Where you live doesn’t actually affect what you pay for life insurance. Your life insurance rates mostly depend on the kind of policy you buy, how much coverage you get, and details about your health and medical history.
That’s why you’ll find that our picks for the best life insurance companies in Oklahoma are similar to our picks for the best overall companies. Your location can affect things like company availability and local laws though, so it’s good to do some research before you shop.
Policygenius rating | Best for … | AM Best score | Number of complaints | Cost | |
4.9/5 ★ | Overall, cheapest, term life, young adults | A+ | Fewer than average | $ | |
5.0/5 ★ | No-medical-exam life | A | More than average | $ | |
4.9/5 ★ | Whole life | A++ | Fewer than average | $$$ | |
4.8/5 ★ | Pre-existing conditions, marijuana | A | Fewer than average | $ | |
4.8/5★ | Guaranteed universal life | A+ | Fewer than average | $ | |
4.6/5 ★ | Smokers | A | More than average | $ | |
4.1/5 ★ | Seniors | A+ | Fewer than average | $$ |
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance company in Oklahoma: Legal & General America
The best life insurance company in Oklahoma is Legal & General America, which also does business as Banner Life and William Penn in some states. You may be able to find cheap life insurance rates from Legal & General America even if you have a health condition or you’re a smoker.
Another strength is Legal & General’s strong customer service — according to the NAIC, it gets about 60% fewer complaints from its policyholders than what’s expected in the industry.
Cheapest life insurance company in Oklahoma: Legal & General America
We found that Legal & General America has some of the cheapest average life insurance rates of any company, though remember that where you live doesn’t affect your life insurance rates.
You can find affordable coverage by comparing life insurance quotes from multiple companies before buying a policy. Rates are also cheaper when you’re young, so don’t wait to buy a policy.
Best term life insurance in Oklahoma: Legal & General America
Legal & General America has the best term life insurance in Oklahoma. That’s partly because Legal & General offers term limits of up to 40 years, while most companies only offer terms up to 30 years. You may also qualify for up to $65 million in coverage.
Term life insurance is the best type of life insurance for most people and it’s also a pretty simple concept. Decide the length of your policy (the term) and the amount you want your beneficiaries to get after you die (the death benefit) and, if you die during the policy term, they’ll receive a payment.
Best no-medical-exam life insurance in Oklahoma: Brighthouse Financial
The best no-medical-exam life insurance company in Oklahoma is Brighthouse Financial, thanks in no small part to its fast decision times. If you qualify for coverage, you may be approved for a 30-year policy worth up to $3 million in as little as 24 hours.
In order to qualify for a no-medical-exam policy you typically need to be in good health, but each company has its own rules. No-medical-exam life insurance is just like a normal term policy, except it cuts out the lengthy medical exam portion of the application process.
Best whole life insurance in Oklahoma: MassMutual
MassMutual is the best whole life insurance company in Oklahoma. It received an A++ rating from AM Best for its financial strength, so your family can count on it to be around long term. Whole life insurance is permanent, which makes financial stability extra important.
Whole life insurance is kind of like a combination between an investment account and a life insurance policy. Whole life policies have an accessible cash-value portion that grows as you age.
Best guaranteed universal life insurance in Oklahoma: Pacific Life
The best guaranteed universal life insurance in Oklahoma is Pacific Life. Pacific Life has an A+ rating from AM Best for financial strength. It also accepts applicants up to age 80. Pacific Life has some unique coverage options, like a terminal illness rider that lets you take out 75% of your policy’s death benefit if you’re terminally ill.
Guaranteed universal life insurance is a type of permanent life insurance that includes a cash value component, like whole life, but it’s more affordable because the cash value part grows at a much slower rate . It’s a good option for people who just want to make sure they’ll leave something for a dependent when they die and aren’t as concerned with the investment portion.
Best life insurance for seniors in Oklahoma: Prudential
Prudential is the best life insurance for seniors in Oklahoma. Prudential accepts applicants up to 70 years old, and offers a living benefits rider that you can draw from if you have a chronic or terminal illness, or if you’re in a nursing home.
Best life insurance for young adults in Oklahoma: Legal & General America
The best life insurance company for young adults in Oklahoma is Legal & General America. It offers high coverage limits and long terms for applicants age 40 and younger across a variety of health profiles. Thanks to its cheap rates for young adults, Legal & General is a great option for new parents.
Best life insurance for pre-existing conditions in Oklahoma: Lincoln Financial
Lincoln Financial is the best life insurance for people with pre-existing conditions in Oklahoma. That’s because you may still qualify for coverage from Lincoln Financial even with common medical conditions on your record, like epilepsy, migraines, some forms of cancer, or if you’re in recovery from opioid or alcohol use.
Best life insurance for marijuana users in Oklahoma: Lincoln Financial
We chose Lincoln Financial as the best life insurance company for marijuana users in Oklahoma because it doesn’t charge smoker rates to people who use marijuana. Even people who use marijuana four to six times a week can still get affordable rates.
Even though marijuana isn’t legal in Oklahoma, you still need to let your life insurance company know if you use it — otherwise you risk a denied claim.
Best life insurance for smokers in Oklahoma: Corebridge Financial
Corebridge Financial is the best life insurance for smokers in Oklahoma because it allows you to apply for better rates a year after you quit smoking, while other companies require you to wait three years or more before you can reapply for non-smoking rates.
How is life insurance different in Oklahoma?
Living in Oklahoma won’t affect your life insurance rates on its own, but there are some state-specific rules and regulations that you should know about. [1]
Contestable period: Your life insurance company is allowed to cancel your policy or deny a claim in the first two years of your policy’s life if it finds out you misrepresented yourself on your application.
Free look period: Oklahoma requires insurance companies to give you a full refund if you cancel your policy within 10 days of purchase.
Grace period: Oklahoma has a grace period of 30 days for missed payments, after which your insurance company can cancel your policy for nonpayment.
Guaranty Fund protection: Oklahoma’s Guaranty Association will cover up to $300,000 of your death benefits and $100,000 of your policy’s cash surrender value if your insurance company goes bankrupt.
Time to settle a claim: Your life insurance company has to provide your loved ones with any necessary claim forms within 10 days after your death, and must settle a claim within 30 days of receiving proof of death.
Largest life insurance companies in Oklahoma
Here are the 10 largest life insurance companies in Oklahoma.
Market share in Oklahoma | |
|---|---|
Northwestern Mutual | 6.59% |
New York Life | 6.25% |
MetLife | 6.21% |
MassMutual | 5.90% |
Lincoln Financial | 4.85% |
State Farm | 4.50% |
Prudential | 4.20% |
Zurich | 3.03% |
Mutual of Omaha | 2.55% |
Minnesota Mutual | 2.41% |
What happens if a life insurance company goes bankrupt in Oklahoma?
If your life insurance company goes bankrupt, the Oklahoma Life and Health Insurance Guaranty Association will cover up to $300,000 of your policy’s death benefits and $100,000 in cash surrender value. You keep your coverage as long as you keep paying your premiums.
How to find a lost life insurance policy in Oklahoma
If you have a connection to the deceased person, you can find a lost life insurance policy in Oklahoma by searching the Life Insurance Policy Locator Service from the NAIC.
Average life insurance rates in Oklahoma
Based on our analysis of Policygenius data, the average cost of life insurance in Oklahoma is $27 per month ($307 per year) for women and $32 per month ($373 per year) for men — but remember that your life insurance rates don’t depend on where you live.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
|---|---|---|---|---|
20 | Female | $15 | $23 | $34 |
Male | $19 | $29 | $48 | |
30 | Female | $15 | $23 | $37 |
Male | $18 | $29 | $49 | |
40 | Female | $22 | $35 | $61 |
Male | $25 | $43 | $75 | |
50 | Female | $44 | $78 | $139 |
Male | $57 | $102 | $188 | |
60 | Female | $108 | $194 | $355 |
Male | $149 | $268 | $500 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 09/01/2024.
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