The 3 Basics of Oklahoma Life Insurance

Are there people who depend on you financially? If you have a family that you care deeply about, it goes without saying that you want the absolute best for them. Making sure your family is taken care of and provided is essential if something were to happen to you. Having the best life insurance that suit’s your family’s needs is the best gift you could ever give them. Not sure where to begin? Here are three commonly asked questions about Oklahoma life insurance:

1. Do I need life insurance?

If there are people in your life who depend on you financially, such as children, a spouse, or elderly relatives, having a life insurance will protect them when they can no longer count on your income. For families with young children, expenses like cooking, clothing, and child care can be covered with the right plan. Additionally, a life policy can provide money for mortgage or rent, education fees, health bills, loans, or any other expenses your family may need in your absence.

2. How much life insurance is enough?

Multiply your family’s annual expenses by the number of years your think your family will need your support. Future costs such as mortgage or education expenses should be taken into consideration. Advisors recommend a plan that exceeds two to six times the annual income of the insurance holder.

3. What are different types of life insurance?

• Term life insurance: The most common and least expensive, term life insurance has no cash value. Its primary function is to pay a specific sum to the beneficiary upon the death of the insured person. Term life insurance often ends by the time children have grown and are independent.

• Whole life insurance: Also known as cash value policies, whole life insurance provides both a death benefit and a cash value, and often comes at a higher premium. A cash value acts like a savings account, and increases in value over time.

• Universal life insurance: Universal life insurance is the most flexible. It offers the holder more control over premiums and provides permanent protection for dependants and. A universal policy also allows the holder to change the death benefit at certain times.

If any of this information is important for you and your family, signing up for Oklahoma life insurance should be your next immediate step. RCI Insurance Group can assist you with every level of the process, while offering astounding rates and the best customer satisfaction in the state. You want the best for your family, so contact RCI today and we’ll ensure that you won’t get left behind.