Best Life Insurance In Oklahoma

When it comes to protecting your loved ones and securing their financial future, life insurance is an essential investment. However, with so many options available, it can be overwhelming to choose the right policy and provider. If you’re a resident of Oklahoma, you’re in luck! In this blog post, we’ll be discussing the best life insurance companies in Oklahoma that offer reliable coverage, competitive rates, and excellent customer service. Whether you’re looking for term life insurance, whole life insurance, or any other type of policy, we’ve got you covered. So, let’s dive in and explore your options!

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Oklahoma Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Oklahoma

Condition Deaths in 2021
Heart Diseases 14,868
Cancer 8,555
External Causes 4,433
Lung Diseases 4,133
Nervous System Diseases 3,113

Life Insurance Laws In Oklahoma

Oklahoma’s life insurance laws are governed by Title 36 of the Oklahoma Statutes.

  • 10-day free look period (36 OK Stat. Ann. 4003.1)
  • 30-day grace period (36 OK 4003)
  • Claims that take longer than 30 days to settle are subject to interest (36 OK 4030.1)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Oregon’s life insurance laws and Pennsylvania’s life insurance laws are nearly identical to those of Oklahoma).

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So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In Oklahoma

In the state of Oklahoma, the life insurance industry is thriving. The table provided showcases the top 50 companies in the state based on their 2022 premiums. These premiums provide an insight into the market share and prominence of each company in Oklahoma.

At the top of the list is Metropolitan Group, with 2022 premiums amounting to $105,370,216, accounting for a market share of 6.4%. Not far behind is Mass Mutual Life Insurance Group, securing the second position with premiums worth $100,948,785 and a market share of 6.1%. The New York Life Group closely follows with $100,547,787 in premiums, also reflecting a 6.1% market share.

The Northwestern Mutual Group takes the fourth spot, having earned $87,868,571 in premiums, contributing to a 5.3% market share. In fifth place is the State Farm Group, generating $72,430,816 in premiums, firmly holding onto a 4.4% market share.

Prudential Of America Group and Lincoln National Group come in sixth and seventh place, respectively, with premiums amounting to $70,379,564 and $67,930,309. Both companies possess a market share of 4.3% and 4.1% each. Sammons Enterprises Group maintains the eighth position, boasting $66,061,905 in premiums and a 4.0% market share.

In ninth place is the Dai‐Ichi Life Holdings Group with $47,045,390 in premiums and a market share of 2.8%. Zurich Insurance Group rounds out the top 10, accumulating $43,983,576 in premiums and maintaining a 2.7% market share.

The remaining companies on the list, from Mutual Of Omaha Group to Oneamerica Financial Partners Group, each make substantial contributions to the life insurance market in Oklahoma. Despite they have more modest market shares ranging from 0.5% to 2.4%, their presence ensures a competitive marketplace that offers a wide range of options for consumers seeking life insurance coverage.

Overall, this table highlights the diversity and competitiveness of the life insurance industry in Oklahoma. With numerous companies vying for market share, consumers can have confidence that they will find reliable, reputable, and competitive life insurance options in the state.

Rank Company 2022 Oklahoma Premiums Oklahoma Market Share %
1Metropolitan Group$105,370,2166.4%
2Mass Mutual Life Insurance Group$100,948,7856.1%
3New York Life Group$100,547,7876.1%
4Northwestern Mutual Group$87,868,5715.3%
5State Farm Group$72,430,8164.4%
6Prudential Of America Group$70,379,5644.3%
7Lincoln National Group$67,930,3094.1%
8Sammons Enterprises Group$66,061,9054.0%
9Dai‐Ichi Life Holdings Group$47,045,3902.8%
10Zurich Insurance Group$43,983,5762.7%
11Mutual Of Omaha Group$39,587,5092.4%
12Minnesota Mutual Group$38,937,8712.4%
13Iowa Farm Bureau Group$33,745,5222.0%
14John Hancock Group$30,399,2471.8%
15Primerica Group$29,066,6441.8%
16Globe Life Group$28,339,8751.7%
17Aegon US Holding Group$27,527,4811.7%
18American International Group$23,715,6201.4%
19Unum Group$20,624,9371.2%
20Hartford Fire Cas Group$20,395,7351.2%
21Guardian Life Group$20,366,9251.2%
22Pacific Life Group$19,993,0711.2%
23Penn Mutual Group$18,923,9901.1%
24Equitable Holdings Group$18,137,1001.1%
25Wilton Re Group$17,538,7581.1%
26American Fidelity Corporation Group$15,462,9640.9%
27Homesteaders Life Company$14,533,3640.9%
28HCSC Group$14,297,6030.9%
29Ohio National Life Group$13,893,8850.8%
30West Southern Group$13,783,3680.8%
31American National Financial Group$13,765,1530.8%
32Cuna Mutual Group$13,395,7970.8%
33Principal Financial Group$13,012,5010.8%
34Brighthouse Holdings Group$12,953,4500.8%
35Voya Financial Group$12,262,6170.7%
36United Services Automobile Association Group$11,119,5210.7%
37Banner Life Group$11,106,1420.7%
38Shelter Insurance Group$11,106,0690.7%
39Thrivent Financial For Lutherans$10,696,5730.7%
40Meiji Yasuda Life Insurance Group$10,691,5230.6%
41AAA Life Group$10,340,1600.6%
42National Life Group$10,334,9020.6%
43Sun Life Assurance Company Of Canada Group$10,198,2800.6%
44Genworth Financial Group$10,131,4830.6%
45Knights Of Columbus$10,021,6490.6%
46Modern Woodmen Of America$9,717,5110.6%
47Allianz Insurance Group$9,656,0660.6%
48Nationwide Corporation Group$8,762,6940.5%
49Sumitomo Life Insurance Group$8,610,2040.5%
50Oneamerica Financial Partners Group$8,004,9580.5%