Choosing the right life insurance protection for yourself and your family in Oklahoma can be daunting. You don't have to wait to contact an insurance agent to learn more about your many insurance options. Read on to learn about life insurance types, quotes and cost; find out how to get life insurance coverage.
Most people don't consider purchasing life insurance for themselves until they settle down and have a family. More and more people wait until they reach their 30s before they marry and have children. Thus, many of them forego years' worth of accumulated coverage.
In Oklahoma, life insurance takes on a new meaning when you consider the life expectancy of someone living in this great state is nearly seven years shorter than that of someone living in Hawaii. And with funeral costs only increasing, no one wants to leave their family wondering how they will pay for burial expenses. That's why so many Oklahomans opt for a life insurance policy to care for their loved ones at a time of need.
Thousands of insurance companies on the market, some of them headquartered right here in Oklahoma, offer two broad coverage options: term and permanent life insurance.
Which type of policy you choose depends on your family’s needs. Term and permanent life insurance policies come in a variety of packages, each with its own stipulations and coverage options. It's best to work with a knowledgeable insurance agent to help you determine which is best for you and your family, but before you do that, be sure to learn their key differences.
Term life insurance is available in two basic varieties from most Oklahoma insurance companies: level term and decreasing term. A level term policy, the most common type, pays the same benefit amount if death occurs at any point during the term; while a decreasing term policy pays less the closer you come to the end of the term.
You can renew term policies on a yearly basis, every other year, every five years and up to every 30 years. The most popular type is the 20-year term policy. Be aware that most companies will not sell term insurance for a term that ends past an individual’s 80th birthday.
Some term policies are convertible, meaning that you can change them into permanent life insurance without having to prove your insurability. Be sure to ask your agent about this feature, especially if you anticipate significant life changes in the future such as getting married and having children.
Permanent life, sometimes called whole life insurance, pays a death benefit to your Oklahoma beneficiaries following your death – there is no age limit. There are three major types of permanent life insurance: traditional whole life, universal life and variable universal life, with variations within each type.
As a basic rule, if you want an investment tool with your life insurance, a permanent policy is the choice for you. If you desire only the death benefit, a term policy is the better option.
A tragic event can strike anyone, young and old, at any time. And if you're young, you'll save considerably on a life insurance policy versus waiting until you're older or have an illness. There also other things to consider when deciding the right time to get life insurance:
If you answered yes to one or more of these questions, you could use a life insurance policy to save your family or loved ones from having to carry unnecessary burdens after your death. Would your spouse be able to pay your debts? Will your children be able to afford college tuition? Would your parents have to enter a nursing home? The right life insurance policy will lessen these worries for you and them.
The cost of your life insurance quote depends on a number of things. Oklahoma insurance companies consider several factors when calculating the quotes for your insurance policy. Let's consider the main variables used to determine the cost of permanent insurance first:
For term life insurance, most Oklahoma insurance companies not only consider the above factors in determining your premium, but they also take the following into account:
Now that you know a little more about the various types of life insurance available in Oklahoma, you may be ready to receive some quotes on various policies. When you contact a knowledgeable independent insurance agent from the Trusted Choice® network, you can be sure their years of experience will find you the best coverage at the most affordable price.
Contact an agent in your neighborhood for more information.