Best Life Insurance Companies in Oregon

Life insurance ensures your beneficiaries receive financial benefits after your death. You can get the best coverage and lower rates if you take the time to compare life insurance quotes in Oregon. MoneyGeek compared costs across various life insurance companies in Oregon based on factors such as gender, age and smoking history. Buyers can use the research to select the best life insurance companies in Oregon for their needs.

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Best Cheap Life Insurance in Oregon

Life insurance costs vary depending on many factors, one being the amount of coverage you purchase. Choosing a higher policy amount means that you will pay more per month.

As per the study conducted by MoneyGeek, the cheapest life insurance for a policy limit of $250,000 is from MassMutual. On average, male buyers pay $11.10 per month while female buyers pay $9.41.

Although policies with a lower limit are cheaper, they usually offer less financial support to beneficiaries. For instance, the $250,000 policy limit will not cover all your beneficiaries’ expenses after your death. For buyers with young families, it is essential to get higher amounts, as these would mean more financial support for the beneficiaries.

The recommended limit by MoneyGeek varies across all the states depending on factors like the average income, average age, average personal debt and the cost of living. Buyers in Oregon need a policy with at least $809,000 as the coverage limit.

From this study, the cheapest life insurance company in Oregon for a limit of $809,000 is Nationwide. Male buyers pay an average of $21.26 per month, while female buyers pay roughly $15.98.

Best Cheap Life Insurance Companies in Oregon: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $809k
  • Nationwide
    $11.81
    $21.26
  • MassMutual
    $11.10
    $21.31
  • Mutual of Omaha
    $12.26
    $22.77
  • AAA
    $13.42
    $26.40
  • State Farm
    $18.92
    $39.91
  • Prudential
    $29.41
    $48.48
  • Progressive Life
    $16.31
    $59.07
Best Cheap Life Insurance Companies in Oregon: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $809k
  • Nationwide
    $10.43
    $15.98
  • MassMutual
    $9.40
    $16.65
  • Mutual of Omaha
    $11.03
    $16.73
  • Prudential
    $19.34
    $37.33
  • State Farm
    $19.97
    $38.39
  • AAA
    $16.63
    $41.50
  • Progressive Life
    $12.79
    $42.45

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Oregon using average buyer profile statistics in Oregon, including average age of 31, average weight of 186 pounds for males and 148 pounds for females, and an average coverage need of $809,000.

What Is the Average Cost of Life Insurance for Companies in Oregon?

One of the main factors that influence life insurance costs in Oregon is gender. In most cases, women pay less than men since they have a longer lifespan.

Based on the analysis from MoneyGeek, male buyers pay an average of $18.22 per month for life insurance in Oregon if the policy amount is $250,000. Female buyers, on the other hand, pay about $15.96 per month for the same coverage.

However, for the $809,000 recommended by MoneyGeek, the monthly rates will increase considerably. Male buyers will pay about $22 more for an average of $40.22 per month, while female buyers will pay $19.86 more for an average of $35.82 per month. Despite the high cost, your beneficiaries will receive more financial support should you pass away.

Most Popular Life Insurance Companies in Oregon

The market share of a company refers to the number of insurance premiums it has written, compared with the total number of premiums written by the state. Market share is often denoted as a percentage. The higher the score, the more financially stable a company is.

In Oregon, insurers with the largest market share are more likely to pay out customer claims.

According to MoneyGeek, the company with the highest market share in Oregon is Northwestern Mutual, with roughly 9.49%. The highest seven insurers in the state add up to about 36.11% of the total market share.

Most Popular Life Insurance Companies in Oregon

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  • Company
    Market Share
  • Northwestern Mutual
    9.49%
  • State Farm
    5.84%
  • New York Life
    4.99%
  • Lincoln Financial
    4.92%
  • John Hancock
    3.86%
  • Pacific Life
    3.63%
  • Prudential Financial Inc.
    3.38%

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Oregon who is 5 ft 10 inches and 186 pounds that purchases a 20-year term contract at the average coverage need of $809,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Young People in Oregon?

Life insurance companies in Oregon consider age as one of the factors when calculating your rates. They charge less for young buyers because these are not risky to insure, and the opposite is true for older buyers.

To ensure that you pay less for your life insurance, you should purchase your coverage when still young.

According to MoneyGeek, the best life insurance companies in Oregon on average for young buyers are:

  • Mutual of Omaha: $15.73 per month
  • MassMutual: $16.03 per month
Best Life Insurance Companies for Young People in Oregon

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $15.73
  • MassMutual
    $16.03
  • AAA
    $18.74
  • Prudential
    $18.76
  • State Farm
    $19.25
  • Nationwide
    $21.00
  • Progressive Life
    $22.86

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Oregon who is 5 ft 10 inches and 158 pounds that purchases a 20-year term contract at the average coverage need of $280,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Oregon?

Seniors tend to pay more for life insurance in Oregon compared to young buyers. That’s because insurance companies consider them to be high-risk since they are more likely to file claims.

However, by shopping around, you can find cheap quotes for seniors in Oregon. Since most seniors do not need much coverage because their children are grown and will need less financial support in the future. Typically, a policy limit of $100,000 is enough for you if you are a senior.

On average, as per the MoneyGeek research, the cheapest life insurance coverage for seniors in Oregon comes from:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Oregon

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • AAA
    $45.50
  • State Farm
    $46.20
  • Progressive Life
    $69.17
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Oregon who is 5 ft 10 inches and 186 pounds that purchases a 10-year term contract at the average coverage need of $85,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Oregon?

If you are a smoker, you will be charged more by life insurance companies in Oregon than a non-smoker. Insurance providers consider smokers to be higher-risk to insure due to the health-related issues resulting from continued smoking. Smokers who are still in good or average health may, however, find cheaper options within the state.

According to MoneyGeek, the cheapest insurers for smokers in Oregon are:

  • MassMutual: $136.74 per month
  • State Farm: $138.44 per month
Best Life Insurance Companies for Smokers in Oregon

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  • Company
    Monthly Cost
  • MassMutual
    $136.74
  • State Farm
    $138.44
  • Nationwide
    $144.40
  • Mutual of Omaha
    $148.00
  • AAA
    $159.46
  • Prudential
    $164.11
  • Progressive Life
    $211.50

Rates were determined by analyzing quotes for a 31-year-old male smoker in Oregon who is 5 ft 10 inches and 186 pounds that purchases a 20-year term contract at the average coverage need of $809,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Oregon Life Insurance Laws You Should Know

Different life insurance companies in Oregon charge varying rates. That is why you need to compare quotes before purchasing coverage. It is also ideal to familiarise yourself with the life insurance laws of the state. Some of these laws include:

  • Free look period - Although most policies have 10 days as the free look period, buyers in Oregon have a maximum of 30 days to replace their existing coverage.
  • Grace period for missed payments - In Oregon, a policyholder receives a grace period of 31 days to pay any due life insurance premiums unless they give the insurer a notice of discontinuing their policy.
  • Time allowable to settle a claim - Once you file a claim in Oregon, your insurer needs to pay it out immediately. Failure to do this can lead to serious penalties.
  • Contestable Period - Based on the Oregon life insurance law, contesting the validity of a policy is not allowed except for nonpayment of premiums once it has been in force for two years since the issue date. In the absence of fraud, your insurer cannot cancel the policy after two years due to an error in your initial application.

Methodology

MoneyGeek obtained the average life insurance coverage costs in Oregon based on factors like the average personal debt, average personal debt and average age, average mortgage debt and the per capita income from the U.S. Bureau of Economics. However, these costs may not represent your actual rates. You may pay more or less depending on your unique circumstances.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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