Updated: May 22, 2024
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If you have a life insurance policy, your family and loved ones won’t have to face financial troubles after you pass away. It’s best to shop around and compare quotes from different life insurance companies in Tulsa to find the right one for your needs.
In this guide, MoneyGeek researched different companies offering life insurance quotes in Tulsa and found the ones offering the cheapest policies based on your gender, age and smoking habits.
BestLife InsuranceTulsa, OKBest Life Insurance Companies in Tulsa, OK, for 2023
Your life insurance premiums can vary depending on your gender and the coverage amount. In Tulsa, Mass Mutual offers the most affordable $250K coverage amount policy for men and women, charging $10 and $9 per month, respectively.
While it costs less to buy a policy with $250K worth of coverage, it may not be enough. For buyers in Oklahoma, MoneyGeek recommends having a policy with at least $602K worth of coverage. We determined this amount after analyzing the cost of living, average income, average personal debt, average age and other state-specific factors.
Our research shows that Mass Mutual is the cheapest option for men for this coverage amount, with an average cost of $16 per month. For women, Nationwide is the most affordable option, charging an average of $13 per month.
Cheapest For | $250K Coverage | $602K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | MassMutual | Nationwide |
Your gender can play a significant role in determining your life insurance costs. Compared to the average cost of life insurance in Oklahoma, men pay an average of 2% more for a policy. On the other hand, women spend about 6% less.
In Tulsa, men pay an average of $19 per month for a $250K coverage amount policy, while the same policy costs women $15 per month. This difference in costs is more significant when we look at the cost of 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 and average personal debt and average age.
For the recommended coverage amount, men pay an average monthly cost of $37, while women spend an average of $28 per month for the same policy.
On the other hand, the cost of a 10-year term policy for men in Tulsa is $25 per month, while it’s $19 per month for women.
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $16 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $16 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $17 |
| Transamerica | Rates for $250K Coverage$15 | Rates for $926K Coverage (Recommended) $28 |
| AAA | Rates for $250K Coverage$20 | Rates for $926K Coverage (Recommended) $39 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $13 |
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $13 |
| Transamerica | Rates for $250K Coverage$12 | Rates for $926K Coverage (Recommended) $22 |
| State Farm | Rates for $250K Coverage$18 | Rates for $926K Coverage (Recommended) $27 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Tulsa 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.
One of the primary factors affecting your life insurance costs is your gender. MoneyGeek found that the insurers generally charge less to insure women because they have a longer life expectancy than men. Since men are more likely to indulge in risky behaviors, take on dangerous adventures, develop heart disease and commit suicide, they tend to die earlier.
However, data shows that more men buy life insurance than women. A life insurance policy can also be incredibly beneficial to women, allowing them to settle any debts, cover medical expenses and leave behind a legacy.
In Oklahoma, the three most popular insurance companies based on market share are Northwestern Mutual (7%), Mass Mutual (7%) and New York Life (6%). MoneyGeek’s research shows that the seven most popular companies in the state make up 37% of the insurance market.
We listed the seven most popular insurance companies in the table below.
| Northwestern Mutual | Market Share7% |
| MassMutual | Market Share7% |
| New York Life | Market Share6% |
| State Farm | Market Share6% |
| Lincoln Financial | Market Share4% |
Market share is defined as a particular company’s percentage of an industry’s entire sales. It shows how popular a company is among the consumers. Having a high market share for an insurance company means that the company sells more policies. MoneyGeek’s market share data is collected from the 2020 S&P Global data reports and based on total premiums written in the state.
MoneyGeek found that the cost of a policy for youngsters in Tulsa can range from an average of $15 per month to $32 per month. On average, our research shows that the following companies offer the cheapest policies for young people in the city:
We listed other cheap options for young people in Tulsa 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 Tulsa who is 5 feet 10 inches in height and weighs 169 pounds with 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.
The insurers generally charge less money to insure youngsters (25 years old or younger). As you age, your insurance premiums start increasing. That’s why purchasing a life insurance policy while you’re young is one of the best ways to save money on your policy.
In Tulsa, the cost of life insurance for seniors ranges from an average of $39 per month to $81 per month. MoneyGeek researched the following insurers offering the most affordable policies for seniors in the city on average:
We listed the other cheap options for seniors in Tulsa in the table below.
| MassMutual | Monthly Cost$39 |
| Mutual of Omaha | Monthly Cost$44 |
| Nationwide | Monthly Cost$45 |
| State Farm | Monthly Cost$52 |
| Progressive Life | Monthly Cost$70 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Tulsa 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.
The insurance companies generally consider it risky to insure seniors because their policy is expected to outlive them. Also, it’s unnecessary to buy a policy with a higher coverage amount for older people, as their children are likely financially independent. Most of the amount would cover the medical debt, funeral arrangements and burial expenses. That’s why MoneyGeek’s sample policy coverage amount for seniors is worth less than for other groups.
If you’re a smoker in Tulsa, the average life insurance cost can range from $101 per month to $185 per month. MoneyGeek analyzed different insurance companies and found that, on average, the following companies offer the cheapest policies for smokers in the city:
The table below lists other affordable options for smokers in Tulsa.
| MassMutual | Monthly Cost$101 |
| Nationwide | Monthly Cost$102 |
| Transamerica | Monthly Cost$110 |
| Mutual of Omaha | Monthly Cost$110 |
| State Farm | Monthly Cost$126 |
Rates were determined by analyzing quotes for a 30-year-old male smoker in Tulsa who is 5 feet 10 inches tall and weighs 198 pounds with a 20-year term contract at the average coverage need of $602,000.
Since smokers are more likely to develop lung disease and certain types of cancers, insurance companies charge higher rates to insure them. If you’re a smoker in Tulsa, MoneyGeek recommends you buy a longer (20-year) term policy, as the premiums increase significantly as you age.
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.
