Frank Keating: Let’s keep life insurance companies protecting families

Every day, hardworking Oklahomans roll up their sleeves to build better lives — for themselves, their families and their communities.

What many folks might not realize is that there's a powerful engine working quietly behind the scenes to support all that progress: the life insurance industry.

Having led the American Council of Life Insurers for seven years, I'm proud of the role life insurers play in protecting families and providing long-term investments that help build a robust economy.

Life insurance isn't just about preparing for the worst — it's about making sure families have stability, businesses have capital to grow, and communities have the resources to thrive.

Right now, 1.4 million people across Oklahoma have life insurance coverage, and every year, life insurers pay out $2.2 billion in life and retirement benefits to families here.

That's about $6.1 million every single day — going directly into the hands of our neighbors when they need it most.

The story doesn't stop with financial protection. Life insurers are also long-term investors in Oklahoma's future. They've invested a staggering $62 billion across our state — supporting everything from new infrastructure and school buildings to small businesses and family farms.

That's money being put to work right here at home.

Let me break it down:

$51 billion is tied up in stocks and bonds that help Oklahoma businesses expand and create jobs.$9 billion is in real estate, loans and other community-focused projects.$2 billion helps finance homes, commercial properties and family farms through mortgage loans.

These investments touch nearly every corner of our state.

From funding improvements at the Oklahoma Turnpike Authority and Oklahoma City Airport, to backing bonds for the University of Oklahoma and Oklahoma State University — life insurers are making it possible for major projects to move forward.

They've even put nearly $300 million into education-based bonds, helping keep our schools strong and our kids' futures bright.

And when it comes to retail and agriculture — two of Oklahoma's biggest employment sectors — life insurers are playing a major role. They've supported $204 million in retail mortgages and nearly $120 million in agricultural loans, helping our farmers expand and our shopkeepers stay open.

In short, life insurers are a steady, reliable part of our state's growth helping not only families but providing financial capital that is vital to Oklahoma's ability to compete. This is all made possible by state regulation.

When I led ACLI, I saw firsthand the importance of life insurance companies being regulated at the state level —right here in Oklahoma — and that system works. In fact, during some of the toughest economic times our country has seen, the life insurance industry stayed rock solid.

That's thanks to thoughtful, local oversight that's built to protect consumers and keep the system stable.

We've got 449 life insurers licensed to do business in Oklahoma — and 23 that call our state home. These aren't just financial institutions; they're partners. They're helping families buy homes, farmers grow their crops, students chase big dreams and businesses take that next step forward.

As a former governor, I have always fought for a more resilient Oklahoma. They may not always make the headlines, but the impact of the investments made by life insurers are felt across every ZIP code in the state. Let's keep investing in what works. Let's keep Oklahoma growing.