in Oklahoma city
About our Life Insurance
At Thomas Baste Insurance, our experienced team is here to help you choose and buy the best life insurance policy. We’ve always believed that doing good business starts with getting to know our clients. By taking the time to fully understand your needs, we offer tailored coverage that is designed to protect both you and your family.
Our experienced team of insurance professionals are here to help answer your questions and do the work needed to get you the best life insurance in Oklahoma.
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The Different Types of Life Insurance Explained
The main purpose of a life insurance policy is to provide for your dependants in the event of your death. As you would expect, there are different types of coverage that come with different risks and benefits. The main types of life insurance are whole life, term life, and universal life. Here, we’ll explain the key points of each.
Whole Life Insurance Oklahoma
Whole Life coverage can provide protection for any dependants while accumulating cash value. If the insured dies, it will pay a death benefit, but there is also a savings element that builds-up over time; this is called the cash value. Premiums for Whole Life insurance are typically fixed for the entire time the policy is valid. This coverage will pay out when the insured reaches a certain age or when they die.
Whole Life insurance will cost more than term insurance, but this due to the cash value element.
Term Life Insurance Oklahoma
Term Life coverage is a popular choice, and the least expensive of all three options as it has no cash value benefit. The purpose of a Term Life policy is simple, in that it will pay out a specified lump sum benefit to a beneficiary in the event of the death of the insured. The policy limit and death benefit are the same, but if the insured is still alive at the end of the policy term, there is no option to get your money back.
Term Life insurance is suited to those who do not need life insurance indefinitely. It will help to provide for dependants but typically ends once your children become independent, or you retire.
As you can appreciate, there are many options to consider when you buy insurance for any vehicle. At Thomas Baste Insurance, we’re here to talk you through these options, and to help you understand which type of coverage is most suited to your needs. Our ultimate goal is to help you make an informed decision by giving you easy to understand insurance quotes and clear explanations for each option that is relevant to your individual needs.
Universal Life Insurance Oklahoma
Universal Life coverage is designed to provide a policyholder with a greater degree of control over the premiums. This type of coverage is more flexible than a Whole Life policy, and it provides permanent protection for any dependants. It gives you the ability to accumulate cash value, and it also pays a death benefit to a beneficiary. The flexibility comes with the ability to change the death benefit at specific points in time; and it may also give you the freedom to change the timing or amount of premium payments.
Universal and Whole Life insurance both give you the ability to take either loan or withdrawal against the cash value of the coverage. Variable life insurance also presents a range of extra investment options that require a more hands-on approach to management.
If you have people who depend on you financially, buying life insurance will protect them in the event they are unable to count on your earnings. At Thomas Baste Insurance, we care about the same things as you, and we want to make sure you get the right life insurance at the right price.