities, and adjusters. They investigate claims of insurance fraud, unfair practices, and more. Most states follow model laws arranged by the National Association of Insurance Commissioners (NAIC).
The NAIC makes insurance model laws to create consistency amongst state insurance regulations. It is a voluntary organization made up of insurance commissioners from each state. The majority of states follow their model laws. They work together to protect consumers, educate state regulators, and improve insurer and insurance producer licensing.
If you are unsure or hesitant to trust an insurance agent or life insurance company that is licensed to sell insurance in the state of Arizona, visit insurance.az.gov to look up the agent’s or company’s license information. Furthermore, click on “Enforcement Actions” to see if the company or agent has received any disciplinary action.
The Arizona Department of Insurance ’s website provides tips on what to look for in a questionable insurance producer or company and how to protect yourself from scams. Warning signs include unsolicited quotes or offers, a lack of a physical address, and suspicious paperwork, among others. If you have a grievance with an insurer or agent, or they have broken Arizona law, visit the DIFI’s website to file a complaint.
The cost of life insurance mainly depends on your age and health status. The younger and healthier you are, the less your premiums will be.
The Arizona Department of Insurance and Financial Institutions provides information on what to look for in shady companies. Bad signs include unsolicited calls and a lack of a physical address. You can visit Arizona DIFI on the web, and the department is located at 100 N. 15th Avenue, Suite 261 in Phoenix, Arizona, 85007.
The state of Arizona’s Guaranty Funds will cover up to $300,000 in life insurance claims if your company goes insolvent. Check a company’s ratings by independent rating services to ensure it is financially strong.
Life in Arizona should leave lasting memories of warm nights and sunsets over a desert landscape. Providing you and your loved ones with a life insurance policy to protect your business and your assets and to cover any outstanding debts gives you the freedom to enjoy the best of the present without worrying about the future.
Let Insurify help you find the right life insurance policy for you and the ones you love. Insurify has a life insurance quote comparison tool that will speed up your search and put you in the right insurance company’s hands to provide for your insurance needs.
Aissa Martell is a licensed insurance producer in the State of New York. She is a creative writer and has been freelance writing for five years. She’s happy to share her knowledge of the insurance industry and its products.Learn More