Oklahoma Life Insurance

Oklahoma Life Insurance is designed to provide for your family in the event of your death. Oklahoma Life Insurance can be used to pay for final arrangements, estate taxes, and make up for the lack of your income for years to come. The Oklahoma State Department of Insurance oversees the sale of Oklahoma Life Insurance. It is the responsibility of the Department to see that all providers are properly licensed. The DOI also makes available certain guaranteed protections for Oklahoma Life Insurance consumers. You should be aware of these regulations as you shop for Oklahoma Life Insurance.    

Why Do I Need Oklahoma Life Insurance?

You may wonder why do I even need Oklahoma Life Insurance? Take a look at these figures.

Oklahoma is ranked 44th out of 50 states and the District of Columbia in Life Expectancy, with an average life expectancy of 75.2 years.  For every 100,000 people in Oklahoma, almost 1,200 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to 2,600, and at 75 to 84 nearly 6,000 Oklahomans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Oklahoma can be found at: http://www.cdc.gov/nchs/pressroom/data/Oklahoma09.pdf

For more reasons why you should apply for Oklahoma Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

Oklahoma Life Insurance Specifics

The insurance industry in Oklahoma is regulated by The State Insurance Code of Oklahoma. The state uses this code to regulate claims and provide certain provisions to protect Oklahoma Life Insurance consumers. Such as:

Grace Period: A 30-day grace period is allowed on all late payments under The Oklahoma State insurance code. If you miss a premium payment for any reason, all Oklahoma Life Insurance providers must give you 30 days to bring the account current before the insurer can cancel the policy for non-payment.

Oklahoma Life Insurance companies are also protected to some degree by State Statutes. These regulations are put in place to prevent insurance fraud. Insurance fraud is a serious crime. Many Oklahoma Life Insurance providers have zero tolerance for suspected insurance fraud. Even unintentional misstatements can result in revocation of your policy, leaving your family unprotected. Insurance companies can challenge any information you put on your Oklahoma Life Insurance application for up to 2 years.

In the event of the discovery of any discrepancies or non-disclosures, especially regarding tobacco use, the life insurance policy may be terminated immediately. Allowances for misstatement of age are given, and may be corrected without penalty at any time while the Oklahoma State Life Insurance policy is in effect.

Oklahoma Life Insurance State Resources

Oklahoma Department of Insurance  - The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Oklahoma Life Insurance industry. 

Oklahoma Life & Health Insurance Protection Association - State guaranty associations are there to provide protection and continuing Oklahoma Life Insurance coverage, even in the event that a life insurance company becomes insolvent.

Oklahoma Life Insurance Company Ratings - These companies provide ratings for Oklahoma Life Insurance Companies based on financial strength and past performance.

Related Information

Guide to Life Insurance Death Benefit vs. Annuity

A life insurance policy and an annuity pay benefits differently. A life insurance death benefit is usually not taxable, while an annuity benefit is.

Read More

Purchasing Life Insurance in Ohio

Find out what you can expect when buying a life insurance policy in Ohio.

Read More

Typical Life Insurance Exclusions and Limits

Life insurance pays out a death benefit when you die, but there are a few common exclusions that could prevent your beneficiaries from receiving any money.

Read More

Convertible Term Life Insurance

A convertible term life insurance policy allows you to change it to a permanent policy at some point during the life of the policy.

Read More

How to Calculate Your Life Insurance Needs

Before purchasing life insurance, calculate how much money your family will need if you die unexpectedly. Learn how to evaluate your life insurance needs.

Read More

Seniors and Life Insurance | Finding the Right Policy

If you're a senior, a life insurance policy can help protect your family members from being stuck with a number of expenses, including funeral costs.

Read More

Which Insurance Policies Aren't Worth It

What is the true value of different types of insurance? Learn more about the downsides of policies such as car rental insurance and cell phone insurance.

Read More

What Does Life Insurance Cover?

Yes, life insurance can help cover funeral expenses. Here's what else you should know before you purchase a policy.

Read More

Why You Should Have Life Insurance Coverage

Here are 7 essential reasons for you to have life insurance. Compare term and whole life insurance and find a policy that's right for you and your family.

Read More