Updated: November 21, 2024
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You can provide your beneficiaries with financial support if you pass away by purchasing a life insurance policy. Our goal at MoneyGeek is to help you find the most affordable and suitable policy for your lifestyle by shopping around and comparing prices in Tucson using our guide.
Compare Tucson life insurance companies using MoneyGeek's comparison of average rates for your age, gender and smoking history.
BestLife InsuranceTucson, AZBest Life Insurance Companies in Tucson, AZ, for 2023
Depending on your gender and policy limit, insurers charge different premiums. In the city of Tucson, MassMutual charges an average of $10 per month for $250K of coverage for men and $8 per month for women.
Despite being more affordable, a $250K policy may not be enough for your beneficiaries. Based on state-specific factors such as income, debt, age and cost of living, state-average recommended amounts can be used to benchmark a life insurance policy. The state of Arizona allocates $708K for this purpose.
The cheapest life insurance policy for Arizona is offered by Nationwide for $17 a month for males and $12 a month for females.
Cheapest For | $250K Coverage | $708K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | Nationwide |
Female | MassMutual | Nationwide |
You can expect life insurance to cost more or less depending on your gender. The cost of life insurance in Tucson is 16% lower than the average in Arizona for women, and 11% lower for men.
A $250K policy costs females on average $13 a month, while a male policy costs $18 a month. However, if you use the U.S. Bureau of Economics' recommended coverage amount, which takes into account per capita income, average mortgage debt, average personal debt and average age, these rates change significantly.
Based on Arizona's recommended $708K coverage amount, the average monthly premium for women is $24 and for men is $35.
It might also be a good idea to purchase a term insurance policy. Women pay an average of $16 per month for a 10-year term policy, regardless of the coverage limit, while men pay $23 per month.
| Nationwide | $11 | $17 |
| MassMutual | $10 | $17 |
| Mutual of Omaha | $11 | $18 |
| Transamerica | $13 | $28 |
| AAA | $15 | $30 |
| State Farm | $18 | $36 |
| Prudential | $26 | $43 |
| Progressive Life | $22 | $47 |
| Nationwide | $9 | $12 |
| Mutual of Omaha | $9 | $13 |
| MassMutual | $8 | $13 |
| Transamerica | $10 | $20 |
| AAA | $11 | $22 |
| State Farm | $14 | $24 |
| Prudential | $16 | $26 |
| Progressive Life | $16 | $31 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Tucson 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.
Generally, men pay more premium than women for a life insurance. In part, this is due to the fact that women live longer, according to the National Center for Health Statistics (NCHS). Women outlive men for several reasons, including their riskier occupations and their reluctance to see doctors regularly.
Despite statistics showing women live longer, most life insurance policies are held by men. It is important for women, regardless of their role in the household, to purchase a good life insurance policy. A life insurance policy offers protection to dependents such as children, elderly parents and others in the event of death.
With market shares of 7%, 6%, and 5%, respectively, Prudential Financial, Northwestern Mutual and Lincoln Financial dominate Arizona's insurance market. A total of 35% of Arizona's market share is accounted for by the seven most popular companies.
Following is a table that shows the market shares of Arizona's top 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 is determined by comparing a company's sales with those of its competitors. Market dominance is more likely to occur when a company has a high market share. In insurance, market share determines how many policies a company sells. The company with the highest market share sold the most policies.
Using S&P Global data, MoneyGeek provides market share information based on each company's total premiums.
A Tucson life insurance policy can cost between $14 and $40 a month for a younger adult. For young people in Tucson, MoneyGeek found the following two insurers to be most affordable:
Below is a table of cheap life insurance for young people in Tucson offered by other providers.
| MassMutual | $14 |
| AAA | $15 |
| Nationwide | $17 |
| Transamerica | $18 |
| Mutual of Omaha | $18 |
| State Farm | $19 |
| Progressive Life | $19 |
| Prudential | $40 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Tucson who is 5 feet 10 inches and 168 pounds that 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.
When you are under 25, life insurance is less expensive, but as you age, the price increases. Therefore, buying life insurance early is one of the best ways to save on a policy. Your monthly payment will be lower if you are younger and healthier.
Life insurance rates for Tucson seniors range between $34 and $71. Seniors can find affordable life insurance in Tucson with the following companies:
More information about the best and cheapest insurers for seniors can be found in the table below.
| MassMutual | $34 |
| Mutual of Omaha | $39 |
| Nationwide | $39 |
| State Farm | $41 |
| AAA | $52 |
| Progressive Life | $62 |
| Transamerica | $63 |
| Prudential | $71 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Tucson who is 5 feet 10 inches and 197 pounds that purchases a 10-year term contract at the average coverage need of $73,000.
In older adults, life insurance premiums are more likely to be higher since their lives are shorter. By getting less coverage, premiums can be reduced. If the beneficiaries are grown adults, they shouldn't require as much financial support. Hence, having less coverage is more practical.
Life insurance is usually only needed to cover funeral expenses and debts left over after a senior passes away. The $94K of coverage we provide in our senior sample policy reflects this need.
Those who smoke in Tucson can expect to pay between $87 and $191 per month for life insurance. In Tucson, MoneyGeek found the following companies to be the cheapest for smokers:
A list of Tucson insurance providers that offer more affordable coverage for smokers can be found below.
| Transamerica | $87 |
| MassMutual | $103 |
| State Farm | $106 |
| Nationwide | $109 |
| Mutual of Omaha | $114 |
| Prudential | $129 |
| Progressive Life | $162 |
| AAA | $191 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Tucson who is 5 feet 10 inches and 197 pounds that purchases a 20-year term contract at the average coverage need of $708,000.
Due to the adverse health effects of smoking, insurers charge smokers higher premiums. However, you can still get cheap life insurance if you smoke. MoneyGeek recommends that smokers buy a long-term policy of at least 20 years since their rates increase exponentially with age.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, 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.
