Oklahoma Life Insurance

To better understand the ins and outs of life insurance, The Simple Dollar has arranged the stats, data, and resources for you to better understand the industry in Oklahoma. Although life insurance might seem like a wash to some, many see it as a way to take care of a loved one even after passing.

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Stats in Your State

This collection of charts and graphs provide you with an overview of life insurance coverage in the state of Oklahoma.

Life Insurance in Oklahoma

Number of Licensed Life Insurers 505
Total Life Insurance Coverage $245 billion
Average Policyholder Coverage $99,000 per life insurance policyholder*
Amount Paid Out in 2011 $3 billion**
Amount of Paid Annuity Benefits in 2011 $723 million
Source: ACLI.com

*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.

Life Insurance Administered Programs

A significant portion of Oklahoma residents benefit from administered programs, with more than 11,000 veterans being life insurance policyholders and 5,500 service-disabled vets.

The Life Insurance Industry: Beyond Insuring You

The life insurance industry in Oklahoma not only creates a significant number of jobs for residents, but also generates a sizable amount of money toward the state economy.

Job creator 17,000 jobs created
Invested in Oklahoma 's Economy $44 billion
Source: ACLI.com

Rules in Your State

Understanding the rules surrounding life insurance in Oklahoma will help you become a more informed consumer. Read the sources below for more information about regulations in your state.

  • Oklahoma law prohibits insurers from terminating coverage due to a health condition.
  • Oklahoma health insurance providers can deny applications based on risk factors and set premium rates.
  • Oklahoma insurance providers are prohibited from cancelling a group policy if a member becomes sick.
  • Self-employed residents may not purchase small business group plans.
  • Policyholders can renew their coverage upon their choosing.

Representatives & Resources in Your State

When the time comes to purchase life insurance in Oklahoma, finding a trustworthy expert is key. If you need extra backing when filing a claim or you’re simply looking for a list of recognized providers, this list of dependable sources will help you get started on the right track.

Oklahoma Department of Insurance
Five Corporate Plaza
3625 NW 56th, Suite 100
Oklahoma City, OK 73112-4511
Phone: (405) 521-2828
Get Directions
File a Complaint

Oklahoma Life & Health Insurance Guaranty Association
201 Robert S. Kerr Avenue Suite 600
Oklahoma City, OK 73102
Fax: (405) 236-3121
Phone: (405) 272-9221
Get Directions