Life Insurance in Oklahoma
Life insurance is designed to help provide financially for your family in the event of your death. A life insurance policy benefit payout can be used to help pay for final arrangements, estate taxes and make up for the lack of your income for years to come.
The Oklahoma State Department of Insurance oversees the sale of life insurance in Oklahoma. It is the responsibility of the department to see that all providers are properly licensed and to provide guaranteed protections for Oklahoma life insurance consumers. You should be aware of these regulations as you shop for life insurance.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Oklahoma was ranked 46th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 76.09. With this in mind, people living in Oklahoma may want to consider their life insurance options.
Oklahoma life insurance specifics
The insurance industry in Oklahoma is regulated by The State Insurance Code of Oklahoma. The state uses this code to regulate claims and provide certain provisions to protect Oklahoma life insurance consumers, such as:
- Free Look Period
According to the Oklahoma state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period (usually within 10 days of the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund.
- Grace Period
A grace period is allowed on all late payments under the Oklahoma state insurance code. If you miss a premium payment for any reason, all Oklahoma life insurance providers must give you at least 30 days to bring the account current before the insurer can cancel the policy for non-payment.
Oklahoma life insurance state resources
Oklahoma Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Oklahoma life insurance industry.
Oklahoma Life & Health Insurance Protection Association
State guaranty associations are there to provide protection and continuing life insurance coverage in Oklahoma, even in the event that a life insurance company becomes insolvent.
Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.