When I fill out forms for Oklahoma life insurance online rates quotes, what kind of information do the insurance companies get to know about me?

Juli

Great question, Juli.

Part of the amount of information you will be required to provide for Oklahoma life insurance online rates quotes will depend on what form of policy you are purchasing. Say, individual insurance versus group insurance. Normally, the company will pry more into your personal information if you are applying as an individual, because there is not so much shared risk.

Another thing is that, anytime you apply for something such as life, health, or disability insurance, your information goes into the Medical Information Bureau (MIB). Whenever you give one such company information about your medical state or history, they report it to the MIB. So when you apply, even if you decide not to reveal certain information, so long as you have revealed it before, you are going to be caught.

take care,

Fashun

Our eldest son is considering the purchase of a permanent life insurance in Tulsa, Oklahoma OK and I think somebody has recommended he look into a Universal Life Policy. I think my present life insurance is working fine, how can that be different from my whole life?

Genie

Tulsa, OK

Glad to hear that your whole life policy has lived up to expectations as most people I know complain about theirs. Although I do not have the betails of your current policy, I should tell you that universal life insurance is an offshoot of whole life. Your son should get together with your agent in Tulsa, Oklahoma OK and get all the details of a universal life insurance policy.

Flexibility is always the key to a good universal life insurance policy. Unlike whole life policies offered by most insurance companies in OK, universal policies allow for the increase or decrease of the death benefit. This can be true of the premium amount which you might need to pay. The policyholder will be responsible for maintaining the cash value of the universal policy for as you know, with whole life the premium is fixed at inception but not with universal life policies. The policy holder therefore will have some flexibility with the premium payments.

The cash value of universal life is linked to the policies interest rate which has the potential for greater growth than with a whole life policy. With this type, cash value is determined by the performance of the carrier’s operations.

Universal life has many tax advantages also which you might find attractive. At the outset, you find that the premiums are greater than the cost of insurance plus you’ll have the surplus yields tax-deferred cash value. Remember too that the premiums were paid with after-tax income and usually the growth is not taxable. This advantage also applies to any loans against a universal life policy which you might make.

James, if your son sees benefits in flexibility, he should look into universal life coverage. Again, your agent will have all the details.

What are the things I should keep in mind while looking for the best life insurance policy here in Oklahoma?

Darco

Oklahoma City, OK

Choosing the right life insurance policy is no easy task, but if done correctly it can be one of the best assets that you can own. The following are some very good tips to help you shop for the best life insurance coverage and providers today:

Know the Different Types of Life Insurance

Term Life - Coverage for a certain period of time only. This type of insurance offers relatively huge amounts of coverage (Face Value amount) at affordable prices. Term periods last anywhere from 10, 20, or 30 years. Expensive to maintain/renew in the long-run.

Whole Life - Permanent life insurance coverage that accumulates value (Cash Value feature) over the lifetime of the policy. Premiums are expensive initially but can become much cheaper in the long-run.

Universal Life - Allows for faster interest earning by investing the policy’s cash value towards other investment options.

Variable Life - Permanent life insurance that allows policyholders flexibility in premiums and how their policies are invested by the insurers.

Calculate How Much Coverage You’ll Need

Think of your life insurance as an “Emergency fund” to support your family’s/ dependents’ immediate and future needs should you suddenly pass away. It is recommended that you buy coverage equally to up to five times your annual income. Factor in existing debt/ bills such as home mortgage and future needs like college tuition.

Shop and Compare for the Latest Rates

Find the best priced life insurance Oklahoma City rates and policies by running a free quote check online. The many life insurance comparison websites (such as this one) on the Internet can help you find and compare the latest rates, coming from a wide selection of insurers, today.

Can I lie about my smoking habits on my life insurance application? Should I tell them I smoke only about two to three times a week? What will happen if the insurers find out I lied about being a smoker?

Saundra

Midwest City, OK

You’ve raised a good question. Yes you can choose to lie about being a smoker on your life insurance application. In fact, you can probably even pass the urine test (since nicotine in the body tends to drop into very low levels 72 hours after smoking). Here’s the catch though, if you die and it is proven that the cause of death is a smoking-related complication or illness then the life insurance company has the right to refuse to pay out the death benefits to your beneficiaries. So all those years you’ve been paying your premiums will just be thrown out the window.

If, on the other hand, it is found out during the underwriting process that you are in fact a smoker the most that life insurers really do is bump your rate up to that of a smoker. Rarely would an insurer cancel a policy just because of this (and in economic times like these, they really can’t afford to do so).

As far as telling them that you are an occasional smoker, that would probably get you better rates as compared to a heavy smoker (and you wouldn’t have to lie anymore just to save some bucks). An even better idea would be to quit smoking since life insurance smoking rates are three to four times higher compared to that of a non-smoker. You also get the added benefit of avoiding some very nasty smoking-related diseases that can considerably shorten your lifespan, and make you wish you’ve quitted when it was not too late yet.

Is selecting life insurance Oklahoma City the same as in other cities or states?

Jennifer

Oklahoma City OK

Well Jennifer why not? Choosing life insurance Oklahoma City may have a few quirks but it is mostly limited to the area. Still, the basics on how one might choose an insurance policy is more or less the same everywhere. What is important instead is to find ways to lessen the cost that you need to spend for you life insurance.

Here are some things to keep in mind if you want your life insurance to be less expensive. Set your priorities right. Are you planning to continue using the services of your doctors? If so then you should ask your insurer if they are willing to cover for such services. This could help a lot in bringing down costs.

Hire the services of a broker. You may think that you’re saving money by doing everything yourself. You’re not really. An insurance broker already has the know how plus the connections that would make it easier to find a suitable insurance policy. He can also do all the legwork necessary for you. Just make sure that he has the right credentials. You don’t want him running off with your money right?

Getting a good life insurance Oklahoma City may mean that you need to hone those negotiating skills that you have. If you’re not careful, those bills may seem to come out of nowhere. There are also insurance companies that agree to cover your medical bills but may require you to purchase generic drugs. Talk to your agent. Try to find a common ground for you and the insurer. Don’t just accept whatever is being offered.

Inquire if they offer trial periods. Yes, you can actually do this with some insurance companies. This is what the industry calls a free look. What this means is that if you are not satisfied with the policy after a certain amount of time, then you can get the money that you paid for the premiums back. Just be sure to follow whatever guidelines they may have and have it in writing.

These are just some of the many things you can consider in choosing the right life insurance Oklahoma City for you.

I just started freelancing after I resigned my full time job. Since I am no longer part of the company I used to work for, the sent me letter saying that my life insurance policy will either be cancelled or be transferred to a personal policy. I have worked for that company fro 6 years until I resigned. Do I get equity for that? Should I rather transfer to a personal policy than cancel it? I am single with no dependents so I have thought of canceling it. I live in Oklahoma.

Dan

Lawton, OK

It really depends on the type of plan you had. If it was a term life insurance policy, then the benefits would expire after a period of prescribed term. However, if it was a whole life insurance policy, it will allow you to receive a portion of the ‘cash value’ that it was able to gain after 6 years of your employment with that company. You better read the policy if you are lucky to have its copy.

Since you are single and without any dependent, then it might not be very sound to purchase a life insurance policy in Oklahoma. Remember that unlike a health insurance plan which actually secures yourself during medical emergencies, a life insurance plan is really intended to secure the life of the dependent/s in the event that the policyholder (presumed to be the breadwinner) dies prematurely.

I think it is better to drop it and instead of paying premiums for a new life insurance policy, then better save your money and consider buying a long term care plan which you might find useful when you get older or get disabled. Though there is also a rider for a life insurance policy which has benefit for critical illness. But remember that you should never cancel a life insurance policy if you have not thought about it much yet.

What is the best type of life insurance package for someone like me who is supporting a young family?

Farrah

Tulsa, OK

Good question. The right kind of life insurance plan depends on a few factors: your personal financial goals, the immediate needs of your dependents should you suddenly pass away, your income, any financial obligations you might leave behind and any other similar circumstances./p
pFor people who are raising a family, sending kids to college, or paying mortgage and loans, it would be a good idea to get a Term life insurance policy. This is a type of life insurance that covers a person for a certain period of time. This is a great way of protecting your family or dependents from immediate financial hardship should you make an early exit.

A Term life insurance plan is also very simple and straightforward, offering pure life coverage and nothing else. There are no complicated features or investment options, so rates are far more affordable compared to any other type of life insurance plans that you can find. Coverage period could be anywhere from 10, 20 to 30 years.

The only drawback of Term life is that it may be very expensive if you renew it, because youre already older by the time the policy expires. Also there is no lump sum of money waiting for you at the end of the term. If, however, youre looking for a way to secure your familys immediate future and until youre dependents are old enough to take care of themselves, then Term life coverage is the best way to go.

The web is full of ways to get you the most affordable Oklahoma life insurance plans available. Using specialized websites called life insurance portals can give you access to the latest rates and offers currently in the market. In fact, this website is a good example of a life insurance portal and has a free life insurance quote search tool that you can take advantage of today.

Can you give me some tips on how I can get affordable life insurance in Oklahoma? Thanks!

Solenn

Tulsa, OK

Whether it’s for the financial well-being of your family or dependents or an effective way to accumulate your wealth, life insurance coverage is something that most of us should have. The best kind of life insurance coverage should be something that suits you and your family’s future financial needs while being priced just right. Here are eight effective tips to help you get the most affordable life insurance in Oklahoma (and anywhere else):

Term Life Vs. Whole Life

Life insurance plans fall under Term life (temporary) coverage; which is good for those needing coverage for a specific duration of time only, like while raising a family, paying mortgage, or sending kids to school, and Whole life (permanent) coverage; which is lifetime coverage designed to accumulate wealth and earn you interest for a much bigger death benefit in the future.

Use Online Auto Insurance Portals

The best way to shop for life insurance policies, these dedicated websites offer free life insurance quote checks allowing you to compare providers effectively, therefore making it easier to find the most affordable insurer for you.

Buy While You’re Young

A bit of financial foresight goes a long way, buying coverage while relatively young and in good health allows you to get the most affordable rates possible.

Complete The Medical Test

A No-exam life insurance policy costs more because the insurer has no way of determining how long you’ll live, and therefore assigns you under the high-risk category by default.

Avoid Extreme Sports Or Hobbies

Hazardous activities are counted and can be a good reason to cause your premiums to become more expensive.

Quit Smoking

Smoking can single-handedly cause your premiums to increase by three or four times than normal. Expect your rates to become better after three years of not smoking.

Become Fit And Healthy

The healthier and the less risk you have of dying within the coverage period, the cheaper your life insurance in Oklahoma becomes.

Avoid Group Life Policies

High-risk members tend to push premiums up, dragging everyone along with them in a group life insurance policy.

I am a Marine Biologist based here in Oklahoma, but my work involves traveling and at times being in hazardous environments, how should I pick a life insurance policy?

Oliver

Norman, OK

First of all, you have a very interesting job! Second, you asked a good question. Many people who’s occupation involves a respectable amount of risk to life and limb should definitely know how to choose a life insurance plan wisely. The nature of work, as well as the particular activities you participate in would all have a direct influence on how your premiums are determined during the insurance company’s underwriting process.

Here are a few things that you should ask yourself before talking to a life insurance broker or agent there in Oklahoma about insurance plans:

• How long do I plan to stay in this kind of job or career?
• How frequently do I expose myself to dangerous situations or hazardous conditions?
• Do I have anyone that relies on me for financial support?
• Do I still have immediate and long-term financial responsibilities? Such as mortgage, car loans, student loans etc.
• How much money would my dependents need in order to live a reasonably comfortable life once I’m gone?
• Do I want to have a lump sum of money waiting for me once I retire or hit a certain age?

Use this questions as a guide to help you determine the right kind of insurance policy best fitting your needs. Remember, it’s not just about affordable life insurance coverage, you should also look for quality and reliability. You are also encouraged to run free life insurance quote checks on this website to help you compare rates effectively.

Tags: life insurance advise, life insurance info, affordable life insurance, cheap life insurance, life insurance guide

Would there be a difference on my life insurance policy if I smoke regularly? I’m planning to get coverage due to my job here in Oklahoma soon.

Mitchell

Norman, OK

Yes, there will be a difference, a very big difference in the amount of life insurance premiums you would have to pay, if you are considered a smoker. Call up any life insurance agent there in Oklahoma, or go to any life insurance portals on the Internet to run a quote check and you will notice that, if you answer “Yes” to the question regarding smoking, the resulting life insurance premium quote would be about three to four times bigger.

Most people understand the serious implications of smoking and what it does to your health and your life span in the long-run. What most probably don’t realize is that life insurance companies considers several factors in creating a customer’s risk profile, and consequently their life insurance rates.

Anything that jeopardizes your ability to stay healthy and have a long life such as dangerous habits, hazardous work conditions, and unhealthy lifestyles, such as smoking, would be reason enough for the life insurance providers to see you as a “High-Risk” customer, with a higher probability of having to pay your beneficiaries huge death benefit sums sooner. So life insurance providers compensate for this increased risk by charging bigger, and you know what? While they make more money out of you, they actually pass along the savings and discounts to those who don’t smoke!

So not only would you be paying high medical bills due to smoking-related complications in the future, it also seems that you are subsidizing the life insurance coverage of non-smokers! (It’s almost always never too late to quit smoking.)

Tags: smokers life insurance, life insurance rates, high-risk life insurance, life insurance advise