Best Life Insurance Companies in Oklahoma City, OK, for 2023

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.

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.

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.

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.

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.

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:

• Mutual of Omaha: $15 per month
• Mass Mutual: $16 per month

MoneyGeek listed other most affordable options for young people in the city in the table below.

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.

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:

• Mass Mutual: $40 per month
• Mutual of Omaha: $45 per month

We listed the other cheapest insurers in the table below.

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.

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:

• Mass Mutual: $104 per month
• Nationwide: $104 per month

The table below lists the other companies offering cheap life insurance for seniors.

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.

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.