For Immediate Release:
February 10, 2021


Protect the People You Love This Valentine’s Day

By Oklahoma Insurance Commissioner Glen Mulready

February is all about love and support. Many of us are searching for the perfect gift for our Valentine. According to the National Retail Federation’s 2021 Valentine’s Day spending surveyAmericans plan to spend an average of $165 on their loved ones this Valentine’s Day. Over 70% of them feel celebrating this year is important given the state of the pandemic. With the pandemic still affecting our lives, have you considered giving the gift of security to your loved ones this year? Instead of getting roses, chocolates or jewelry, consider insuring your love by getting the protection your loved ones need.

Many people overestimate the cost of life insurance. According to the Insurance Barometer Study, people think life insurance costs three times more than it does. The average price of a term life insurance policy for someone in their 30’s is $16 per month or $192 a year. That’s only $27 more than the average person will spend on Valentine’s Day this year.

Here are some tips to help you choose the right type of life insurance for you and your Valentine.

Term Life Insurance 

Term life insurance provides coverage over a specified period (term). Typically, term insurance policies are written for 1, 5, 10, or 20 years or to a specified age such as 65. Term life insurance is intended to provide lower-cost coverage for a specific period.

Term life policies may include a provision that allows coverage to continue at the end of the term, even if your health status has changed. However, those premiums may be higher than the actual policy. Ask what the premiums will be before you renew. Also, ask if you lose the right to renew at a certain age. If the policy is non-renewable, you will need to apply for coverage at the end of the term.

Permanent Life Insurance 

A permanent policy pays a death benefit whether you die tomorrow or live to be over 100. These policies also have savings or investment features, making it possible for policy owners to get money from the policy while still alive. Whole life, universal life and variable life are types of cash value policies.

Premiums for permanent policies are generally higher than for term insurance, but it remains the same no matter how old you are.

There are many different life insurance policies, and shopping for the right coverage can be intimidating. Contact your insurance agent if you have any questions. He or she can help you figure out how much insurance you need, assist you with the application and help you understand the policy terms.

For more insurance information, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at


Questions or comments should be directed to
Communications Director, Liz Heigle | (405) 819-2221