Life Insurance in Arizona

What is your zip code? Do you use tobacco? Yes No What is your date of birth? Month January February March April May June July August September October November December Date 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Year 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992

Arizona is the fastest growing state in the entire country, with a 3% increase in population per year. It is currently the 16th most populous state in the country, and it is the 6th largest in size. The state's per capita income is $27,232, which ranks it 39th in the U.S. The median household income is ranked 27th in the country -- and is just shy of the US national median. Arizona residents seek good value and high quality in life insurance products, for themselves and their families.

As of 2006, 587 life insurers are licensed to do business in Arizona. Of these, only 55 are domiciled in the state. Arizona residents owned 2 million individual life insurance policies, with coverage averaging $130,000 per policyholder. Group life insurance coverage amounts to $110 billion.

In the same year, Arizona residents received $5 billion in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments. Annuity benefits paid in the state in 2006 totaled $2 billion.

Arizona Offices Responsible for Life Insurance

Arizona's Department of Insurance contains all the information consumers need to know to choose the appropriate life insurance company. There is a database where consumers can check to ensure that their potential company is licensed. There is also a Request for Assistance form. This information is also available in Spanish.

If your insurance company has been declared insolvent, all states have a Life and Health Insurance Guaranty Association. If a member company goes bankrupt, they will meet its liabilities. The Arizona Insurance Guaranty Funds office is located in Phoenix.

The legal statutes that regulate life insurance are defined in Arizona's Title 20. These regulations cover every step in the life insurance process, from what companies are allowed to become licensed, to how they must conduct their business.

Contacting the Arizona Department of Insurance