Discussing life insurance can be uncomfortable, but it’s vital to ensure you and your loved ones are financially secure. You need a life insurance agent who is honest and offers competitive rates. We researched the best life insurance in Oklahoma City to help you start planning.
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How we chose the best
ConsumerAffairs thoroughly researched consumer reviews and company information.
Term life insurance for 5, 10, 15, 20 and 30 years
Coverage up to $3 million
Haven Life Plus rider with free and discounted benefits
Death can be unpredictable and leave many financial consequences in its wake.
Life insurance lessens these consequences for family and loved ones who are left behind. Life insurance policies provide funds to pay funeral and end-of-life medical expenses, serve as replacement income and cover mortgage payments and other debt.
There are two main types of life insurance in OKC: term life and whole life. The chart below highlights the key differences.
Term life insurance
Whole life insurance
Coverage for a specific period of time
Common terms of 10, 20 and 30 years
No cash value
Premium could remain level or increase
Typically less expensive than whole life
Coverage for life
Also known as permanent
Has cash value
Premium remains level through policy life
Typically more expensive than term life
Universal and variable life insurance policies are also available in Oklahoma City. Both of these are variations of whole life insurance that allow you more flexibility to adjust your policy and offer different investment options.
Life insurance policies become more expensive as you age, so it’s better to plan early rather than wait to purchase one. Premiums also increase in price if you are facing a serious illness or otherwise in poor health. Other factors that affect the cost of life insurance in Oklahoma City include:
Because of the importance and high value of life insurance policies, you want to ensure your provider is honest, offers competitive rates and has a history of financial strength.
Oklahoma City has local branches of major life insurance carriers like State Farm, New York Life Insurance Group, Allstate, MetLife, Prudential Financial and Farmers. There are also a handful of local companies that you can work with, such as Globe Life Insurance, Lynnae Insurance Group and Centennial Insurance Group.
Haven Life is a tech-oriented life insurance agency that offers term life insurance that you can purchase online. OKC customers can use the needs calculator to help determine their needs and get quick estimates on policy rates. Policies are issued by MassMutual and have level premiums, accelerated death benefits and renewability. According to the company, it takes an average of 25 minutes to apply, with customer support available by phone and online. A medical exam is not always required.
With Fabric, you can apply online for term life insurance in just 10 minutes. Choose a term of 10, 15 or 20 years and a coverage amount up to $5 million. Policies are issued by Vantis Life, a Penn Mutual company. OKC residents can start the process online or using the Fabric app and get an estimate in just a minute. Once you have coverage from Fabric, you can cancel it at any time.
Ladder focuses on fast and easy application for life insurance and affordable coverage with no hidden fees. Apply online and get coverage within minutes. Policies are issued by Fidelity Security Life Insurance Company and Allianz Life Insurance Company of New York. You can “ladder your coverage” up or down as needed through your account. The company provides referral bonuses up to $1,000.
Policygenius is an online company that gathers quotes from multiple agents in your area. After you fill out a short questionnaire online, the company provides premium rates and available coverage types based on your individual needs. Customers in Oklahoma City say using Policygenius is a pressure-free experience.
Globle Life Insurance
Globe Life Insurance, founded in Oklahoma City in 1951, has executive offices in Oklahoma City and McKinney, Texas. The company has an A+ rating with the Better Business Bureau and A.M. Best. It offers term, whole and children’s life insurance policies. Customers in Oklahoma City give the company high reviews for its affordable policies.
Lynnae Insurance Group
Lynnae Insurance Group was started locally in 2002 to provide a new approach to insurance in Oklahoma. It represents American National Property and Casualty Co. The company offers term, whole, universal and key man life insurance. Oklahoma City customers praise the company’s customer service and affordable rates.
ConsumerAffairs content is intended to be used for general information purposes only. Before you make any investment, it is very important to do your own analysis based on your own personal circumstances and consult with your own investment, financial, tax and legal advisors.