Best Life Insurance Companies in Arizona for 2023
Our analysis indicates that Bestow is Arizona’s top life insurance provider. Additionally, it is the top supplier of no-exam and term plans. State Farm and USAA are tied for first place among providers of whole and universal life insurance policies.
In our 2023 rankings of the top life insurance providers in Arizona, Bestow and Haven Life are ranked No. 1 and No. 2, respectively. They are both internet insurance companies that only market term life insurance. Depending on where the insured individual resides, either Bestow or the North American Life and Health Insurance Company issues the policies that Bestow sells. Additionally, the insurance plans that Haven Life sells are either issued by MassMutual or by C.M. Life, a division of MassMutual.
More life insurance policies are available from the other Arizona life insurance companies that we researched. For instance, MassMutual offers two term plans, ten whole life insurance products, and three universal life products. MassMutual is tied with Nationwide for fifth place in Arizona. Offers three whole life plans, eight types of universal life policies, and one type of term insurance nationwide.
What Are the Best Term Life Insurance Companies in Arizona?
The top term life insurance provider in Arizona is Bestow. State Farm and USAA are tied for third place, followed by Haven Life at number two.
Although there are some plans available for shorter periods of time, term policies typically pay out a death benefit to beneficiaries if the insured passes away during the coverage period, which typically varies from five to thirty years. Term insurance is typically less expensive at first than other types of insurance. Term life insurance premiums can be less expensive than those for permanent insurance because none of them are applied to a cash value. Some term plans have the option of being changed into permanent ones, such whole or universal life insurance.
Our list of the top whole life insurance providers in Arizona is tied at the top by State Farm and USAA. At No. 3, Nationwide and MassMutual are tied.
Whole life insurance policies offer lifelong coverage as long as payments are paid, in contrast to term life insurance policies that only offer coverage for the duration of a specified period. Whole life insurance products also have a cash value component that earns interest at a fixed rate, unlike term insurance. The policyholder may use the cash value to pay emergency expenses, for example, or to supplement their retirement income. They may even borrow money against it.
Whole life insurance are frequently more expensive than term policies since a portion of the premiums go toward the cash value. A dividend, which is a return on premium payments that the insurance company then invests, may also be offered by whole life policies.
What Are the Best Universal Life Insurance Companies in Arizona?
The finest universal life insurance providers in Arizona are State Farm and USAA. In Arizona, Nationwide and MassMutual are tied for third place.
Universal life insurance plans offer permanent protection and include a cash value element, just like whole life insurance plans. Because both the death benefit and premiums can be altered after the policy is put into effect, universal life insurance frequently offer more flexibility than whole life policies.
The three main forms of universal life insurance policies are as follows. With a variable universal insurance, the cash value is placed into subaccounts that can be used to invest in a variety of securities, including stocks and bonds. An indexed universal policy’s cash value component increases in accordance with a predetermined stock index.
The top no medical exam life insurance provider in Arizona is Bestow. State Farm and USAA are tied for third place, followed by Haven Life at No. 2.
Many life insurance policies may require the person applying for the policy to go through a medical examination, which may include providing a blood sample or having an electrocardiogram. With a no-exam life insurance policy, however, such is not the case, as the name suggests. These policies only offer a certain amount of coverage as a result.
No-exam life insurance policies typically come in three main varieties. An accelerated-issue no-exam policy bases its judgment on information provided by the potential policyholder as well as information from third parties, like as motor vehicle records, when determining whether to issue a policy. The rates for such plans are comparable to the rates for full underwriting policies.
In addition to not requiring a medical exam, simplified-issue policies may also ask applicants to submit their medical history (including any current medications) in addition to completing a health questionnaire. The coverage provided by a guaranteed-issue life insurance policy is guaranteed, as the name suggests. However, they are more expensive and have less coverage than other policies.
Visit our What Is No-Exam Life Insurance? guide for additional details on the various no-exam policy options. Visit our full ranking of the Best No Exam Life Insurance Companies for additional details on other top no-exam insurance providers.