Updated: October 18, 2024
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Life insurance can help you avoid the stress that comes with financially providing for your loved ones in the event of your untimely death. In Chandler, there are multiple insurers to select from, so it's wise to compare prices to get the best insurance policy.
This MoneyGeek guide can help you find the best life insurance company in Chandler, Arizona, based on your age, gender and smoking history.
BestLife InsuranceChandler, AZBest Life Insurance Companies in Chandler, AZ, for 2023
For a $250K policy, MassMutual offers the cheapest rates in Chandler for men and women, costing around $14 and $11, respectively.
A $250K policy is cheaper, but it may not adequately protect your beneficiaries' financial needs. The state recommends $708K in coverage based on buyer profiles and state-specific variables.
Nationwide offers the cheapest rate for $708K in coverage for men and women in Chandler, with monthly premiums of around $25 and $17, respectively.
Cheapest For | $250K Coverage | $708K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
The insurance amount and gender of the policyholder have an impact on premiums. In comparison to the average for women and men in Arizona, Chandler's women pay about 15% more for life insurance, and men pay about 30% more.
For a $250K policy, men in the city pay about $26 per month, while women pay an average of $18 per month.
State-recommended $708K coverage policies in Chandler (recommendation is based on per capita income from the U.S. Bureau of Economics, average age, average mortgage debt and average personal debt) cost men roughly $52 and women around $33 monthly.
For a 10-year term life insurance policy, regardless of the limit, men pay an average of $33 per month, while women pay roughly $22 per month.
| Nationwide | $15 | $25 |
| MassMutual | $14 | $25 |
| Mutual of Omaha | $16 | $27 |
| Transamerica | $20 | $41 |
| AAA | $21 | $44 |
| State Farm | $27 | $52 |
| Prudential | $38 | $63 |
| Progressive Life | $32 | $68 |
| Nationwide | $12 | $17 |
| Mutual of Omaha | $12 | $18 |
| MassMutual | $11 | $18 |
| Transamerica | $14 | $28 |
| AAA | $15 | $30 |
| State Farm | $19 | $33 |
| Prudential | $22 | $36 |
| Progressive Life | $21 | $43 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Chandler using average buyer profile statistics, including the average age of 30, the average weight of 197 pounds for males and 156 pounds for females, and an average coverage need of $708,000.
Gender influences life insurance rates. The National Center for Health Statistics finds that women live longer than men. Men are more likely to die earlier than women due to reasons like exposure to hazardous working environments and acquiring heart diseases faster than women. These ultimately lead to men paying more for life insurance than women.
The majority of life insurance policyholders are men. Whether they are the only provider for their family or stay-at-home mothers, women today contribute more to the household economy. They are ideal candidates for life insurance as a result of their contributions.
According to average total market share, the three most popular life insurance firms in Arizona are Prudential Financial Inc. (7%), Northwestern Mutual (6%) and Lincoln Financial (5%). The top seven life insurance providers account for about 35% of the state's market.
The following table presents information regarding the market shares held by Chandler's top seven life insurance companies.
| Prudential | 7% |
| Northwestern Mutual | 6% |
| Lincoln Financial | 5% |
| Pacific Life | 5% |
| New York Life | 5% |
| State Farm | 4% |
| John Hancock | 3% |
Market share estimates a company's sales revenue compared to other businesses in the same industry. A company with a large market share in the life insurance industry has sold more policies than its rivals.
In this analysis, MoneyGeek used 2020 S&P Global data reports to determine the market share of Arizona’s life insurance providers.
The cost of life insurance for young people in Chandler ranges from $20 to $58 a month. MoneyGeek's research found that the cheapest life insurance companies in Chandler, on average, for young people include:
You can compare prices for life insurance in Chandler, Arizona, for young people from a number of insurers in the table below.
| MassMutual | $20 |
| AAA | $21 |
| Nationwide | $24 |
| Transamerica | $27 |
| Mutual of Omaha | $27 |
| State Farm | $27 |
| Progressive Life | $28 |
| Prudential | $58 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Chandler who is 5 feet 10 inches, 168 pounds and purchases a 20-year term contract at the average coverage need of $240,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
In Chandler, life insurance policies for young adults 25 years and younger have more affordable premiums. As you age and grow more vulnerable to diseases, your insurance premiums will increase. If you buy life insurance when you are younger, you will save money on premiums.
Senior citizens in Chandler can expect to pay between $50 and $103 each month for life insurance. Based on MoneyGeek’s average data, the city's two most affordable life insurance providers for seniors are:
The best and most affordable Chandler life insurance companies for seniors are included in the table below.
| MassMutual | $50 |
| Mutual of Omaha | $57 |
| Nationwide | $58 |
| State Farm | $60 |
| AAA | $75 |
| Progressive Life | $90 |
| Transamerica | $92 |
| Prudential | $103 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Chandler who is 5 feet 10 inches, 197 pounds and purchases a 10-year term contract at the average coverage need of $73,000.
Seniors pay higher life insurance rates since there is a greater chance that their policies will outlast them. However, seniors have the option to choose an insurance policy with a lesser face value than the typical adult. This is due to the likelihood that their dependents are mature, financially independent adults at the time of payout.
In most cases, the face value or death benefit is used to pay for their final expenses or to settle their financial obligations. In light of this, we have set the sample insurance coverage for Chandler's seniors at a lower amount than other profiles.
The average monthly life insurance rates for smokers in Chandler range from $126 and $278. On average, the following companies in the city provide smokers with the most affordable life insurance, according to MoneyGeek's analysis:
You can find the best and cheapest life insurance companies in Chandler for smokers in the table below.
| Transamerica | $126 |
| MassMutual | $150 |
| State Farm | $155 |
| Nationwide | $158 |
| Mutual of Omaha | $166 |
| Prudential | $187 |
| Progressive Life | $236 |
| AAA | $278 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Chandler who is 5 feet 10 inches, 197 pounds and purchases a 20-year term contract at the average coverage need of $708,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.
Smoking can have bad consequences on your health. Consequently, insurers classify smokers as high-risk, and their rates are calculated with the long-term effects of smoking in mind. Luckily, smokers can find cheap life insurance policies. Considering that life insurance prices for smokers continue to increase as they age, MoneyGeek recommends a 20-year term policy for Chandler's smokers.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
