Celebrate Insurance Awareness Day: Learn About Life Insurance

No person’s life is the exact same as someone else’s, so why should your life insurance be? You can and should have a life insurance policy tailored to your unique needs. To celebrate National Insurance Awareness Day this year, we are sharing information about the different types of life insurance policies and which policy may fit your lifestyle best.

First, Why Life Insurance?

Life insurance can serve as a safety net for you and your loved ones. It may bring you peace of mind knowing your family’s financial future is protected if anything were to happen to you. A life insurance policy could help your family continue to pay for things, like the mortgage. We offer three categories of life insurance policies: term life insurance, whole life insurance and universal life insurance.

Term Life Insurance

One of the most affordable life insurance options, term life policies protect your family or business for a set amount of time or for a set “term.” Coverage ends when the term ends or until you choose to convert to a different life policy. These are recommended for those just starting out, whether raising a family or building a business. You can read more on the different types of term life insurance policies we offer here.

Whole Life Insurance

This coverage, named for its length of protection, provides permanent coverage for your entire life. This policy will give your family protection upon your death and access to the accumulated cash value while you’re alive. Our Whole Life product can give you and your family lifetime protection.

Universal Life Insurance

Life can take some unexpected turns, so having flexibility is invaluable. Universal policies allow this flexibility when things may not go as planned. It is a form of whole life insurance that provides lifetime coverage, while also allowing you to adjust things in your policy along the way, like premium payments and death benefits. Our Universal Policy is a great way to make sure you can adjust your life insurance policy when life throws you a curveball.

Try Our Life Insurance Calculator

Our life insurance calculator can help you understand the amount of coverage that is right for you! Learn more about the right life insurance coverage for your unique needs by contacting an OKFB Insurance agent near you.

Don’t Get Fooled By Top Insurance Myths

When it comes to shopping around for insurance, or even when it’s time for an annual review of your current policy, it can be overwhelming to sort through the sea of information about insurance. Furthermore, popular myths and misconceptions about insurance can leave you even more confused. Check out some of the top myths we hear, and the facts that bust them.

Myth: Life insurance is not necessary until I’m older.

Fact: Life insurance can be a valuable investment at every life stage. Whole and universal life policies not only provide a death benefit, they also allow you to use accumulated cash value for plans such as buying a home or retirement, meaning investing younger can yield benefits for later in life.

Myth: All the belongings in my house are covered by my homeowners policy.

Fact: There are different types of homes and each home varies in the features it has and the homeowners policy it needs! Limitations may apply to specific items, especially those that are high in value. Plus, items you may consider part of your home may be considered separate within your policy, such as a detached property.

Myth: Earthquake and flood insurance come standard with homeowner insurance.

Fact: Standard homeowners insurance policies don’t typically cover damage caused by a flood or earthquake. Policy additions for natural disasters, like floods and earthquakes, can often be added to a policy, but if the coverage is not obtained before the event occurs your property will not be protected.

Myth: Color is a major factor in the cost of my auto insurance.

Fact: Contrary to popular belief, having a red vehicle does not automatically mean your auto insurance will cost more. However, there are several other factors to keep in mind when car shopping, because all of these things could affect the price you pay to insure your car, such as car make, body type, age of your vehicle and the car’s sticker price.

Learn more about the right coverage for your unique needs by contacting an OKFB agent near you.

Top Questions Answered by Insurance Agents

When it comes to shopping for Home, Auto, Life and Commercial Insurance, it can be hard to know where to start. No matter how big or small your questions may be, our agents are here to help! Below are five common questions Oklahomans have when trying to decide what insurance is best for them.

Q: When do I need to update my insurance coverage?

A: Major life events, such as moving out on your own, purchasing a car, getting married or having a baby are good prompts to talk with your agent to discuss your coverage. We recommend setting an annual review with your agent to talk through what changes you’ve experienced in the last year and what you anticipate in the next.

Q: How much life insurance do I need?

A: Everyone’s needs vary when it comes to Life Insurance. There are factors you need to consider, such as the ages of your spouse and/or children, future expenses like mortgage or college and what type of policy you can afford. To get an idea of what might be a good fit for you, check out this Life Insurance calculator.

Q: Does my car insurance cover other drivers?

A: Typically, Auto Insurance follows the vehicle, not the driver. It’s important to consider what your unique coverage entails; for example, if your friend gets into a wreck while driving your car and you’re not insured for collision coverage, they are no more covered than you would have been as the driver. Since policy terms vary, it’s always best to contact your insurance agent before loaning out your car.

Q: What is umbrella insurance?

A: Personal umbrella insurance is a type of insurance designed for when you need extra liability coverage above another insurance policy. It helps supplement items not covered by other policies (such as Home or Commercial Insurance) and could kick in, for example, if you were to be held liable for an amount greater than what one of your other insurance policies covers. Talk to your agent to discuss how much coverage will be right for you, your home or your business.

Q: What type of insurance coverage is a “must” for small business owners?

A: Every business is unique, and insurance agents are trained in knowing what insurance products are most suited to your business, your budget and your goals. Many business owners like to start the conversation with Commercial General Liability Insurance to protect their assets in case of injury or property damage. Talk with your agent to discuss how much coverage is right for you!

You can learn more about the right coverage for your unique needs by contacting an OKFB agent near you.

Show your loved ones you care by getting your insurance in shape

Valentine’s Day is coming up, and chances are you’re looking for a way to show your loved ones you care. While roses and chocolates might show your love in the short term, an up-to-date insurance policy can provide the gift of protection for your family. You may not be able to give an insurance policy as a gift, but you can make sure your life insurance policy has the right amount of coverage. Learn more about this act of love and others that will show your loved ones you care!

Update your life insurance policy

Life insurance is necessary, no matter your age or health status, and keeping your coverage up to date is just as important. Changes in family size or responsibility can impact your life insurance needs or your policy’s premium. Ensure you know the ins and outs of your current policy, and chat with your agent about the right amount of coverage to protect you and your loved ones in case of the unexpected.

Consider coverage for the road

Your vehicle gets you from point A to point B and everywhere in between. On the road, showing your loved ones you care starts with driving safely. But you should also make sure you have the right coverage for your unique scenario. Auto insurance can help cover any accidents you have, but more importantly it can also be a source of protection for you and your passengers against accidents.

Ensure your home is properly insured

Your home is where you family spends the most time, and ensuring you have the proper coverage is of utmost importance. Review and update your policy annually to account for any changes to your property or possessions. Renovations in the last year could mean your property needs a valuation update, and any big ticket items purchased may require adding personal property coverage to your policy.

You can learn more about the right coverage for your unique needs by contacting an agent.