Life Insurance in Tulsa and Other Oklahoma Areas

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Buying Life Insurance in Tulsa is Easier Than You Think!

“At its best, life is completely unpredictable.” – Christopher Walken

While we can plan every step of the way, at the end of the day, Mr. Walken is right. Unfortunately, we don’t know what will happen in our life - including when it will come to an end. That’s why life insurance is so important for you and your family. We never know when we might go, and the best thing we can do for those we love is to do what we can to prepare for everything life can throw your way. 

If you’re considering life insurance in Tulsa, and are wondering where to start, we’re here to help!

What are the Advantages of Life Insurance?

Insurance gives you peace of mind. If there is anyone that will be financially impacted by your loss, whether that be by funeral expenses, sudden loss of income, or inheritance of debt, life insurance helps alleviate any financial burdens.

Once the original expenses are paid, if there is still money left from the payout, the money becomes like an inheritance. Larger benefits could pay off a home or go towards education and other expenses for children. 

After losing a loved one, money should be the last thing you should have to worry about. That’s where life insurance comes in.

Not sure that life insurance is a good fit for you right now? Check out more of the benefits here!

What Does it Cover?

Life insurance coverage varies from policy to policy, but typically, there are two main variations: how the beneficiaries can use the money, and what causes of death are covered. 

Most often, beneficiaries are able to use the money however they choose. This could include:

  • Paying off debts
  • Education costs
  • Daily expenses
  • Care for dependents
  • Funeral or medical costs
  • And more

Life insurance policies usually cover deaths caused by: 

  • Natural causes
  • Accidents
  • Homicide (except if the beneficiary played a role)
  • Suicide (if covered, usually only after a period of time after purchasing the policy, i.e. 2 years)

Life insurance will not cover you if your plan is expired, you die committing a crime, you die during an exclusionary activity (i.e. you’ve lowered your premiums by specifying that you won’t be covered if you die during high-risk sports), or if you’ve committed insurance fraud. 

Want more information on life insurance in Tulsa and other Oklahoma areas? Check out the Oklahoma Department of Insurance!

The Cost of Life Insurance in Oklahoma

No one’s life is the same, which means there are several factors that affect life insurance rates. Depending on the coverage you’re looking for, how much you want to leave for your beneficiaries, and your lifestyle, you may be paying more or less than the average Oklahoma resident. In Oklahoma, life insurance premium is $49 per month or $598 per year on average, which is lower than the national $631 average. 

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What Factors Affect Life Insurance Premiums?

Just like when you purchase home or car insurance, your personal details and situation impacts the cost of life insurance. Most changes on life insurance rates in Tulsa Oklahoma are caused by:

Age — With a longer life expectancy and a perceived lower risk, younger Oklahomans can expect lower rates. Another perk is that your rates on your policy are typically locked in after purchase—meaning that if you buy life insurance earlier in life, you enjoy the lower price for the full length of the policy. As you grow older, the rates of life insurance will almost always increase.

Sex — With a longer life expectancy (and therefore more years to pay premiums) women often receive slightly lower rates than men.

Health HistoryYour own personal health history is only one factor. Your family health history impacts how much you pay for life insurance in Tulsa as well. Some policies mandate a health exam before they’ll decide on your rates and policy, although there are insurance carriers that offer coverage with no exam too. Typically, these have a higher premium.

Hobbies — Avid knitters and painters, have no fear. Your more common and safe hobbies won’t impact your life insurance. However, if you often participate in high-risk activities, such as skydiving, motorcycle racing, mountain climbing, or other extreme sports and potentially dangerous hobbies, you may find your rates are more than your friends who prefer to get lost in a book and crochet.

Smoking HistorySmoking comes with health risks, and health risks are not music to the life insurance company’s ears. If you are a smoker or smoked in the past, anticipate having a higher rate.

Policy Type — Permanent/whole life policies are usually higher versus a term life. However, other policy types within Whole insurance have their own premiums.

Bundling — You can often save on life insurance if you have all of your policies, like home or auto, with the same company. Bonus!

Interested to see what rates could be for you? G&G Independent Insurance can get you a quote to fit your needs today!

Happy Family

What are the Differences Between Term and Whole Life Insurance?

The two most general types of life insurance are Term and Whole (also called Permanent).

With Term life insurance, you select a policy that protects you for a set time like 10, 20, 30 years, etc. If you die during that time, the insurance policy is paid out. If, however, you are still living when the policy expires, you are no longer covered and no benefits are paid. From there, you can purchase a new policy if you want.

Whole life insurance has no expiration date. It is in effect for your entire life with a guaranteed payout when you die. It even can be used in investing and can operate as a temporary loan service. Note though, that this will affect how much is paid out to your beneficiaries when you pass. 

Term life insurance is cheaper than whole life insurance, but it carries certain limitations. If you’re wondering which option is a better fit, reach out to us! We’d be happy to talk about which policy type would work best for you and your family.

Where Do I Start? A Step-By-Step Guide

    • Determine which category of life insurance policy is the best for your situation: Term or Whole.
    • Total your current monthly costs, planned future expenses, and estimated funeral costs to help determine how much money your loved ones would need if you unexpectedly died. Then multiply this by the number of years you want to protect them financially. This estimates how much coverage you would want included in your policy.
    • Shop your needs and gather different quotes. G&G Independent Insurance offers over 50 different insurance companies to choose from!
    • Talk to an advisor and sign the dotted line! Our agents can walk you through any questions you might have. We’ll search our policy options for you so you have peace of mind for your loved ones. 

 

If you’d like some more info, check out our article Things to Know Before Shopping for Life Insurance!

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