Best Life Insurance Companies in Eugene, OR

In Eugene, the best life insurance company for seniors and smokers is MassMutual. MoneyGeek also found that Nationwide is the top option for the average adult, and Mutual of Omaha offers a good deal for young adults. MoneyGeek’s guide shares the top-rated life insurance providers in Eugene for specific backgrounds.

For a $250,000 coverage policy, the average rate is around $10 per month. For Oregon’s recommended coverage, the monthly cost is around $19.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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While life insurance can be a delicate subject for some, it offers financial support to your loved ones after you pass away. MoneyGeek encourages you to find not just a life insurance company in Eugene, Oregon, but the best life insurance company that fits your needs. Our guide details the best options for various ages, men and women and smokers.

iconBestLife InsuranceEugene, OR
2023

Best Life Insurance Companies in Eugene, OR, for 2023

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Best Cheap Life Insurance in Eugene

The cost of your life insurance in Eugene depends greatly on your gender and coverage amount. MassMutual has the most affordable monthly quotes for a $250,000 coverage policy for men at $10 and women at $8, on average.

Because $250,000 in coverage may not be enough for where you live, there are different life insurance recommended coverage amounts per state. The Oregon recommendation is a coverage amount of $809,000, which considers state-specific factors, including average personal debt, average income and cost of living.

For Oregon’s recommended life insurance coverage amount of $809,000, Nationwide offers the cheapest average premium per month for men at $19 and women at $14.

Cheapest Life Insurance Companies for Males and Females in Eugene
  • Cheapest For
    $250K Coverage
    $809K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Eugene for Men and Women

Your gender affects the cost of your life insurance premium in Eugene, as does location. In comparison to Oregon’s average state-wide cost, men pay around 9% less and women 10% less for life insurance in Eugene.

In Eugene, the average cost of a $250,000 coverage policy is $17 per month for men and $14 per month for women.

The state-recommended coverage amount in Oregon is $809,000, which is based on factors such as per capita income (as reported by the U.S. Bureau of Economic Analysis), average personal debt, average mortgage debt and average age.

The premium for an $809,000 coverage policy, on average, costs men $37 per month, whereas women pay $32 per month.

Regardless of the coverage limit, the average cost for a policy with a 10-year term is $23 per month for men and $20 per month for women.

Average Monthly Life Insurance Rates in Eugene: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $19
  • MassMutual
    $10
    $19
  • Mutual of Omaha
    $11
    $21
  • AAA
    $12
    $24
  • State Farm
    $17
    $36
  • Prudential
    $27
    $44
  • Progressive Life
    $15
    $54
Average Monthly Life Insurance Rates in Eugene: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $9
    $14
  • MassMutual
    $8
    $15
  • Mutual of Omaha
    $10
    $15
  • Prudential
    $17
    $34
  • State Farm
    $18
    $35
  • AAA
    $15
    $37
  • Progressive Life
    $12
    $38

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

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

For life insurance, women pay a cheaper premium compared to men because they usually live longer. Studies show that life insurance rates are more expensive for men because they are more likely to die of heart disease, perform perilous occupations or avoid doctor’s visits, all of which can shorten their lifespan.

Research reveals that women purchase life insurance less often than men. MoneyGeek highly encourages women to purchase life insurance. Women are also breadwinners for their families and support their households with economic value — life insurance can protect their contribution.

Most Popular Life Insurance Companies in Oregon

Based on market share, Northwestern Mutual (around 9%), State Farm (nearly 6%) and New York Life (roughly 5%) are the three most popular life insurance providers in Oregon. The seven most popular life insurance companies in Oregon take up a total of around 36% of the industry.

Below is a table that features the seven biggest life insurance companies in Oregon by market share.

Most Popular Life Insurance Companies in Oregon

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  • Company
    Market Share
  • Northwestern Mutual
    9%
  • State Farm
    6%
  • Lincoln Financial
    5%
  • New York Life
    5%
  • Pacific Life
    4%
  • John Hancock
    4%
  • Prudential
    3%
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MONEYGEEK DICTIONARY

Simply put, a market share is a company’s revenue percentage compared to its competitors. Following 2020 market intelligence reports from S&P Global, MoneyGeek analyzed market share data about top-performing life insurance companies in Oregon.

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Cheapest Life Insurance for Young People in Eugene

For a young adult, the average life insurance quote in Eugene ranges between $14 and $21 each month. MoneyGeek found the two cheapest life insurance companies for young people in Eugene based on their average rates are:

  • Mutual of Omaha: $14 per month
  • MassMutual: $15 per month

Browse through the complete list of life insurance companies for young adults in the below table and their rates in Eugene.

Best Life Insurance Companies for Young People in Eugene, OR

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $14
  • MassMutual
    $15
  • AAA
    $17
  • Prudential
    $17
  • State Farm
    $18
  • Nationwide
    $19
  • Progressive Life
    $21

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Eugene who is 5 feet 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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

If you’re 25 years old or younger, you can save on life insurance costs in the long run since younger individuals pay cheaper rates. Life insurance quotes in Eugene become more expensive as you get older since you’re more prone to illnesses or diseases. Therefore, it’s best to take advantage of this strategy and purchase life insurance at a young age.

Cheapest Life Insurance for Seniors in Eugene

Seniors in Eugene pay an average cost of $35 to $73 per month for life insurance. The following companies provide the most affordable life insurance rates for older adults in Eugene:

  • MassMutual: $35 per month
  • Mutual of Omaha: $40 per month

Below is a full list of life insurance providers in Eugene and their rates for seniors.

Best Life Insurance Companies for Seniors in Eugene, OR

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  • Company
    Monthly Cost
  • MassMutual
    $35
  • Mutual of Omaha
    $40
  • Nationwide
    $40
  • AAA
    $42
  • State Farm
    $42
  • Progressive Life
    $63
  • Prudential
    $73

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

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LIFE INSURANCE COSTS MORE FOR SENIORS

Generally, life insurance companies consider seniors high-risk policyholders since their policy may outlive them. Thus, older adults pay a more expensive premium. Seniors can pay a lower rate by opting for less coverage since their beneficiaries are usually grown and financially independent.

Life insurance for seniors often only needs to cover burial costs and debts, for example, so MoneyGeek used a lower sample coverage amount than other age groups.

Cheapest Life Insurance for Smokers in Eugene

Smokers pay roughly $125 to $193 per month for life insurance in Eugene. MoneyGeek’s research revealed the two cheapest life insurance companies for smokers in Eugene based on average rates are:

  • MassMutual: $125 per month
  • State Farm: $126 per month

Find a full list below of life insurance companies in Eugene that offer policies to individuals who smoke and their rates.

Best Life Insurance Companies for Smokers in Eugene, OR

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  • Company
    Monthly Cost
  • MassMutual
    $125
  • State Farm
    $126
  • Nationwide
    $132
  • Mutual of Omaha
    $135
  • AAA
    $146
  • Prudential
    $150
  • Progressive Life
    $193

Rates were determined by analyzing quotes for a 31-year-old male smoker in Eugene who is 5 feet 10 inches and 186 pounds that purchases a 20-year term contract at the average coverage need of $809,000.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are considered high-risk because they are more susceptible to life-threatening diseases. Hence, they pay a higher life insurance premium. Luckily, MoneyGeek found affordable life insurance options for smokers.

We encourage individuals who smoke in Eugene to at least purchase a 20-year term life insurance policy because rates will significantly increase as they get older.

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Insurance Rates

Methodology

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific 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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