Best Life Insurance Companies in Oklahoma City, OK

MoneyGeek researched different companies offering life insurance quotes in Oklahoma City and found that the best option for a policy is MassMutual. The company is also the best option if you’re a senior or a smoker. For youngsters, Mutual of Omaha offers the cheapest policies.

Our research shows that life insurance costs in the city range from an average of $10 per month for a policy with $250K in coverage to $16 per month for a policy with the state’s recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

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2023

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

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Best Cheap Life Insurance in Oklahoma City

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 Life Insurance Companies for Males and Females in Oklahoma City
  • Cheapest For
    $250K Coverage
    $602K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Oklahoma City for Men and Women

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.

Average Monthly Life Insurance Rates in Oklahoma City: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $10
    $16
  • Nationwide
    $11
    $17
  • Mutual of Omaha
    $11
    $17
  • Transamerica
    $16
    $29
  • AAA
    $20
    $40
  • State Farm
    $24
    $41
  • Progressive Life
    $23
    $43
  • Prudential
    $27
    $62
Average Monthly Life Insurance Rates in Oklahoma City: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $13
  • Mutual of Omaha
    $11
    $14
  • MassMutual
    $9
    $14
  • Transamerica
    $12
    $23
  • State Farm
    $19
    $29
  • Progressive Life
    $18
    $31
  • AAA
    $16
    $32
  • Prudential
    $19
    $43

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.

woman icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Oklahoma

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.

Most Popular Life Insurance Companies in Oklahoma

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  • Company
    Market Share
  • MassMutual
    7%
  • Northwestern Mutual
    7%
  • State Farm
    6%
  • New York Life
    6%
  • Prudential
    4%
  • Lincoln Financial
    4%
  • Zurich
    3%
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MONEYGEEK DICTIONARY

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.

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Cheapest Life Insurance for Young People in Oklahoma City

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.

Best Life Insurance Companies for Young People in Oklahoma City, OK

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $15
  • MassMutual
    $16
  • Transamerica
    $16
  • Nationwide
    $19
  • AAA
    $23
  • State Farm
    $24
  • Progressive Life
    $31
  • Prudential
    $32

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Oklahoma City

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.

Best Life Insurance Companies for Seniors in Oklahoma City, OK

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  • Company
    Monthly Cost
  • MassMutual
    $40
  • Mutual of Omaha
    $45
  • Nationwide
    $46
  • State Farm
    $54
  • Progressive Life
    $72
  • Transamerica
    $75
  • AAA
    $76
  • Prudential
    $83

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.

seniors icon
LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Oklahoma City

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.

Best Life Insurance Companies for Smokers in Oklahoma City, OK

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  • Company
    Monthly Cost
  • MassMutual
    $104
  • Nationwide
    $104
  • Transamerica
    $113
  • Mutual of Omaha
    $113
  • State Farm
    $130
  • Progressive Life
    $159
  • Prudential
    $168
  • AAA
    $190

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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Methodology

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 the Author


Mark Fitzpatrick headshot

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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