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Compare Life Insurance Quotes in Arizona to Get the Best Rates

Home to the largest number of speakers of indigenous languages of any state, 28% of Arizona’s land area consists of reservations. Arizona is also the birthplace of Alice Cooper, the Miranda rights, and one end of the Hoover Dam. The relatively low rates of smoking, obesity, stroke, and cancer may play a role in the cost of life insurance for Arizona policyholders.

Arizona Life Insurance Quotes

This page will tell you about life insurance regulations in Arizona, the factors that affect rates there, and even the leading causes of death in the state.

Why have we collected this information? To help you make an educated decision about which insurer and policy to choose.

Last year, 2,073 people used QuoteWizard to compare life insurance quotes in Arizona from multiple companies to find the best rates.

Arizona Life/Health and Fraternal Insurance Market Share

Source: National Association of Insurance Commissioners - 2013
Rank Company Direct Premiums Written (in thousands) Market Share
1 Prudential Financial Inc. $1,427,657 17.0%
2 MetLife Inc. $1,132,339 13.5%
3 Jackson National Life Group $389,386 4.6%
4 Lincoln National Corp. $341,887 4.1%
5 Nationwide Mutual Group $296,764 3.5%
6 Guggenheim Capital LLC $247,974 3.0%
7 American International Group $244,039 2.9%
8 New York Life Insurance Group $239,998 2.9%
9 AEGON $212,180 2.5%
10 Manulife Financial Corp. $206,424 2.5%

Life Insurance Rate Factors in Arizona

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates  will be, other things being equal. So, it’s best to get life insurance while you’re young.

Life expectancy at birth in Arizona is 77.7 years, a bit lower than life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Arizona at age 55, you would be more likely than not to pass away before 85 years of age, the end of the term.

On the other hand, if you were 35 years old and purchased a 30-year term life policy, you would be well under Arizona’s life expectancy of 74.6 years when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record – This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths – Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Arizona, the death rate from injury due to firearms is 14.1 per 100,000 deaths, the #14 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender – Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Arizona, the percentage of the population that’s male is 49.7%, and the percentage that’s female is 50.3%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Arizona residents that used QuoteWizard last year

 
         
 
   
52%Female
   
48%Male
 

Health History – While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your premiums.

There are certain conditions, such as heart disease or certain kinds of cancers, that can make your premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Arizona that indicated whether they where healthy or had minor or major health issues

 
             
 
   
48%Healthy
   
41%Major
   
11%Minor
 

Lifestyle & Hobbies – People who engage in adventure sports or who have potentially dangerous hobbies will pay more for life insurance, other things being equal, than those who don’t.

Marital Status – Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Arizona in 2009, the rate of marriage for people over 15 was 39.3 per 1,000 people, the rate of divorce was 22.7 per 1,000 people, and the rate of widowhood was 11.1 per 1,000 people.

Marriage status of Arizona residents that used QuoteWizard last year

 
         
 
   
67%Single
   
33%Married
 

Occupation – People with hazardous jobs like logging and fishing will pay more for life insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Arizona is a plasterer.

Tobacco Use – Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates and an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2013, approximately 16.3% of Arizona adults smoked cigarettes – about 830,000 adults.

Percentage of QuoteWizard users in Arizona that indicated that they smoke last year

 
         
 
   
93%Don't Smoke
   
7%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the more you pay.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Arizona was 26.8%. This makes Arizona the #34 most obese state. Arizona’s obesity rate is much lower than the average obesity rate in the US, which is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Arizona - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 10,755 141.1 44th 169.8
2 Cancer 11,347 147.0 45th (tie) 163.2
3 Lower Respiratory Disease 3,345 43.5 27th 42.1
4 Accidents 3,349 48.6 127th 39.4
5 Stroke 2,162 28.6 45th 36.2
6 Alzheimer's Disease 2,383 31.7 8th 23.5
7 Diabetes 1,786 23.5 15th 21.2
8 Influenza/Pneumonia 776 10.4 46th (tie) 15.9
9 Kidney Disease 374 4.9 49th 13.2
10 Suicide 1,163 17.5 10th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Arizona Life Insurance Regulations

Insurance in Arizona is governed by the laws defined by the Section 20 of the Arizona Statutes, as outlined by the Arizona Department of Insurance.

This legislature contains 24 chapters, outlined in articles, used to regulate claims and provide certain protections to Arizona consumers, for example:

Guarantee on Death Claims: If an insurance company is unable to make payments on death claims or becomes insolvent, the Arizona Life and Health Insurance Guaranty Association will cover up to $300,000 of death benefits, and up to $100,000 in cash reimbursement. This is so that consumers have confidence that their beneficiaries will receive at least some of their death benefit, but the amount is the same regardless of how much the policy is worth.

Personal Information Protection: In Arizona, insurance companies need a client’s consent before sharing any personal information with third parties. This includes health information, such as medical history. Every insurance company has different policies regarding personal information protection, so be sure to double check with your insurer.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Arizona insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Arizona Life & Disability Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the ALDIGF. Their contact info is below:

Website:
Homepage
Phone:
(602) 364 – 3863
Address:
Arizona Life & Disability Insurance Guaranty Fund
1110 West Washington, Suite 270
Phoenix, AZ 85007

Arizona Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Germaine L. Marks
Insurance Hotline:
(800) 325 - 2548
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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