Arizona Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

As you get older, you need to think not just about your future, but that of your loved ones, too. Although most people don’t want to dwell in thoughts of dying, being prepared can make a huge difference in the lives of the people you will leave behind.

This raises the ever-increasing importance of having life coverage. When you have an Arizona life insurance policy, you don’t have to worry about burdening your family with burial expenses in case you pass away. And depending on the policy you have, your beneficiaries may receive a lump sum that they can help them pay for other important expenses, such as those for mortgages or school.

The right time to buy

A lot of people think that they can put off buying life insurance at an older age. However, the best time is actually when you’re still young. Delaying your purchase will just pave the way for higher premiums. However, there are plenty of other factors that will influence how much you’ll spend on it, including your health and lifestyle, your location, and your gender.

Term vs. Whole: Which one should you invest in?

As a resident of the Grand Canyon State, you can choose between a term life insurance and a whole life insurance policy. It’s important you base your final choice not just on your budget, but your needs (and that of your family) too. When you’re still young or you’re the primary earner in your household, you might find term insurance a good fit. With this, you can protect your family from the sudden loss of income that your passing will cause.

Whole life insurance, on the other, may provide you with a more suitable option, especially when you want an additional investment vehicle. Also called permanent insurance, you will receive coverage your whole life, as long as you make the necessary payments. A huge advantage it offers over the term is its cash-value accumulating feature. Once you have built enough of it, you can already borrow against it. The best part is, you don’t have to repay it or worry about tax-related charges.

How your premiums will look like

Again, this will all depend on a myriad of factors that insurance companies take into careful consideration to gauge your risk level. To give you some idea though, here are some estimates for you to check:

Estimated Monthly Premiums
Phoenix, AZ 85001
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

In Phoenix, AZ, just like in almost every other state, males pay more towards their life insurance, seeing as females have longer life expectancy rates. Regardless of gender though, you can expect higher costs as you grow older, and even more so if you smoke. If you buy a policy when you’re still in your 20s, and you avoid smoking, you can pay as much as 50% less (or even more, as a female) from what you would otherwise pay for when you turn 45 years old.

Estimated Monthly Premiums
Phoenix, AZ 85001
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

Save money without lowering coverage with these tactics

Regardless of your age, gender, location, or health status, you should do your homework and expand your life insurance knowledge as much as you can. This is the best way to ensure you can get the coverage you want and need, without worrying too much about your wallet. Make sure that when comparing offers from different providers, you compare similar policies. And of course, doing your best to maintain your good health will allow for better premiums.

Leave your family protected

Life insurance can mean a lot to your family who you’ll leave behind, especially when you have a permanent life cover that has built a considerable amount of cash value. But the death benefit payout alone already makes it attractive, especially with today’s rising costs of burial services.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

References:

Arizona Department of Insurance – https://insurance.az.gov/life-insurance-buyers-guide-naic

National Association of Insurance Commissioners