Best Life Insurance Companies in Oklahoma

Purchasing life insurance means that your beneficiaries will get financial support if you pass away. While there are several life insurance companies in Oklahoma, taking the time to shop around can help you secure the best coverage at the most affordable prices. MoneyGeek’s comparison of different life insurance quotes in Oklahoma indicates average rates across various factors, including age, smoking history and gender. You can use the data to secure coverage from the best life insurance companies in Oklahoma for your unique needs.

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Best Cheap Life Insurance in Oklahoma

The cost of life insurance depends on how much coverage you purchase. The higher the coverage amount, the more you will pay per month. According to MoneyGeek, the cheapest insurer for a $250,000 policy is MassMutual. The company charges an average of $9.99 per month for men and $9.41 per month for women.

Life insurance policies with lower coverage amounts cost less per month but reimburse your beneficiaries less once you pass away. If you have a young family, you might need to purchase a policy with higher coverage limits to cater to most of your beneficiaries' expenses after death.

According to MoneyGeek, you need a policy with a $602,000 limit to meet the ongoing expenses in case of death. MoneyGeek arrived at this cost based on state-specific factors like the average income, cost of living, the average age and average personal debt.

The best life insurance companies in Oklahoma for a policy with $602,000 as the coverage limit are MassMutual and Nationwide. For this coverage, the best average for men is from MassMutual, at an average of $15.78 per month. For women, the best option in Oklahoma is Nationwide, at $13.46 per month on average.

Best Cheap Life Insurance Companies in Oklahoma: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $602k
  • MassMutual
    $9.99
    $15.78
  • Nationwide
    $10.63
    $15.83
  • Mutual of Omaha
    $10.84
    $16.49
  • Transamerica
    $14.90
    $27.95
  • AAA
    $19.21
    $38.02
  • State Farm
    $22.72
    $38.96
  • Progressive Life
    $21.73
    $40.80
  • Prudential
    $25.71
    $59.82
Best Cheap Life Insurance Companies in Oklahoma: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $602k
  • Nationwide
    $10.43
    $13.46
  • Mutual of Omaha
    $10.65
    $13.69
  • MassMutual
    $9.40
    $13.89
  • Transamerica
    $12.58
    $23.76
  • State Farm
    $19.57
    $29.05
  • Progressive Life
    $17.81
    $31.87
  • AAA
    $16.63
    $32.31
  • Prudential
    $19.04
    $43.63

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Oklahoma using average buyer profile statistics in Oklahoma, including average age of 30, average weight of 198 pounds for males and 157 pounds for females, and an average coverage need of $602,000.

What Is the Average Cost of Life Insurance for Companies in Oklahoma?

The cost of life insurance in Oklahoma may vary significantly based on your gender. Female policyholders are more likely to get cheaper life insurance quotes in Oklahoma due to their higher life expectancy.

According to MoneyGeek’s research, male residents of Oklahoma pay an average of $19.12 per month for a life insurance policy with a coverage of $250,000. Females, on the other hand, pay an average of $16.15 per month.

If you purchase MoneyGeek’s recommended coverage of $602,000, your monthly premiums will increase significantly, but your family will receive more financial support after your death. The average monthly premium for females for this coverage limit will be $29.37, $13.22 more than the $250,000 coverage. For males, the new average monthly premium will be $36.91, which is $17.79 more.

Most Popular Life Insurance Companies in Oklahoma

Some of the best life insurance companies in Oklahoma are the ones with the highest market share. Such companies are more financially stable and in a better position to pay out your claims.

Market share is the number of life insurance premiums written by a company divided by the total number of policies written in the state. The term typically defines the percentage of the state’s total number of policies that belong to a specific company.

Based on MoneyGeek, the top seven insurers in the state contribute to about 37.79% of the market share. Of the seven providers, Northwestern Mutual has the largest market share, at 7.27%.

Most Popular Life Insurance Companies in Oklahoma

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  • Company
    Market Share
  • Northwestern Mutual
    7.27%
  • MassMutual
    6.98%
  • New York Life
    6.34%
  • State Farm
    5.80%
  • Lincoln Financial
    4.43%
  • Prudential Financial Inc.
    3.64%
  • Zurich
    3.33%

Life insurance market share data for Oklahoma is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Oklahoma?

Age is one of the factors that life insurance companies in Oklahoma consider when determining rates. Young individuals often pay less in the state compared with older ones because insurance companies consider them less risky to insure. If you wish to save on your monthly premiums, you may want to consider purchasing life insurance at a young age.

On average, the cheapest providers of life insurance in Oklahoma for young people are:

  • Mutual of Omaha: $14.62 per month
  • MassMutual: $15.01 per month
Best Life Insurance Companies for Young People in Oklahoma

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $14.62
  • MassMutual
    $15.01
  • Transamerica
    $15.70
  • Nationwide
    $18.59
  • AAA
    $21.56
  • State Farm
    $23.27
  • Progressive Life
    $29.36
  • Prudential
    $31.07

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Oklahoma who is 5 ft 10 inches and 169 pounds that purchases a 20-year term contract at the average coverage need of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Oklahoma?

In Oklahoma, seniors pay more per month to get life insurance coverage. Insurance companies consider older buyers as high risk, explaining the spike in prices. While this is true, you can still find cheap life insurance quotes in Oklahoma. Seniors typically need less coverage, in this case, $100,000. They are less likely to need insurance to cover for future income. Additionally, their children are already grown and do not need support in case of death.

According to MoneyGeek, the cheapest providers of life insurance in Oklahoma for seniors are, on average:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Oklahoma

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • Transamerica
    $71.79
  • AAA
    $72.34
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Oklahoma who is 5 ft 10 inches and 198 pounds that purchases a 10-year term contract at the average coverage need of $74,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Oklahoma?

Smokers in Oklahoma pay more for life insurance than non-smokers. Smokers are often considered high-risk due to the possibility of developing health-related issues. However, if you are a smoker who is still on average or in good health, you can find cheaper coverage in the state.

From the research done by MoneyGeek, the best life insurance companies in Oklahoma for smokers are, on average:

  • MassMutual: $99.23 per month
  • Nationwide: $100.01 per month
Best Life Insurance Companies for Smokers in Oklahoma

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  • Company
    Monthly Cost
  • MassMutual
    $99.23
  • Nationwide
    $100.01
  • Transamerica
    $108.19
  • Mutual of Omaha
    $108.40
  • State Farm
    $124.44
  • Progressive Life
    $152.34
  • Prudential
    $160.94
  • AAA
    $182.16

Rates were determined by analyzing quotes for a 30-year-old male smoker in Oklahoma who is 5 ft 10 inches and 198 pounds that purchases a 20-year term contract at the average coverage need of $602,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Oklahoma Life Insurance Laws You Should Know

To find the best life insurance coverage in Oklahoma, you may need to compare quotes. You will also need to familiarize yourself with the statutory laws. According to the State Insurance Code of Oklahoma, the following are some of the laws that apply to life insurance:

  • Free look period - This is the time given to a policy buyer to go through the guidelines before deciding to purchase coverage. In Oklahoma, there is no statutory requirement for the free look period.
  • Grace period for missed payments - If you fail to pay your life insurance premiums by the due date in Oklahoma, you will be given a 30 days grace period.
  • Time allowable to settle a claim - Life insurance companies in Oklahoma have 75 days to review claims and determine whether to process them.
  • Bankruptcy Protection - In Oklahoma, life insurance policies are backed by the state’s Life and Health Insurance Guarantee Association, so your beneficiaries will receive their dues even if the insurer goes bankrupt.
  • Contestable Period - This period refers to one or two years after your policy goes into effect. During this period, your insurer reviews your coverage for anything that you may have missed during the application process.

Methodology

To find the right life insurance coverage amount for residents of Oklahoma, MoneyGeek considered various factors, including the average personal debt, average age, average mortgage rate and per capita income from the U.S.Bureau of Economics. The cost of coverage differs for every buyer, as some may need less coverage than others based on specific factors.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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