Arizona is situated in southwestern state of the USA. It is the 6th largest and 15th most populous state in United States. Phoenix is the capital and Largest city. Insurance is a flourishing financial industry in modern times, particularly in the western countries, including the US. Owing to the rising cost of self-maintenance and that of assets, people opt for various insurance schemes .
Arizona insurance companies offer various kinds of insurance, such as, life insurance, health insurance, auto insurance, dental insurance, travel insurance, and others. The Arizona Department of Insurance regulates all types of insurance sold in the state of Arizona. They have two offices – one located in Phoenix and the other in Tucson.
Arizona Life Insurance:
Life insurance is a tool to plan and protect one’s estate and family life in case of his/her death. The type of policy to be chosen by the insured depends on many factors, including insured’s age and the age of his/her family, insured’s health, and the level of financial hardship the insured’s family might face if the former were to die.
The most common types of life insurance policies available in Arizona are:
The three types of Arizona life insurance policies are Term Life, Whole Life and Universal Life.
Term Life Insurance is purchased for a specific period of time. It pays the face value if the insured dies within the set term, and can be renewable. The policy premiums often get higher as the insured gets older. This policy is generally the least expensive, but if the term ends and the insured have not used the death benefit, the policy expires. Term life insurance is renewable and the policy premiums often become higher as you get older.
Whole Life Insurance is a type of policy that pays face value no matter when he insured dies. There are Level Premium Whole Life policies and Limited-Pay Whole Life policies.
Universal Life Insurance benefits the insured while he is living, as well as help his/her beneficiaries after his/her death. The premiums are often lower than that of whole life insurance, but changes in interest rates will affect both the yields and premiums for the policy.
Arizona Home Insurance:
When one borrows money to purchase a house in Arizona, he/she must purchase homeowner’s insurance – and the lender could specify a certain amount which the buyer must buy. However, the buyer can choose his/her own insurance company, and do not have to use the company recommended by the lender.
There are several types of home insurance coverage (against fire, theft, vandalism, hail and destruction by vehicles) in Arizona, including:
Besides home insurance, insurance policies are also available for renters, condominium owners and mobile home owners.
Arizona health insurance industry has gained in popularity since health care costs are on a steep rise for the people of Arizona.
There are different types of Health Insurance options available in Arizona, including Health Insurance coverage for one person or the whole members of the family under one policy.
Arizona Health Insurance Types include :
Basic Medical-Surgical Expense
Hospital Confinement Indemnity
Accident Only Coverage
Major Medical Expense
Disability Income Protection
Specified Disease or Accident
Arizona Business Insurance
Purchasing of Arizona auto insurance is considered one of the primary responsibilities for all vehicle-operators in Arizona.
Arizona’s auto insurance coverage includes:
Bodily Injury: This type of liability insurance covers medical expenses, lost wages, and pain and suffering occurred due to an accident at which the driver is at fault.
Property Damage: This type of liability insurance pays for property damage one causes in an accident (damage includes damage to other vehicles, buildings, fences and road signs).
Conditions to Buy Arizona Auto Insurance include:
Minimum amounts of insurance for every vehicle owned and operated within Arizona.
Possession of Arizona auto insurance to register vehicle.
If the owner is involved in an accident and does not hold insurance, he/she is financially liable for injuries and property damage caused to others.
Arizona Auto Insurance:
Auto insurance has gained in importance owing to increasing number of road accidents and is influential on both consumers and the insurance companies. The premiums for the auto insurance in Arizona depend upon the cost of the claims mostly paid by the insurance company.
Arizona Auto Insurance Coverage includes:
Liability coverage which pays the liability for the damages.
Collision coverage, the collision insurance pays for the repairs for the damages of the car.
Comprehensive coverage is provided for damages which are out of control.
Medical coverage is made only when the passengers are injured in the accident. This coverage pays for the hospital, doctor and the medical bills.
Rental coverage is used for paying a rental car when it is damaged.
Major Insurance Companies in Arizona are :
• Farm Bureau Insurance
• Farmers Insurance Group
• State Farm Insurance
• Lamb & Associates Insurance
• Shelter Insurance
• All American Insurance
• Allstate Insurance
• Nationwide Insurance
• Bmse Insurance
• Burnett Insurance Corp
• Arizona Blue Cross And Blue Shield
• New York Life Insurance Company
• Blue Cross and Blue Shield Of Arizona
• Cigna Health Care of Arizona
• Fidelity Secuirity Life Insurance Company
• Golden Rule Insurance Company
• American Family Insurance
• Phoenix Arizona Life Insurance
Last Updated on : 27th August 2013