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Oklahoma Life Insurance: A Complete Guide For You

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Oklahoma Life Insurance: A Complete Guide

Oklahoma life insurance is really important, but not many people are familiar with the different kinds of life insurance policies available. That’s why this writing will discuss all the different kinds of policies you can consider but also what you can expect from life insurance.

Oklahoma Life Insurance

Essentially, a life insurance policy is all about taking care of the people you love after you die. Death can be very financially disruptive, especially when it’s unexpected, but good life insurance coverage can take that away from your loved ones so they can mourn in peace, without having to worry about finances. 

Types of Life Insurance Policies

Before this article goes into the specifics of Oklahoma life insurance, it would be good to briefly discuss all the types of life insurance policies available. It’s relevant to understand the kind of coverage each policy provides from this point on. 

But First, What’s Life Insurance Exactly?

Policies with life insurance companies Tulsa OK is a contract you have with an insurer, just like any other kind of policy. According to the contract, you exchange premium payments for a lump-sum payment, which is called the “death benefit”, which your beneficiaries will receive in case of your death. This kind of insurance is best chosen by considering your needs as well as your goals. This means you must consider all the options available before you make a purchase when you visit a life insurance agency Tulsa OK. To help you with that, we’ll discuss the most common types of life insurance policies below!

  • Whole Life Insurance Oklahoma

Whole life insurance Oklahoma provides lifetime coverage, so it’s a permanent kind of life insurance. Because the coverage period is so long, the premiums will be higher and they’re fixed. Unlike term life insurance, whole life insurance has cash value, and this can be used for savings. This type of life insurance can work as an estate-planning tool that will preserve the wealth you transfer to beneficiaries. You may find that there are a few really good Life insurance companies in OKC that offer different varieties of whole life insurance.

  • Universal Life Insurance Oklahoma

This is another permanent kind of life insurance and it provides lifetime coverage as well, for higher premiums than average. The difference between this one and whole life insurance is that this arrangement is a more flexible policy. You’ll be allowed to increase or decrease your premiums throughout your life. This kind of life insurance policy works as an estate planning method so you can preserve the wealth you transfer to beneficiaries. It’s also commonly used for income replacement in the long term. 

  • Term Life Insurance Oklahoma

When folks looking-up life insurance Ardmore OK, they may find that term life insurance Oklahoma is very different from what has been discussed until now because it offers coverage for a specific period, typically 10, 20 or 30 years. This type of life insurance is less expensive than the permanent life insurance policies (whole life & universal life) and it can work as a replacement of lost potential income during working years, thus creating a safety net for the beneficiary, and making sure the financial goals of your loved ones are met. The lump-sum provided by this insurance is paid at one time, not in regular paychecks, which is something to keep in mind. 

  • Burial Life Insurance, Funeral Life Insurance, Final Expense Life Insurance or Senior Life Insurance

Burial life insurance, also known as funeral insurance or final expense insurance are typically whole life insurance policies for smaller coverage amounts with very little underwriting, if any, and is a great life insurance option for seniors. This type of policy may cover most, if not all funeral-related costs to make sure families are not financially burdened. Burial life insurance is affordable and easy to qualify for, unlike the other life insurance policies that have been discussed so far. 

When you die, the insurer will pay your beneficiary the death benefit of your policy so they can use it how they see fit. They can cover funeral expenses with most of it, but if there’s money left over, it can go towards legal expenses, medical bills, or any debts you may leave behind. This policy is most common among the elderly because they don’t need much coverage and traditional life insurance can be more expensive. 

  • Preneed Funeral Insurance

Preneed funeral insurance allows you to set aside money for funeral expenses long before you need one. This type of life insurance is meant to protect the people you love from a financial burden, which is essentially what all these insurance policies try to do. The preneed funeral insurance will cover the costs of predetermined expenses, including funeral services, funeral merchandise, church services, and burial services. In some cases, the policy protects against inflation and the rising cost of this type of expense. It can also be offered as a permanent policy. 

However, there’s a big difference between preneed funeral insurance and the others we have discussed earlier. That’s the fact that the benefits of your policy are paid to the funeral service provider you’ve chosen, not to your beneficiary. When you die, the proceeds of this insurance policy are made payable right away to an assignee at the funeral home to cover the costs of your funeral and burial. Once the policy is paid in full, it will be in effect for as long as you live. 

  • Endowment Policy

This type of life insurance will pay a lump sum either after death or after a specific term, which can be 10, 15 or 20 years. An endowment policy works as an investment or savings account, so each month the insured will put a certain amount of money into an account, and part of that money is used to pay for life insurance. But the rest is put into an investment fund. 

The Mechanics of Life Insurance OK

Life insurance works pretty simply: you get what you pay for and you pay for the policy’s face amount, which is what the insurance company will pay your beneficiary when you pass away. Now, the level of risk for the insurance company is different with a life insurance policy than it is with, say, an auto insurance policy. 

Life Insurance OK

When an insurance company issues an auto insurance policy, they hope you never get into an accident so you never have to file a claim. With life insurance, things are different because death is certain for everyone and the policy will be claimed someday. The only thing the insurance company doesn’t know is when that claim will be made. 

This is why it’s not surprising that the cost of life insurance varies based on your age, your health, and the amount of coverage you want to purchase. When it comes to individual life insurance, there are three different types available: whole life insurance, universal life insurance, term life insurance, and endowment policies, which has already been described above. 

One thing you should know about life insurance policies is that there aren’t any standard policies like there are for homeowner or auto insurance. This makes it a bit more difficult for people to compare options from different life insurance agencies such as if you look-up farmers insurance okc for something like, “burial life insurance for seniors over 70”. 

But what life insurance policies all have in common is the death benefit. If the policy doesn’t pay a death benefit, then it’s not a life insurance policy. Why? Because death benefits are the real insurance element of all life insurance policies. Someone’s life is being insured by the policy and the loss of that life is what activates the payment of the policy’s benefit. 

Life Insurance Benefits

Death benefits are the main reason people get life insurance. After all, they want to cover expenses and replace lost family income if they die unexpectedly or prematurely. But that’s not the only reason people look into life insurance. People also purchase life insurance to protect against the risk not only of dying prematurely but also of living longer. 

Of course, death benefits continue to be super relevant, but the uses of life insurance extend beyond that. Let’s say you get a loan for purchasing a property, starting a business, or making an investment. In most cases, the lender will require you to get life insurance to protect their interests in case you die before you pay back the loan. In this case, life insurance is helping you build personal assets and strengthen your family’s financial security. 

Many life insurance policies offer non-life benefits such as savings or investments, additional to the death benefit. What this means is you can use the life insurance policy to accumulate funds for something specific, such as your children’s education, or build capital. 

One of the most common non-life benefits is the waiver of premium, which is a disability benefit that pays your premiums while you’re disabled. A disability income benefit can also be attached to life insurance policies and it will pay a monthly income if you’re completely disabled. There’s also dismemberment benefits, which will pay a specific sum of money in case you lose a limb, your eyes, or your sight, and in some cases, your hearing as a result of an accident. 

Life benefits are becoming more and more common in life insurance contracts. What this means is that a part of the proceeds that would be payable as a death benefit will be advanced to the insured suffering from a terminal disease. The funds usually cover their special medical care needs and they’re used to ease pain, suffering, and discomfort. 

Long-term care benefits, if available, will pay for home health care, nursing, or custodial care, which means someone’s there to help them with daily tasks such as eating, bathing, dressing, and more. This is usually sold separately as a part of health insurance, which means an additional premium is charged and the face value and cash value of the policy are not affected. 

But when this benefit is a part of the policy, no additional premium is charged because the money is borrowed from the life insurance benefit, thus decreasing the face value and cash value of the policy. 

As you can see, life insurance has a lot to offer and life insurance companies in Oklahoma will help you cover all your bases. A life insurance agent Oklahoma will easily walk you through what you need to know so you can be certain you’re purchasing all the coverage you’ll be needing. 

Buying Life Insurance for a Parent

Buying life insurance for a parent can be done, but you need to meet a certain criteria for the life insurance agency to allow it. The first thing you need to do is provide the name of the insured, meaning the name of your parent. 

The owner of the insurance is responsible for payments and they will be able to make necessary changes. As a policy owner who wants to purchase life insurance for a parent, you need to have their consent and insurable interest in them. 

Having an insurable interest in your parents means you would suffer financially when they die. For example, children have an insurable interest. However, depending on the size of the life insurance you’re buying for your parent, you may need to prove insurable interest. This is the second criteria you need to meet.

Buying life insurance for a parent

Buying life insurance for a parent will provide financial protection if the parent dies and they leave outstanding expenses behind. Such as funeral expenses, financial debts, outstanding medical bills, the move of the surviving parent. For example, if one parent passes away and the other is still alive, you will want to move them closer to you and moves are expensive. Especially if they’re out of state. 

Before you purchase funeral insurance for parents, it’s important you have a talk with them to get a better understanding of their financial situation. To decide if getting life insurance for them is a good move, you need to be aware of what bases they’ve covered and their excess needs as well. If you decide to get them life insurance, talk to them about the reasoning behind it and why it makes sense so you can get their consent. 

Once you have their consent, you can start browsing for life insurance quotes Oklahoma. The policy you choose will depend on how much coverage you need, the reason for the financial obligation and your parent’s age. After you talk to a life insurance agent Oklahoma and you select a life insurance policy, you must choose a beneficiary for the policy and prove insurable interest. If you’re approved, you can start paying the premiums and your parents will become insured. 

When it comes to choosing what kind of life insurance will suit a parent the best, you need to consider their age, health, and financial situation. Commonly, the best policy is a guaranteed life insurance policy. This is a kind of permanent life insurance with cash value that won’t go below zero. Another common option is a term life insurance, especially if you have young parents. This kind of policy is inexpensive, so it can be a great option. 

What If You Don’t Qualify for Life Insurance?

When you apply to life insurance and your application is turned down because of whatever information they’ve found in their investigative report, you will be informed and they will provide the reporting company’s information as well. 

Insurance companies group applicants based on how risky they are to insure and then they’re classified accordingly, as eligible or not eligible. This is what the underwriting process is all about, where insurers will dig through your health history and personal history to determine the risk level. 

When an applicant is too much of a risk, they’re charged higher rates, provided less coverage, or denied coverage. So, if you have severe health problems that are not insurable or are considered too much of a risk you won’t be qualified for it. However, you still have options. There are companies that provide guaranteed issue life insurance, which is available in smaller amounts, and it’s a great alternative to consider in these cases. 

Guaranteed issue life insurance is mostly aimed at elderly people because they’re the ones who are most likely to be turned down. However, it’s also a good option for other people who are having trouble getting traditional life insurance. 

This type of insurance policy is different. For one, it’s guaranteed, which means all applicants are accepted and they don’t have to go through any kind of underwriting process. Additionally, it’s a kind of permanent life insurance, which means you’ll be covered for as long as you pay your premiums. 

The full amount of the guaranteed issue life insurance will be paid if the insured dies by accident, but not if they die from natural causes. In that case, the benefits are limited to the total premiums, plus interest, at least for the first 2 years of the life insurance policy. After this period, the death benefits will equal the full amount. 

In other words, guaranteed life insurance is a great alternative for those who are considered uninsurable since it will cover funeral expenses. It’s also a good alternative if you’re on a tight budget and you can’t afford traditional life insurance. 

Sometimes, guaranteed issue life insurance is the only option people have. But just because it’s not your first choice for life insurance doesn’t mean you shouldn’t get it! Having some protection is better than no protection at all, so keep that in mind. 

Whats the Difference Between Life Insurance and Burial Insurance OR Life Insurance vs Funeral Insurance?

There are many important differences between life insurance and burial insurance. For one, life insurance is very broad and it includes different types of coverage, while burial insurance is specific and it’s meant to cover funeral-related costs. With life insurance, you will get either a lump sum or monthly payments, but funeral insurance provides the lump sum right away. Life insurance policies can be made for millions of dollars, while burial insurance typically doesn’t exceed $50,000. 

Life insurance policies often require medical exams and they look into your family history, health history, ask you questions, and also consider your occupation to determine if you qualify. Funeral insurance doesn’t require any of that and you’ll only be asked a few questions about your health.

Also, it’s important to note that, depending on the type of life insurance policy you get, it may expire before you die, while burial insurance will remain active until you die as long as you pay the premiums. Last but not least on the list of differences, life insurance may not accumulate cash value, while funeral insurance does. Of course, these insurances are great and they cover different needs. So it’s not a matter of which one is the better, but a matter of which one is the better for you.  Keep in mind that there are many ways for somebody searching this kind of coverage such as life insurance for burial expenses or life insurance for funeral costs and even final expense insurance quotes online.

Life Insurance for Diabetics in Oklahoma

There is a growing number of people who have diabetes in the United States, including Oklahoma which begs the question, “Can you get life insurance with Type 1 diabetes?”  The answer is “Yes you can!”  You can get life insurance for Type 1 diabetes.  There are several life insurance policies that are available which includes guaranteed issue life insurance and graded death benefit life insurance.  As well, life insurance for diabetics Type 2 is available for the previously mentioned life insurance policies for Type 1 diabetes and there is another life insurance policy that offers more coverage yet it also requires some medical underwriting in order for consideration.

Life Insurance Quotes Oklahoma

The best way to find the right life insurance for you is to browse and compare life insurance quotes Oklahoma. Fortunately, there are several options. We provide the best life insurance quotes and help you determine which one is best for you. 

Life Insurance Quotes Oklahoma

Whether that’s life insurance Tulsa OK, life insurance Broken Arrow OK, life insurance Oklahoma City OK, life insurance, Ardmore OK, we will help you find the best coverage for you and your loved ones. 

Life insurance companies in OK are abundant, so it’s not easy to narrow down your options. However, our life insurance quotes will help you do exactly that. 

If you’re looking for whole life insurance Oklahoma, term life insurance Oklahoma, funeral insurance Oklahoma, burial insurance Oklahoma, credit life insurance Oklahoma, mortgage life insurance Oklahoma, senior life insurance Oklahoma, or final burial insurance Oklahoma, we will help you find the best quotes! 

Request your life insurance quotes Oklahoma today and find the perfect policy that will cover all your needs and desires!

Final Words

Life insurance OK has a lot to offer and the different kinds of life insurance policies available will allow you to cover your bases perfectly. Having the right insurance makes you feel more confident because you know someone has your back and your family won’t have to deal with the financial burden of your death on their own, so it’s a no-brainer. 

As you can see, Oklahoma life insurance is not difficult to understand and it’s also not difficult to find. Many different insurance companies in Oklahoma offer amazing life insurance policies so you can keep yourself and those you love covered. All you need to do is request a quote and make sure the policy you choose will cover your needs perfectly. 


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James O
Senior Life Insurance Policy Owner

"Nobody really wants to think about it...but for the past year, I've been thinking about buying burial insurance for myself. So last week, I finally searched online for “life insurance for seniors” and found OklahomaInsuranceQuotes.Net. Their site made it easy to answer some questions and by the next day I had an affordable policy that can pay for my funeral costs."

Candace J.
Burial Life Insurance Policy For Grandmother

"It's been difficult seeing my grandmother's health decline over the past couple of years. I really love her and want to spend as much time as I can with her... especially now. I remembered when my grandfather had passed away about 6 years ago, there really wasn't any money set aside for the funeral and it seemed to put mom and my two uncles in a bind to come up with the money to pay for the funeral. So I wanted to get a small and simple life insurance policy with no medical exam for my grandmother that could be used to pay for funeral costs... something like life insurance for seniors over 70. I came across OklahomaInsuranceQuotes.net and answered some questions. Not long after that, we were able to get grandma signed up with her own senior life insurance policy. Now I can focus on what's really important... grandma."