10 Best Life Insurance Companies in Oklahoma

Life insurance companies in Oklahoma can help your family when they need it most.

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10 Best Life Insurance Companies in Oklahoma

Key Terms

  • A life insurance policy is one of the best investments you can make for you family’s financial future.
  • Life insurance is the best way to protect your loved ones when you pass away.
  • Oklahoma life insurance companies can help you find a policy to suit your needs and budget.

Oklahoma is known as the Sooner State and is located in the southern United States. It’s bordered by Kansas to the north, Arkansas to the east, Texas to the south, and New Mexico to the west. With a population of 3.94 million people, it’s the 28th-most populous state. The largest city in Oklahoma is Oklahoma City which has a population of 649,021 residents. Oklahoma City is also the state capital.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Oklahoma is approximately 74.1 years which is significantly lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Oklahoma have been heart disease, cancer, and Covid-19. The homicide rate in Oklahoma is around 9.0 homicides per 100,000 residents, which is higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Oklahoma, the 90th percentile income is currently $80,740. The median income in the state is approximately $37,500. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Oklahoma, this works out to around $807,400 – $1,614,800 dollars for most people.

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How life insurance works in Oklahoma

Life insurance is not as complicated as many people think. In fact, it’s really quite easy to understand. The way it works is that you pay a premium to the insurance company , and the company pays a benefit to your beneficiaries if you die. There are different types of life insurance policies, but the two most common are term life and whole life.

Term life insurance is the most basic type of life insurance. You pay premiums for a set period of time, usually 10, 20, or 30 years. If you die during that time, your beneficiaries receive a death benefit. If you don’t die during that time, the policy expires.

Whole life insurance is a more complex type of life insurance that mixes investing and insurance (generally not a great idea). You pay premiums for your entire life, and your beneficiaries receive a death benefit when you die. Whole life insurance also has a cash value component, which grows over time. You can use the cash value to pay premiums, or you can take it out as a loan. Most people would be better off purchasing cheap term life insurance and investing the difference.

Most policyholders get life insurance quotes to start the process, typically from a life insurance agent. Make sure your agent works with an independent insurance agency and has met licensing requirements outlined by the relevant Oklahoma insurance department. Some agents may be licensed to sell multiple insurance products, but make sure they have experience with life insurance coverage specifically.

Outside of term life policies, more advanced policies come with additional riders sometimes. This can include annuities, long term care protection, or accidental death riders. These may only be available with permanent life insurance options like a whole life policy or a universal life insurance policy. Make sure to look up any offerings and exlcusions if you go this route.

In terms of purchasing life insurance, you have a few options. You can shop around online for quotes, or you can contact an insurance company. In almost all cases, it’s best to consult with a licensed insurance agent before signing up for a life insurance policy. An insurance company can help you understand your options and find the right policy for your needs.

10 Biggest life insurance companies in Oklahoma

Oklahoma life insurance companies ranked by premiums written in the state.

RankCompany NameOklahoma
Premiums Written
Market Share
2Mass Mutual Life Ins$100,948,7856.09%
3New York Life$100,547,7876.06%
4Northwestern Mutual$87,868,5715.30%
5State Farm$72,430,8164.37%
7Lincoln National$67,930,3094.10%
8Sammons Enterprises$66,061,9053.98%
9Dai‐Ichi Life Holdings Inc$47,045,3902.84%
10Zurich Ins$43,983,5762.65%

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How much life insurance do you need in Oklahoma?

The 90th percentile salary in Oklahoma is approximately $80,740. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In Oklahoma that works out to around $807,400 – $1,614,800. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

Oklahoma life insurance laws

There are a few unique features with respect to Oklahoma Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • The Free Look Period: This is a period when you can test-drive your policy and find out if it meets your needs. You can return your policy within this period for a full refund. In Oklahoma, there is no required free look period, however many policies will still offer them.
  • Grace Period: Oklahoma allows for a 30-day grace period for customers to settle due payments, during which time the insurance company cannot block a claim.
  • Contestable Period: When you file a claim, insurance providers must verify all relevant information and documents for inconsistencies and inaccuracies within a certain amount of time, after which the policy becomes incontestable. This period is a maximum of two years in Ohio.
  • Time Allowed to Settle Claims: Once a life insurance company in Oklahoma receives a claim with satisfactory proof, by law, it has a duration of 75 days to process the settlement. Delays can result in interest accruing on payments and other penalties.
  • Guaranteed Death Benefit: In Oklahoma, life insurance policies are backed by the state’s Life and Health Insurance Guarantee Association, so your beneficiaries will receive their dues even if the insurer goes bankrupt.

A lot of us don’t like to talk about life insurance, because it makes us think about our own mortality. However, life insurance is a very important topic that we should all be well-informed about. The main purpose of life insurance is to protect our loved ones financially in the event of our death. It can help cover things like funeral costs, outstanding debts, and other final expenses. It can also provide financial security for our loved ones when we are no longer around to take care of them.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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