Arizona Life Insurance

Arizona, like most states, does not regulate life insurance on the policy level the way that state Departments of Insurance regulate other insurance such as health or auto. However, there are certain provisions that do vary from state to state regarding regulations pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements. You should be aware of these rules as you shop for this product in Arizona.    

Why Do I Need It?

Arizona is ranked 22nd out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 77.5 years.  For every 100,000 people in Arizona, almost 900 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to 2000, and at 75 to 84 well over 5000 Arizonans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Arizona can be found at: http://www.cdc.gov/nchs/pressroom/data/Arizona09.pdf

For more reasons why you should apply for a policy, and for help in finding the best product for your needs, at the best value, take a look at our questions to ask your family resources.

Arizona Life Insurance Specifics

The insurance industry in Arizona is regulated by specified title of The State Insurance Code of Arizona. The state uses this code to regulate claims and provide certain provisions to protect Arizona consumers such as:

Grace Period: The Arizona state insurance code also requires that all Arizona Insurance companies allow a 30-day grace period on late payments. If you miss a premium payment for any reason, you must be given 30 days to bring the account current before the insurer can cancel the policy for non-payment.

Death Benefit Processing: According to the state code in Arizona, companies offering life products are required to process any death benefit claim as soon as possible. If all documentation is in order, this usually means within 2 months. The Arizona life insurance code also allows for the accumulation of interest on death benefits that are not paid in a timely manner.


Arizona companies offering life products are also protected to some degree by State Statutes. These regulations are put in place to prevent insurance fraud. Insurance fraud is a serious crime, and affects the rates everyone in the state pays for their policies. Insurance companies can challenge any information you put on your application for up to 2 years.

If any discrepancies or misinformation is discovered, the policy may be terminated immediately. Allowances for misstatement of age are given, and may be corrected without penalty at any time while a policy is in effect.

Arizona Life Insurance State Resources

Arizona Department of Insurance -  The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers.
http://www.id.state.az.us/

Arizona Corporation Commission – The commission oversees securities and investment products
http://www.azcc.gov/divisions/securities/#

Arizona Life & Health Insurance Guaranty Fund - State guaranty associations are there to provide protection and continuing coverage, even in the event that a insurance company becomes insolvent.

Arizona Life & Disability Insurance Guaranty Fund
1110 West Washington, Ste 270
Phoenix, AZ 85007
(602) 364-3863

Ratings for companies in the state of Arizona– These companies provide ratings for Arizona Companies based on financial strength and past performance
http://www.ambest.com/

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