Best Life Insurance Rates in Oklahoma

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What do Garth Brooks, Woody Guthrie, Reba McEntire, and Chet Baker have in common? They’re all legendary musicians, and are all from Oklahoma, along with Brad Pitt, Will Rogers, and Walter Cronkite. Oklahoma is also the birthplace of a few key inventions, like electric guitars, voicemail, shopping carts, and parking meters. But, Oklahoma also has high rates of smoking, obesity, and death from diabetes and heart disease. Any of these factors can contribute to the cost of life insurance.

Oklahoma Life Insurance Quotes

Firearm deaths can have a significant impact on what a state’s residents pay for life insurance. Oklahoma is ranked eighth in the country for firearm deaths, meaning life insurance there can be pretty pricey.

The best way to get life insurance rates in your budget is to compare quotes. QuoteWizard can help you do just that, and in a lot less time than you’d be able to do it yourself.

Life Insurance Rate Factors in Oklahoma

Below are the major factors that contribute to life insurance rates.

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal.

Life expectancy at birth in Oklahoma is 75.9 years, much lower than the life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Oklahoma at age 48, you would be more likely than not to pass away before 78 years of age, the end of the term.

On the other hand, if you were 28 years old and purchased a 30-year term life policy, you would be well under Oklahoma’s life expectancy of 75.9 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Oklahoma, the death rate from injury due to firearms is 16.5 per 100,000 deaths, the #8 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Oklahoma, the percentage of the population that’s female is 50.5%, and the percentage that’s male is 49.5%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Oklahoma residents that used QuoteWizard last year.

 
         
 
   
53%Female
   
47%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Oklahoma that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
58%Healthy
   
39%Major
   
3%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t. This is especially relevant in Oklahoma, where skiing and hunting are common recreational activities.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Oklahoma in 2009, the rate of marriage for people over 15 was 46.2 per 1,000 people, the rate of divorce was 26.9 per 1,000 people, and the rate of widowhood was 12.9 per 1,000 people.

Marriage status of Oklahoma residents that used QuoteWizard last year.

 
         
 
   
62%Single
   
38%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Oklahoma, proportionately, is butcher.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates and an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 23.7% of Oklahoma adults smoked cigarettes – about 693,000 adults.

Percentage of QuoteWizard users in Oklahoma that indicated that they smoke last year.

 
         
 
   
85%Don't Smoke
   
15%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a life insurance policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the higher the premiums.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Oklahoma was 32.5%. This makes Oklahoma the seventh most obese state. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Oklahoma - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 9,721 228.5 2nd 169.8
2 Cancer 8,039 185.7 6th 163.2
3 Lower Respiratory Disease 2,680 62.4 4th 42.1
4 Accidents 2,474 62.7 2nd 39.4
5 Stroke 1,880 44.5 11th (tie) 36.2
6 Alzheimer's Disease 1,145 27.6 15th 23.5
7 Diabetes 1,269 29.9 3rd 21.2
8 Influenza/Pneumonia 759 18.0 16th (tie) 15.9
9 Kidney Disease 606 14.4 20th 13.2
10 Suicide 665 17.2 14th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Oklahoma Life/Health and Fraternal Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Lincoln National Corp. $218,996 5.9%
2 Jackson National Life Group $218,527 5.9%
3 MetLife Inc. $186,338 5.0%
4 Massachusetts Mutual Life Insurance Co. $180,328 4.8%
5 New York Life Insurance Group $16,321 2.2%
6 Prudential Financial Inc. $14,989 2.0%
7 Manulife Financial Corp. $143,046 3.8%
8 Voya Financial Inc. $132,241 3.6%
9 Principal Financial Group Inc. $125,422 3.4%
10 American International Group $116,816 3.1%

Financial Strength Ratings of Top Oklahoma Life/Health Insurers

Source: A.M. Best (Ratings as of 9/1/2015)

  • Lincoln National Corp.: A+
  • Jackson National Life Group: A+
  • MetLife.: A+
  • Massachusetts Mutual Life Insurance Co.: A++
  • New York Life Insurance Group: A++
  • Prudential Financial Corp: A+
  • Manulife Financial Corp: NR
  • Voya Financial Inc.: A
  • Principal Financial Group Inc.: A+
  • American International Group: A
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Rating Guide

Oklahoma Life Insurance Regulations

Insurance in Oklahoma is governed by the laws defined by Title 36 of the Oklahoma Statutes , as outlined by the State Legislature of Oklahoma.

This legislation is used to regulate claims and provide certain protections to Oklahoma consumers, for example:

Guarantee on Death Claims: If an insurance company is unable to make payments on death claims or becomes insolvent, the Oklahoma Life and Health Insurance Guaranty Association will cover up to $300,000 of death benefits, and up to $100,000 in cash reimbursement. This is so that consumers have confidence that their beneficiaries will receive at least some of their death benefit, but the amount is the same regardless of how much the policy is worth.

No Free Look Period: A “free look period” is a time period between 7 and 30 days, in which consumers can test out their insurance policy after purchasing it. During this time, an individual can cancel the policy for any reason for a full refund. Oklahoma is one of only a few states that does not require this by state law. That said, many insurance companies still provide a free look period of one to two weeks on most insurance policies.

These regulations don’t just protect consumers; they also protect insurance company from fraud. For example, Oklahoma insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Oklahoma Life & Disability Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the OLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(405) 272 – 9221
Address:
Oklahoma Life & Health Insurance Guaranty Association
201 Robert S. Kerr Avenue, Suite 600
Oklahoma City, OK 73102

Oklahoma Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
John D. Doak
Insurance Hotline:
(800) 522 – 0071
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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