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Oklahoma Life Insurance

Purchasing an Oklahoma life insurance policy is one of the most important steps you can take to protect your family in the event if your death.

InsureMe is here to help you take that step by providing you with up to five free quotes from agents in your area. By comparing rates, you will be able choose the right Oklahoma life insurance for you.



Understanding Oklahoma Life Insurance


What is Oklahoma life insurance?

Oklahoma life insurance is sold by insurance companies to provide financial support for your dependants in the event of your death.

How much life insurance do I need?

Unfortunately, there is no magic formula to determine how much Oklahoma life you need. In order to come up with a ballpark figure, you will want to consider how much money is needed for the following:

Income Replacement—Your Oklahoma life insurance will help to replenish the funds which may be lost if you die. It can also compensate for lost benefits, or be put towards retirement savings for the surviving spouse.

Pay off Debts and Long Term Obligations—Your Oklahoma life insurance will help pay last expenses such as funeral and burial costs, estate tax and unpaid medical bills. You can also use your Oklahoma life insurance to pay of a mortgage or fund college tuition.

Charitable Contributions—You may also choose to donate the proceeds from your Oklahoma life insurance policy to a favorite charity or organization. Or, you may wish to set up a specialty foundation with the assets.

Once you have determined your needs, you will want to figure out what assets you already have to put toward those needs. Such assets could include cash, savings, Social Security and pension.

When you have determined your assets, you will want to subtract that amount from your total expenses. This will give you an estimate of how much Oklahoma life insurance you need to protect your family.

What kind of Oklahoma life insurance should I buy?

The most common types of Oklahoma life insurance are term and whole life insurance.

Term Life Insurance

Quite simply, term life insurance provides coverage for a specific period of time, or "term".  Terms generally last anywhere from 1 to 30 years and must be renewed. Term life is the most popular form of Oklahoma life insurance because it is beneficial for covering expenses that will be alleviated with time such as a car or school loan.

It is important to understand that term life insurance does not build cash value and only pays a death benefit if the insured dies during the specified term.

Whole Life Insurance

Whole life policies are also a good choice for Oklahoma life insurance because they offer you lifelong protection. As long as you continue to pay the premiums, you will remain covered under the whole life policy.

Whole life policies are primarily characterized by cash values and dividends. If your Oklahoma whole life insurance builds cash value, you may borrow against it as you like. However, if you do not pay back what you have borrowed, your beneficiaries will receive a reduced death benefit.

It is important that you understand the facets of both forms of life insurance to make the right choice for your family. Be sure to direct any and all questions to your Oklahoma life insurance agent before purchasing a policy.

What if I buy an Oklahoma life insurance policy and decide I don't want it?

Most life insurance companies adopt a "free look" policy. The "free look" policy gives you the right to return your Oklahoma life insurance for a full refund if you so choose. Most "free look" periods last for 10 days, starting from the day you received your policy by mail.

What if I still have questions?

For more questions on Oklahoma life insurance, contact the Oklahoma Department of Insurance in Oklahoma City at (800) 522-0071, or in Tulsa at (800) 728-2906.

Plan for the Future Today.

Life is unpredictable. Protect yourself accordingly. Enter your information to the right and receive up to five free Oklahoma life insurance quotes today.


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