Updated: May 22, 2024
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A life insurance policy helps your family settle any debts and saves them from financial hardships after your death. Shopping around and comparing quotes from different life insurance companies in Oklahoma City can help you find a policy that best fits your needs.
In this guide, MoneyGeek analyzed the policies offered by the best life insurance companies in Oklahoma City and found the insurers providing the most affordable policies based on your age, gender and lifestyle.
BestLife InsuranceOklahoma CityBest Life Insurance Companies in Oklahoma City, OK, for 2023
Your policy coverage amount and gender play a role in determining your life insurance costs. In Oklahoma City, Mass Mutual offers the cheapest $250K coverage amount policy for men at an average price of $10 per month. It is also the most affordable option for women, with an average monthly cost of $9.
Buying a policy with $250K worth of coverage will be cheaper. However, it might not be sufficient. After analyzing the cost of living, average income, average personal debt, average age and other state-specific factors, MoneyGeek recommends having a policy with at least $602K worth of coverage.
For the recommended coverage amount, Mass Mutual offers the cheapest policy for men at an average cost of $16 per month. At the same time, Nationwide is the most affordable option for women, with an average monthly cost of $13.
Cheapest For | $250K Coverage | $602K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Your gender impacts the average cost of a life insurance policy. MoneyGeek’s data shows that, compared to the average life insurance cost in Oklahoma, men in Oklahoma City pay 4% more for a policy, while women in the city pay about 1% less for the same policy.
On average, men in Oklahoma City pay $20 per month for a policy with $250K worth of coverage, while women spend an average monthly cost of $16 for the same policy.
However, these costs change for a policy with the state’s recommended coverage amount, which is based on several factors such as per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. The average cost of a policy with $602K worth of coverage is $39 per month. For the same coverage amount, women pay an average price of $29 per month.
On the other hand, the insurers charge $25 per month to insure men with a 10-year term policy. For women, the average cost of a 10-year term policy is $20 per month.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$16 | Rates for $926K Coverage (Recommended) $29 |
| AAA | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $40 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $14 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $23 |
| State Farm | Rates for $250K Coverage$19 | Rates for $926K Coverage (Recommended) $29 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Oklahoma City using average buyer profile statistics, including the average age of 30, the average weight of 198 pounds for males and 157 pounds for females, and an average coverage need of $602,000.
The gender of the policyholders has a significant impact on the cost of a policy. Generally, women pay less than men because they often live longer. Since men are more likely to indulge in risky adventures, develop heart disease and commit suicide, they have lower life expectancy than women.
However, data shows that more men buy life insurance policies than women. A life insurance policy can be pretty beneficial for women, as it can help settle their debts, cover final expenses and leave a legacy.
In Oklahoma, the three most popular insurance companies as per the market share are Northwestern Mutual (7%), Mass Mutual (7%) and New York Life (6%). MoneyGeek's data shows that the seven most popular companies in the state make up 38% of the insurance market.
In the table below, we listed Oklahoma's seven most popular insurance companies.
| Northwestern Mutual | Market Share7% |
| MassMutual | Market Share7% |
| New York Life | Market Share6% |
| State Farm | Market Share6% |
| Lincoln Financial | Market Share4% |
A company's market share is defined as the percentage of the total sales of an industry that the company earns. It helps gauge the popularity of a company. If an insurance company has a high market share, it means it has sold more policies. MoneyGeek's market share data is collected from 2020 S&P Global data reports and based on total premiums written in the state.
For young people in Oklahoma City, the average cost of a life insurance policy ranges from $15 to $32 per month. MoneyGeek researched different insurers in the city and found the following options offering the cheapest policies for young people on average:
MoneyGeek listed other most affordable options for young people in the city in the table below.
| Mutual of Omaha | Monthly Cost$15 |
| MassMutual | Monthly Cost$16 |
| Transamerica | Monthly Cost$16 |
| Nationwide | Monthly Cost$19 |
| AAA | Monthly Cost$23 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Oklahoma City who is 5 feet 10 inches in height and weighs 169 pounds with a 20-year term contract at the average coverage amount of $250,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.
If you’re young (25 years old and younger), you may have to pay less for buying a life insurance policy. As you get older, the cost of a policy will increase. That’s why purchasing life insurance at a young age is one of the best ways to save money on a policy.
In Oklahoma City, the cost of life insurance for seniors can range from an average of $40 per month to $83 per month. MoneyGeek’s research shows that, on average, the following insurers offer the cheapest policy for older people in the city:
We listed the other cheapest insurers in the table below.
| MassMutual | Monthly Cost$40 |
| Mutual of Omaha | Monthly Cost$45 |
| Nationwide | Monthly Cost$46 |
| State Farm | Monthly Cost$54 |
| Progressive Life | Monthly Cost$72 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Oklahoma City who is 5 feet 10 inches tall and weighs 198 pounds with a 10-year term contract at the average coverage need of $74,000.
Insurance companies generally charge higher rates to insure seniors because they are more likely to fall sick and their policy is expected to outlive them. Also, since the children of older people are usually grown up and aren’t financially dependent on them, getting a policy with a lower coverage amount could be sufficient for them. That’s why the MoneyGeek sample coverage amount is less for seniors than other groups. The policy coverage amount is generally spent covering medical debt and funeral expenses.
On average, smokers in Oklahoma City can pay between $104 and $190 per month for a life insurance policy. MoneyGeek researched the average cheapest insurers for smokers in the city and found the following ranked the best:
The table below lists the other companies offering cheap life insurance for seniors.
| MassMutual | Monthly Cost$104 |
| Nationwide | Monthly Cost$104 |
| Transamerica | Monthly Cost$113 |
| Mutual of Omaha | Monthly Cost$113 |
| State Farm | Monthly Cost$130 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Oklahoma City who is 5 feet 10 inches tall and weighs 198 pounds with a 20-year term contract at the average coverage level of $602,000.
Since smokers are more likely to develop lung disease and other smoking-related ailments, the insurance companies charge high rates to insure them. The rates for smokers generally increase with age. That’s why MoneyGeek recommends buying a longer-term (20-year) policy.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
