Category: Life Insurance

If you’ve ever gotten a life insurance payout from a loved one who passed away, the knowledge that they thought of you can sometimes be more precious than the monetary endowment. If you’re near the Oklahoma City, OK, area, we encourage you to bring your life insurance questions to our Vance Insurance Group LLC team. We are an independent insurance agency that will give you our complete attention so that we can find the right policy for your insurance needs. 

Unclaimed Life Insurance Benefits 

According to the National Association of Insurance Commissioners, millions of life insurance benefit dollars go unclaimed annually. A September 2023 effort by the commissioners of the Oklahoma Insurance Department enabled Oklahomans to claim over $48 million in lost or unclaimed life insurance benefits. Oklahoma Insurance Commissioner Glen Mulready announced his department has been instrumental in utilizing that tool to match over $94 million to more than 4800 Oklahomans since taking office in 2019. 

According to NerdWallet, life insurance benefits often go unclaimed because of a lack of communication between policyholders and their beneficiaries. At times, policyholders forget about the policies they purchased or the address information for their beneficiary changes. The same website recommends that anyone buying life insurance make every possible effort to remain in communication with their beneficiaries. Nevertheless, anyone who believes they may be due unclaimed life insurance funds can contact the Oklahoma Department of Insurance for assistance. 

Call Us for an Appointment Today 

Life insurance is a way to provide a financial legacy for someone you love. If you’re in the Oklahoma City, OK, area, we invite you to bring your insurance questions to Vance Insurance Group LLC. Call us for an appointment, and let us help you find your path to a lasting legacy. 

Choosing the right life insurance plan for your elderly parents could be a challenge. You must ensure this plan meets all the expectations and coverage your parents need. Our agents at Vance Insurance Group LLC, serving Oklahoma City, OK, are here for you in finding the right plan for your aging parents. Let us assist you in finding the right life insurance policy.

When are you allowed to Purchase Life Insurance for Them?

You must first get their consent to begin choosing a plan for them. Your elderly parent must be willing to go through the application process. In addition to this, you must show that you have an insurable interest. This means you must prove that you will face financial difficulties if the insured parent dies. You will be financially responsible for your parent’s passing.

Life Insurance Covers their Final Expenses

One of the benefits of obtaining life insurance is that it helps cover any final expenses your parents may have. Do your parents have any outstanding debts, such as medical bills? A life insurance policy helps take care of that in the event of their death. It could also pay off their funeral.

Life Insurance Could Leave a Legacy

Another important aspect of life insurance is that it could leave a legacy for your parents. Besides paying off those crucial debts, your parents could do some positive things with it. For example, they can use the money to donate to their favorite charity.

Life insurance is one of the most important things your elderly parent must have. They are getting older, and it’s important to be financially prepared if they pass away. Don’t delay in helping them find the right policy. Contact our agents at Vance Insurance Group LLC today.   

Anyone living in the Oklahoma City, OK area is going to have a lot of insurance needs. A type of coverage all people should take seriously and consider getting is life insurance. Vance Insurance Group LLC offers a few reasons to obtain this type of coverage. 

Why do you need life insurance in Oklahoma?

Provide Support for Dependents

A reason that you may need to have a life insurance plan is so you can provide support for your dependents. When you have dependents that rely on your income and financial assets, you will want to ensure they have support if you were to pass away. With life insurance, you can build a personalized plan that will offer this protection and give you peace of mind. 

Investment Alternative

While many people get life insurance for financial protection, it can also be a good way to invest. With a whole life insurance plan, some of your payments on a monthly basis will build in an account. Eventually, you can choose to close the account and use the proceeds for any reason you want. This can help to make it a good addition to any personal financial and investment plan. 

As you are looking for a way to provide support with life insurance in the Oklahoma City, OK area, you will find there are a lot of decisions to make. One way you can select a quality plan is by calling the professionals from Vance Insurance Group LLC. Our team understands the value of this coverage and can help you build a plan that will ensure you remain fully covered. 

Life insurance benefits for a married person are apparent: your children and spouse get financial protection when you die. But does that mean that if you are single, you don’t need life insurance? Does life insurance protect married persons only? The answer is no. Life insurance is broad and covers various categories of persons. According to Vance Insurance Group LLC of Oklahoma City, OK, while no kid or spouse depends on your income, you still need life insurance.

To cover your funeral expenses.

Yes, while you may not have dependents, you need life insurance to cover your funeral expenses. Even if you want a modest funeral, a funeral is always a costly affair. Without life insurance, your relatives or friends will have to foot the bill, putting them in a difficult financial position even as they mourn your demise.

To cover your debts

Do you have a loan with someone? Do your debts exceed your assets? If yes, you need life insurance to take care of your financial liabilities when you die. Without life insurance, your death may leave your loan partners and cosigners paying the loan. 

Someone else is depending on your income.

Whereas you have no kids or spouse, someone else could be depending on your income. It could be your aging parents or a sibling. How will they cope financially when you die? Life insurance replaces your income to help those that depend on your income meet financial obligations. 

To protect your business.

Life insurance doesn’t protect individuals only. It can protect your business. When in a business partnership, your partners depend on your financial contribution. Purchasing life insurance ensures that your death doesn’t interrupt the financial position of your business.

Buy life insurance today in Oklahoma City, OK

Are you shopping for life insurance to secure your financial interests? Please contact Vance Insurance Group LLC for affordable life insurance. 

If you are like most people, you’re wondering if life insurance is worth the extra expense each month. Life insurance coverage is essential for different reasons. This type of insurance provides financial security for your loved ones if you pass away. Here are other factors you need to know about life insurance for Edmund and Oklahoma City, OK residents.

Is Life Insurance Necessary?

No law in Oklahoma requires its residents to carry an active life insurance policy, but here at Vance Insurance Group, we think it’s a good idea to get it if you have a family. To help you determine if life insurance is right for you, consider:

• The amount of debt you have
• The amount of income your family will need to replace
• Whether other expenses will be a problem

What Are the Types of Life Insurance?

There is term life insurance and permanent life insurance.

Term Life Insurance

Term life insurance offers coverage for a specific period. This period can be anywhere from one year or thirty years or longer. Term life insurance allows you to choose the term length. If you want a lump sum to be paid to your beneficiaries, called a death benefit, term life insurance is ideal for your situation. This type of life insurance allows you to extend your policy for additional terms without a medical exam. You can also convert your insurance policy from a term policy to a permanent policy without being required to take a medical exam.

Permanent Life Insurance

Permanent life insurance is ideal if you want to build savings over time. You can use these savings in a variety of ways. You can withdraw from these savings, pay premiums, borrow against them, or invest. The two different types of permanent life insurance are whole life and universal insurance.

Here at Vance Insurance Group, we know buying insurance can be complicated. We’re here to help you through the insurance process and get you the coverage you need. Contact us today to inquire about the insurance solutions we provide for Oklahoma City, OK residents.