Arizona Life Insurance

Life insurance is a necessity for many Arizona professionals and their families, and as such they understand the value of maintaining a safety net for their loved ones in case the unthinkable should happen. To make understanding and navigating this territory easy, The Simple Dollar has put together a useful guide to the rules, stats, info and resources for life insurance in Arizona.

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Stats in Your State

While it may seem like an afterthought for some, life insurance is a serious part of Arizona’s economy and an integral part of financial security for many families. Read through the graphs below to get a sense of how important life insurance can be for Arizona residents.

Life Insurance in Arizona

Life insurance benefits fueled the Arizona economy with roughly $8 billion in 2011, contributing a major piece of the Arizona economy on a yearly basis.

Number of Licensed Life Insurers 518
Total Life Insurance Coverage $442 billion
Average Policyholder Coverage $163,000 per life insurance policyholder*
Amount Paid Out in 2011 $6 billion**
Amount of Paid Annuity Benefits in 2011 $2 billion
Source: ACLI.com

*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.

Life Insurance Administered Programs

Over 18,000 Arizona residents rely on government-administered life insurance programs on a yearly basis, many of whom are disabled veterans and former servicemen and women.

The Life Insurance Industry: Beyond Insuring You

Roughly 30,000 Arizona jobs depend on the life insurance industry, keeping a significant portion of Arizona’s workforce employed each year.

Job creator Around 30,000 jobs
Invested in Arizona 's Economy Life insurers have invested $84 billion in the Arizona economy.
Source: ACLI.com

Rules in Your State

Arizona regulates life insurance closely and provides specific rules for how insurers must operate and what benefits they must include in their policies. Read through the resources below to learn more.

Know the Rules in Arizona

Standard provisions required in Arizona life insurance policies

Each Arizona life insurance policy must contain specific provisions, which are outlined in the link above.

Prohibited and Unfair Trade Practices

If you suspect your insurer is treating you unfairly, you should read through the prohibited trade practices listed in the link above. If you’re unsure, or if you see that your insurer has treated you unfairly, you should consult with an attorney.

Arizona State Legislature – Title 20: Insurance

The Arizona legal code sets forth how insurers must operate and handle their business in the state, and Title 20 encompasses those rules. Click on the link above to read it in full.

Representatives & Resources in Your State

For consumer advocacy, help with a claim, or to learn more about your local government’s resources, use the links below to get connected with resources in Arizona.

Arizona Department of Insurance
Consumer Affairs Division
Arizona Department of Insurance
2910 N. 44th Street, Ste. 210
Phoenix, AZ 85018-7269
FAX: 602-364-2505
Contact Information
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Consumer Complaint Resource
Consumers who have been treated unfairly can file a complaint with the Department of Insurance using the above link.

Arizona Life & Disability Insurance Guaranty Fund
1110 West Washington, Suite 270
Phoenix, AZ 85007
(602) 364-3863
The Arizona Life & Disability Insurance Guaranty Fund ensures that your life insurance policy will still be in effect even if your insurer becomes financially unstable or withdraws from the market.

Unclaimed Life Insurance Resources
If you suspect that a family member bought a policy for life insurance, but you are unable to find a policy to be sure, you still have options. Use one of these resources to track down the lost benefits: MissingMoney.com, National Association of Unclaimed Property Administrators, or MIB Group, Inc.