The right life insurance company for Arizona residents will offer the most competitive rates for the coverage that matches their needs.
By
Brian ActonBrian ActonContributing WriterBrian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost.
Edited by
Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
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.
Methodology: How we chose the best life insurance companies in each state
We don't get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best overall life insurance
2023 Policygenius award winner
Banner Life
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
A wide variety of Arizona residents can find the best rates and coverage with Banner Life, 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 Banner Life. Banner Life 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
Banner Life
Arizonans of many backgrounds and lifestyles can also find affordable life insurance rates with Banner Life. Although it isn’t our top insurer for pre-existing conditions, shoppers with many types of health conditions can also find affordable policies with Banner Life.
Best term life insurance
Banner Life
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. Banner Life offers affordable term life policies and applicants can choose term lengths of up to 40 years.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
5.0
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
No-medical-exam policies don’t require a medical exam during the life insurance application process. Instead, they use an applicant’s medical history to determine rates. It’s more expensive, but it can help applicants get approved fast, even for people who may otherwise be unable to get approved. Brighthouse Financial offers affordable no-medical-exam policies with fast application decisions for up to $2 million in coverage.
Best whole life insurance
2023 Policygenius award winner
MassMutual
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.9
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A++
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Whole life insurance is five to 15 times more expensive than term life. It insures the policyholder for their entire life, and there are financial benefits that may include a cash value component for investing and saving, and even dividend payouts. We picked MassMutual because it often pays higher dividends than other whole life carriers.
Best for seniors
2023 Policygenius award winner
Prudential
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.1
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A+
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
All 50 states
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
No-med option can end up requiring a medical exam most of the time
Arizona residents who wait to shop for life insurance until their golden years will pay a lot more for coverage, but that makes it even more important to find the best rate. Prudential offers competitive rates to Arizona seniors age 60 and over, even with certain pre-existing conditions.
Best for young adults
Brighthouse Financial
Young people qualify for the most affordable life insurance because they have fewer health risks and are less likely to have a claim submitted against their policy (at least in the near future). Brighthouse Financial offers some of the best rates to young adults with a fast application process and more relaxed income requirements for applicants enrolled in college.
Best for people with pre-existing conditions
2023 Policygenius award winner
Lincoln Financial
Policygenius rating
Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.
4.8
AM Best rating
A.M. Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
$
$
$
$
$
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart 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
Lincoln Financial
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
Banner Life
Smokers have to pay much higher life insurance rates than non-smokers because of the added risks associated with smoking tobacco. Banner Life 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
Company
Policygenius rating
Best for
Types of policies
Banner Life
5.0 / 5
Overall, cheapest, term life, smokers
Term life, no-medical-exam life, universal life
Brighthouse Financial
5.0 / 5
No-medical-exam life, young adults
Term life, no-medical-exam life, whole life, short-term life, universal life
MassMutual
4.9 / 5
Whole life
Term life, no-medical-exam life, whole life, universal life, variable universal life
Lincoln Financial
4.8 / 5
Marijuana users, people with pre-existing conditions
Term life, no-medical-exam life, indexed universal life, variable universal life
Prudential
4.1 / 5
Seniors
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 April 2023, the average monthly premium for a healthy 35-year old in Arizona buying a $500,000, 20-year term life insurance policy is $30.81 for men and $25.78 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.
Contestable period
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.
Frequently asked questions
What is the number one life insurance company in Arizona?
We named Banner Life as the number one life insurance company in Arizona because it offers affordable rates to Arizonans of many categories and health backgrounds. In addition, it offers a variety of term length options for up to 40 years of coverage.
What is the life insurance free look period and grace period in Arizona?
Arizona does not guarantee a free look period for policyholders, but many life insurance companies voluntarily extend that benefit to new customers. Policyholders in Arizona get 30 days to make up an overdue premium payment before the insurer can cancel their policy.
What types of life insurance are available in Arizona?
Life insurance shoppers in Arizona can buy the two most common types of life insurance, term life and whole life. In addition, they can purchase other types, like accelerated underwriting policies with no medical exams and final expense insurance.
Find the best life insurance companies in your state
Brian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost.
Adam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
