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.

Tags: life insurance, universal life insurance, whole life insurance

I have been all over Tulsa Oklahoma OK looking for cheap life insurance and most life insurance companied here would offer me term life insurance. Since I know these companies want to close a sale from me, I am certain they might not be too honest when it comes to this type’s features. Is there anyone out there who’d be kind enough to explain to me term life insurance options?

Justin

Tulsa, OK

Insurance companies in Oklahoma really know what they are here for…to close some sales and get everyone in OK insured!
With term Life insurance, you can enjoy greater peace of mind today knowing you’re helping protect your loved ones in Tulsa. You might be amazed that term life insurance can cover from $25,000 to $150,000 for adults ages 18 to 60 in Tulsa, Oklahoma.

Usually, term life insurance coverage equally to income-earning spouses, and there are strong arguments for acquiring life insurance for a partner who is not drawing an income as well. For example, if one loses a stay-at-home spouse can lead to dramatically increased child-care costs, time away from work for the surviving spouse, final expenses, the settling of outstanding debts, and these are just the financial aspects of such a serious loss. The rule of thumb is to get at least 50 percent of the term life coverage for a stay-at-home spouse as for the primary breadwinner when it comes to term life insurance coverage in OK.

All of the term life insurance policies for most companies in Oklahoma are convertible to permanent insurance, also called whole life or universal life insurance, at various times during the term of the policy. This conversion takes place without you having to take another medical exam or reapply in Tulsa, no matter what may have changed in your health. This option provides reassurance and flexibility should your health or insurance needs change after your original purchase through any life insurance company in Tulsa, Oklahoma.

Tags: health insurance, permanent insurance, term life insurance, term policy, whole life insurance

I have an active life insurance with a term that would end 5 years from now. I remember I went through and thorough medical exam and underwriting process before I was given coverage. Two days ago, I read an advertisement on a local daily in Oklahoma that there’s such thing as NO EXAM LIFE INSURANCE. It sounds fishy, but is this true?

Andrea

Oklahoma City, OK

Hi there, Andrea!

It’s a good thing that you asked me this. I really get a lot of questions about No Exam life insurance…and most say, it sounds crazy!

For those who are used to have the traditional type of life insurance, you might question the authenticity of life insurance without any medical exam. You might be surprised if I tell you that there is such thing as no exam life insurance. The catch here is that, it will be faster and easier to get approved, but most will be a little pricey compared to your regular life insurance policy. Although, do not set your expectations too high, since even is there is no exam, there is no guarantee also if you will be given any coverage.

I’d like to inform you beforehand that the benefits for this type are generally limited to a lower amount because the premiums are higher for no exam life insurance policy. The good thing though is that people with medical conditions will get coverage, with relatively higher premiums than that of other life insurance types.

The process can be as simple as A, B, C. You will be asked to fill out a questionnaire, maybe over the phone or through internet. A lot are surprised to know that the results of no exam life insurance are also very instantaneous. After you submit your questionnaire, you will right away know whether or not you are qualified for coverage.

You can start looking for a reliable no exam life insurance in Oklahoma by entering your zip code on the relevant space in this page.
I hope I was able to help you with your insurance question. Goodluck!

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.

I bought a life insurance policy for a really good price about…three years ago, I guess? It’s a term policy with thirty years on it. Anyway, I was really happy about the great rates I got, but now my friend has turned me onto cigars, and I’ve begun smoking them regularly. Do I have to get Oklahoma smoker life insurance quotes and higher rates? Will my benefits be given out if I don’t?

James

Thanks for asking, James.

Oklahoma smoker life insurance quotes are indeed something to be scared of. Smokers often pay two to three times the amount people with standard policies pay, and even if you quit smoking, it takes years before life insurance companies stop taking your former smoking habits into account when rating your policy. If you are a smoker and apply for life insurance but don’t tell the company that you smoker, then if you die in the first two years of your policy and they come to find out you were a smoker, you can have your benefits either completely denied or only partially given out.

However, Oklahoma smoker life insurance quotes are an entirely different matter in your situation. Although it may seem like kind of a weird double standard that life insurance companies will punish people who quit smoking 4 years ago, but not people who start smoking heavily the day after they purchase their policy, that’s just how it is. The life insurance companies are more concerned with smokers who smoked before they bought insurance, but if you start afterwards then you are scot free. You might have a harder time renewing and getting good premiums if you don’t kick the habit, though.

take care,

Fashun

What does my life insurance company mean when they ask for my build when I am looking for the cheapest online life insurance in Oklahoma?

Jessica

Great question, Jessica.

Well, your build is important in your search for cheapest online life insurance in Oklahoma because it has to do with how much you weigh and whether that contributes badly to your health or not. Your build isn’t exactly your weight–it’s more like how to determine if you are overweight when looking at both how much you weigh and how tall you are.

The more uneven this ratio is, the more trouble you’re going to have finding the cheapest online life insurance in Oklahoma. If you are overweight according to your build, then you become an increased risk because, as you age, you have a higher probability of getting all kinds of health problems, from diabetes to high cholesterol, from heart attacks to kidney disease.

Of course, you’re not just in trouble if you’re overweight, but you can find some difficulty getting cheap insurance if you are underweight as well. This indicates all kinds of problems, from mobility problems, to possibilities of anorexia, and so on.

take care,

Fashun

Just how much can my private information affect my life insurance rate quotes in Tulsa Oklahoma?

Greg

Thanks for asking, Greg.

Your medical information is everywhere, and so it’s very hard to keep it completely private, simply because of the vast amount of people that will necessarily see it, from doctors, to nurses, to receptionists, and so on. If you have your life insurance in a group policy, then in some cases the co worker who deals with the insurance for the company may even be able to learn personal information from your medical history. In many cases, life insurace companies’ search for medical information is not very well regulated, and even when there are laws prohibiting the use of certain information, the company can still ask your doctor for it, and in most cases the doctor will give it up, with no intervention from the Oklahoma Department of Insurance.

One of the weirdest pieces of private information that can affect your life insurance rate quotes in Tulsa Oklahoma is something that my friends in the life insurance business have been telling me about in excess. According to them, if you mention something in your doctor’s appointment, for example, if you ask what the risk of you getting a certain disease is, then that can go into your doctor’s medical files and can be used to rate your insurance policy.

take care,

Fashun

Am I able to get ahold of my records with the Medical Information Bureau so that I can know what to expect from my Oklahoma City life insurance rate quotes?

Eric

Great question, Eric.

First of all, it’s entirely possible that, even if you have applied for disability, health, or life insurance before, that you are still not going to find yourself in the MIB database, and so it might not affect your Oklahoma City life insurance rate quotes. Only 20% of insurance applicants have files in the Medical Information Bureau database, actually. However, those who do number around 16 million people, always rising, so in numbers so high, it’s possible there might be mistakes.

You can order a report from the MIB just as you can from a credit reporting agency. And, just like with your credit report, any information falls off after seven years, and if you see anything on the report that shouldn’t be there or that isn’t accurate, you can contact the bureau to have it taken off.

Knowing what is on your medical information bureau report is essential to getting cheap Oklahoma City life insurance rate quotes.

take care,

Fashun

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