Arizona residents shopping for a new life insurance policy may have difficulty sorting through the hundreds of life insurance companies in the state. Ideally you want to find a policy that offers the coverage you need at a rate you can afford.
Read on to find the best life insurance companies working in Arizona, along with the average cost of life insurance for Arizonans and the state regulations governing life insurance that you need to know about.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Arizona
Best overall: Legal & General America
Cheapest: Legal & General America
Best term life insurance: Legal & General America
Best no-medical-exam: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Legal & General America
Best overall life insurance
A wide variety of Arizona residents can find the best rates and coverage with Legal & General America, which also does business as Banner Life and William Penn, our pick for the top overall life insurance company in Arizona. With low rates for people with different policy needs and health backgrounds, most people can find a great rate at Legal & General America.
Legal & General America also ranks well against its industry competitors, with high financial security and a low complaint rating with the NAIC of 0.35, below the national average of 1.00.
Cheapest life insurance
Legal & General America
Arizonans of many backgrounds and lifestyles can also find affordable life insurance rates with Legal & General America. Although it isn’t our top insurer for pre-existing conditions, shoppers with many types of health conditions can also find affordable policies with Legal & General America.
Best term life insurance
Legal & General America
For most Arizonans, a term life insurance policy that covers the policyholder for a predetermined number of years and expires at the end of that term is the best life insurance option. It’s usually the most affordable coverage and should meet the needs of the majority of policyholders. Legal & General America offers affordable term life policies and applicants can choose term lengths of up to 40 years.
Best no-medical-exam life insurance
No-medical-exam policies don’t require a medical exam during the life insurance application process. Instead, they use an applicant’s medical history to determine rates. It’s more expensive, but it can help applicants get approved fast, even for people who may otherwise be unable to get approved. Brighthouse Financial offers affordable no-medical-exam policies with fast application decisions for up to $2 million in coverage.
Best whole life insurance
Whole life insurance is five to 15 times more expensive than term life. It insures the policyholder for their entire life, and there are financial benefits that may include a cash value component for investing and saving, and even dividend payouts. We picked MassMutual because it often pays higher dividends than other whole life carriers.
Best for seniors
Arizona residents who wait to shop for life insurance until their golden years will pay a lot more for coverage, but that makes it even more important to find the best rate. Prudential offers competitive rates to Arizona seniors age 60 and over, even with certain pre-existing conditions.
Best for young adults
Young people qualify for the most affordable life insurance because they have fewer health risks and are less likely to have a claim submitted against their policy (at least in the near future). Brighthouse Financial offers some of the best rates to young adults with a fast application process and more relaxed income requirements for applicants enrolled in college.
Best for people with pre-existing conditions
Arizona residents who have certain medical conditions like high blood pressure or diabetes may have to pay more for life insurance, but that should be an even stronger motivator to find the best rate. Lincoln Financial has lower rates for applicants with pre-existing conditions across a wide range of health issues.
Best for marijuana users
Life insurance companies will often automatically assign marijuana users more expensive "smoker" rates, regardless of how often the applicant uses marijuana. But Lincoln Financial allows marijuana users to access non-smoker rates that are 200% to 300% more affordable than smoker rates offered by other insurers.
Best for smokers
Legal & General America
Smokers have to pay much higher life insurance rates than non-smokers because of the added risks associated with smoking tobacco. Legal & General America offers better rates to Arizona smokers than its competitors, and policyholders who quit only have to wait one year before applying for a rate reduction.
Comparing the best life insurance companies in Arizona
Types of policies
5.0 / 5
No-medical-exam life, young adults
Term life, no-medical-exam life, whole life, short-term life, universal life
Legal & General America
4.9 / 5
Overall, cheapest, term life, smokers
Term life, no-medical-exam life, universal life
4.9 / 5
Term life, no-medical-exam life, whole life, universal life, variable universal life
4.8 / 5
Marijuana users, people with pre-existing conditions
Term life, no-medical-exam life, indexed universal life, variable universal life
4.1 / 5
Term life, no-medical-exam life, short-term life, universal life, indexed universal life
What is the average cost of life insurance in Arizona?
Many factors go into determining life insurance premiums, including the applicant’s age, medical history, the length of the term, and the amount of the death benefit. Based on Policygenius data from 2023, the average monthly premium for a healthy 35-year old in Arizona buying a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.
What happens if a life insurance company goes bankrupt in Arizona?
The Arizona Life & Disability Insurance Guaranty Fund was established to cover state residents in the event that a life insurance company goes bankrupt and is unable to meet its financial obligations. Provided the policyholder continues to pay their premiums, the guaranty fund will cover affected residents for up to $300,000 in death benefits and $100,000 in cash surrender value.
How to find a lost life insurance policy in Arizona
Family members or the person managing the estate can check the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service to look for life insurance policies and annuity contracts in the decedent’s name.
Arizona life insurance laws
Arizona policyholders should be familiar with the state laws surrounding life insurance that protect them as consumers.
Free look period
Unlike most states, Arizona does not mandate that life insurance companies provide a free look period, during which a new policyholder can review their policy and cancel it for a full refund if they wish. However, life insurance carriers may offer a free look period as a matter of company policy, so it’s important to check with your prospective insurer(s).
Guaranty Fund protection
The Arizona Life & Disability Insurance Guaranty Fund covers up to $300,000 in life insurance death benefits and $100,000 in cash surrender value for Arizona policyholders affected by a life insurance company’s insolvency.
During the contestable period, life insurance companies can investigate and deny a claim if they can show that the applicant lied or made misrepresentations on their life insurance application. In Arizona, the contestable period lasts for the first two years of the policy.
Time allowable to settle a claim
Arizona life insurance companies must settle claims within two months after receiving proof that the policyholder has died.
Grace period for missed payments
Arizona residents have a grace period of 30 days to make up for any missed payments of a premium as the policy stays in effect. During this time, policyholders can settle any unpaid premiums to avoid termination of their policy.