While the risk of falling into the Grand Canyon may be low (but never zero), life insurance still matters in the great state of Arizona. Arizonans deserve to feel protected, as do their loved ones.
Life insurance can serve different purposes to different people; some use it as a way to leave their children a nest egg, others to ensure they don’t burden their loved ones with outstanding debt, and others use it as a safety net during the years their loved ones depend on them most.
Whichever your reason is for considering life insurance, you have options. Before you jump into buying life insurance, do yourself a favor and keep reading to find out everything you should know about getting life insurance in Arizona, from cost to coverage and more.
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Before you can make any decisions about life insurance policies, you need to know the bottom line: the average cost of life insurance in the Copper State.
Arizona life insurance averages $615 per year, but this is just a guide. The actual rates you’ll pay depend on a number of factors, including:
Quotes can vary significantly from person to person, because a life insurance quote is entirely customized to you and your unique factors. On top of that, each insurance provider calculates quotes differently, meaning that you could receive three completely different quotes from three different providers.
Use that to your advantage by shopping around for life insurance quotes; never simply accept the first quote you’re offered, as you want to be sure you’re getting the best rate for the best amount of coverage.
We make it easy on you by giving you access to free quotes here. Shopping around takes time and we’re all about saving you time and money.
Life insurance is usually more affordable than people realize, but that doesn’t mean you can’t also find savings on your life insurance rates. Here are some of the top ways to ensure you’re getting the best deal possible on your life insurance:
Although it may be tempting to fudge the truth on your life insurance application to get better rates, it’s critical that you’re completely truthful. This is because if you happen to pass away within two years of taking out the life insurance policy, the insurance provider has the right to review the application and see if there was any inaccurate or misleading information. If they find something, they can deny your death benefit payout to your loved ones.
Being honest might cost you a little more in premiums, but it’s cheaper than paying into a policy with no payout in the end.
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This is an important question, and a key part of estate planning. Many people choose to get life insurance to protect their loved ones in the event of their passing, but don’t realize the full implications of a death benefit.
A much-needed death benefit can quickly evaporate if it becomes taxed. The good news is that in Arizona, the death benefit is not taxable, so your loved ones will receive the full amount. The exception is that if the beneficiary chooses to take the payment in installments rather than one lump sum and the payments receive interest, the interest is taxable.
There are a few other instances when life insurance is taxed, including:
It’s worthwhile to note that life insurance premiums are not deductible on your tax return.
Want more estate planning tips? Check out our free retirement guide for key financial advice that will help you plan your next steps.
Now that you know all that there is to know about life insurance in AZ, it’s time to find quotes. The fact is that life insurance is always most affordable when you’re young and healthy, so putting off getting life insurance can cost you (more on that here).
The good news is that getting quotes for Arizona life insurance couldn’t be easier. Most insurance providers offer no-obligation quotes online, or you can contact your insurance agent to explore your options.
You can make it easier on yourself by getting access to free quotes quickly just by clicking here. No one enjoys thinking about life insurance, so ConsumerCoverage makes the process as painless as possible.
We’ve got you covered.
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Jessica Fox Jessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.
