Oklahoma Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

For many, life insurance is an invaluable investment, seeing as it provides the family of the policyholder with protection against serious financial losses. With this type of insurance product, you can continue supporting your family even when you’re no longer with them physically.

Before you sign any long-term contract though, there are several things you first have to do. Having prior knowledge of how much it will cost you to become insured is one of them. The tables below will give you an idea of the average cost of life coverage in Oklahoma City, Oklahoma.

Estimated Monthly Premiums
Oklahoma City, OK 73102
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

Like in almost all parts of the country, a lot of the capital’s residents prefer policies with a $200,000 value. When you combine this with a term of 30-years, and you fall under the young, non-smoking adult group (age 20s to 30s), you can enjoy premiums as low as $20 a month. On average though, men in this age range pay a little more than $32, while women enjoy lower rates, at a monthly average of $25.85.

More coverage for a reduced term

Say you’re already in your 40s or 50s, which is why you want to just keep your policy for 20-years. If you were to buy coverage amounting to $500,000, your premiums may look like these:

Estimated Monthly Premiums
Oklahoma City, OK 73102
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

A general guideline when deciding on coverage amount is to consider your number of children and factor in college costs. For every child, it’s advisable to add at least $100,000 to your base coverage. This way, you can still help pay for your kid’s schooling even when you’re no longer around.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

More life insurance help

Once you have gathered enough information in preparation for buying a life insurance policy, you can now start contacting insurers you’re interested in. Just make sure that the Oklahoma Insurance Department lists them as licensed so that your beneficiaries won’t have problems once they need to file a claim.