10 Best Life Insurance Companies in Arizona

Life insurance companies in Arizona can help protect you and your family.

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I got both life insurance and disability insurance from Pradeep Audho. He was really great to work with. Very knowledgeable and helpful without ever being too pushy.” —Patrick Waldrop

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10 Best Life Insurance Companies in Arizona

Key Terms

  • Life Insurance provides peace of mind for you and your family.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your loved ones should you pass unexpectedly.
  • Arizona life insurance companies can help you find a policy to suit your needs and budget by connecting you to an insurance agent and running life insurance quotes for you.

Arizona is known as the Grand Canyon State and is located in the south-western United States. It’s bordered by California to the west, Nevada to the northwest, Utah to the north and New Mexico to the east. With a population of 7.3 million people as of 2022, it’s the 14th-most populous state. The largest city in Arizona is Phoenix which has a population of around 1.6 million. Phoenix is also the state capital.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Arizona is approximately 76.3 years which is significantly lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Arizona have been heart disease, cancer, and Covid-19. The homicide rate in Arizona is around 7.5 homicides per 100,000 residents, which is exactly the national average.

According to the U.S. Bureau of Labor Statistics, in Arizona, the 90th percentile income is currently $98,860. The median income in the state is approximately $39,500. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Arizona, this works out to around $988,600 – $1,977,200 dollars for most people.

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How life insurance works in Arizona

There are many kinds of insurance to purchase from an insurance agency, including disability insurance, health insurance, and auto insurance. However, this article focuses on the financial services product known as life insurance. In the state of Arizona, there are many different life insurance companies, and they all have their own packages and plans. That said, the general idea is the same with all of them. You pay a monthly premium, and if you pass away during the term of your life insurance policy, then your loved ones will receive a set amount of cash value known as the death benefit.

There are two different types of life insurance policies to be aware of: whole life insurance and term life insurance. With whole life insurance, also known as permanent life insurance or universal life insurance, is a type of life insurance product where you pay premiums throughout your entire life, and when you die, your beneficiaries will receive the amount of coverage provided for in the policy. Whole life insurance policies usually involve a mix of investing and insurance making them more complicated to understand.

Term life insurance plans are a bit different. With this type of insurance, you pay premiums for a set number of years or time frame, and when that time (or “term”) is up, the policy expires. Term life insurance policies are more affordable than whole life policies and act strictly as insurance. You pay the premium and if you die during the term you collect the benefit.

In the end, it comes down to this: life insurance is for peace of mind. If you have people in your life who depend on you financially, then you should make sure that they’ll be taken care of financially if something happens to you. Life insurance is one of the best ways to do that.

10 Biggest life insurance companies in Arizona

Arizona life insurance companies ranked by premiums written in the state.

RankCompany NameArizona
Premiums Written
Market Share
1Prudential$230,438,071 7.61%
2New York Life$192,050,419 6.34%
3Northwestern Mutual$150,049,570 4.95%
4Metropolitan$142,301,886 4.70%
5Mass Mut Life Ins$127,094,231 4.19%
6Lincoln National$126,516,979 4.18%
7Sammons Enterprises$113,498,051 3.75%
8Minnesota Mutual$112,427,721 3.71%
9Pacific Life$95,246,477 3.14%
10State Farm$93,598,080 3.09%

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How much life insurance do you need in Arizona?

The 90th percentile salary in Arizona is approximately $98,860. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will provide life insurance coverage for your beneficiary for at least 10X – 20X your average annual income. In Arizona that works out to around $988,600 – $1,977,200. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

Arizona Life insurance laws

There are a few unique features with respect to Arizona Life Insurance Laws that have an impact on your specific policy if you are a resident of the state. You can also learn more about insurance options in Arizona by checking the arizona department of insurance and financial institutions.

Here’s what you need to know:

  • Free look period: For Arizona’s life insurance policyholders, there is no free look period mandated by law. This means that your purchase of a life insurance policy will be considered final and you are not entitled to a full refund if you decide to terminate the policy. However, some insurers offer a reasonable period during which you can evaluate the policy and return it, if not satisfied.
  • Grace period: This is the amount of time, after a premium payment is due, to make the payment to maintain your coverage. In Arizona, insurers are required to provide policyholders with a grace period of up to 30 days.
  • Timely claims settlement: In Arizona, life insurance companies are required to pay claims promptly. Most claims are settled within two months, if not sooner. Failure to settle the claims on time can result in the insurance provider facing fines.
  • Contestable period and incontestability: In Arizona, this is the two-year period during which your insurance provider can dispute the claim application for discrepancies or misinterpretations. After these two years, the policy’s coverage is becomes incontestable.

When it comes to life insurance, there are a lot of misconceptions out there. One of the most common is that life insurance is an investment. It’s not. Life insurance is protection. It’s there to provide your family with financial security in the event of your death. By signing up for a life insurance policy, what you’re really doing is making the commitment to protect your family even after you pass away.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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