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 Whole Life Insurance Companies in Arizona?
In our ranking of the top whole life insurance providers in Arizona, State Farm and USAA are tied for first place. MassMutual and Nationwide are tied for third place.
Whole life insurance policies offer coverage for the rest of your life as long as payments are paid, unlike term life insurance policies that only offer coverage for the duration of the term specified. Furthermore, whole life policies, in contrast to term insurance, have a cash value component that earns interest at a fixed rate. In order to cover an emergency expense or to supplement retirement income, for example, the policyholder may withdraw that cash value or borrow against it.
Whole life insurance are often more expensive than term policies since a portion of the premiums for a whole life policy go toward the cash value. Whole life policies may also include a dividend, which is a return on premiums paid that were then invested by the insurance company.
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.
Life Insurance Regulations in Arizona
The laws governing life insurance policies in Arizona are comparable to those in a number of other states. However, there is one important distinction: the state does not require a free-look period.
The grace period is a clause that establishes how long a policyholder has to pay a premium that was past due. The agreement is still in force at this time. Arizona has a 30-day grace period for life insurance policy.
Period of contestability
An insurer can assess a claim during the contestability period at the start of a policy and reject it if there is any proof of fraud. Due to the provider’s request for medical records, this can result in delays in policy payouts. If the insurance company discovers evidence of fraudulent information on the application and the insured passes away during this time, the death benefit may be reduced or eliminated altogether. A life insurance policy’s contestability period in Arizona is two years.
The first few months of a life insurance policy are known as the free-look or review period, and during this time, coverage can be cancelled without incurring any fees. Any premium payments made during this time are reimbursed. Although a free-look period is not required by law in Arizona, many life insurance companies voluntarily offer it to prospective clients.