Find the Best Life Insurance Quotes in Phoenix, AZ

How to choose life insurance in Phoenix

In addition to supporting your dependents, life insurance in Phoenix provides money to your beneficiaries after your death. The funds can be used to pay debts, funeral expenses or estate taxes. There are several benefits of life insurance in Phoenix that make it a necessary part of any financial plan:

• Tax-free inheritance: Life insurance benefits are income tax-free and go directly to your beneficiaries. They don’t have to worry about receiving only a portion of the money due to taxes.
• Affordable protection: A 30-year-old Phoenix resident can pay less than $30 a month for a $250,000 term life insurance policy.
• Alternative investment option: If you have already maxed out other investment options like an IRA or 401(k), life insurance might work as an additional investment vehicle.

The two main types of life insurance in Phoenix are term life and whole life. Term life insurance lasts for a predetermined period of time, usually between one and 30 years, and expires when the term is up. For Phoenix residents, this is generally the most affordable type of life insurance because the policy lasts only as long as you need it to cover debts and provide for your beneficiaries.

Whole life insurance, also called permanent life insurance, stays in effect as long as you pay the premiums. Universal life insurance is a type of whole life insurance where the insured is protected with a guaranteed amount of death benefit proceeds but also places in a cash value account. It offers premiums more similar to term life insurance in cost with more flexible options.

Before purchasing a life insurance policy in Phoenix, you should evaluate the life insurance provider on its:

• Experience: A good insurance company should possess the necessary qualifications and skills. Its staff should be up-to-date on policies and state regulations.
• Financial stability: If a financially unstable insurance company gets hit with many claims within a short period of time, it may lack the cash reserves to pay the claims. You can check the rating of insurance companies through independent agencies like Moody’s and Standard & Poor’s. Companies such as MetLife, State Farm and New York Life Insurance are available in Phoenix and have a history of financial stability.
• Honesty and transparency: A life insurance company should be transparent with its customers and make adequate disclosures about the terms and conditions related to its products.
• Reputation: Only do business with a licensed insurance company that has built its reputation over the years.

The cost of life insurance in Phoenix is impacted by several risk factors that life insurance actuaries review before pricing your policy. Risk factors that could increase your premiums include:

• Age: The older you are, the more expensive your premiums will be.
• Gender: The rates for women are less expensive than they are for men because women have higher life expectancies.
• Nicotine use: Premiums can increase by 15 to 20 percent as a result of smoking.
• Occupation: Some careers have a high hazard risk, which will increase your rates.
• Personal health history: Past health problems and conditions could be a sign of future health risks, which increase the cost of your insurance.

Working with a good insurance company will help you find the lowest premiums available in Phoenix, regardless of your risk factors, and protect your family from financial hardship.