Best Life Insurance Companies in Portland, OR, for 2023

Life insurance is designed to financially support your beneficiaries after your death. MoneyGeek collected and analyzed data from different life insurance companies in Portland. Through our research, we found the best companies for young people, seniors and smokers.

MassMutual offers the cheapest life insurance for a policy with $250K coverage for men and women at $12 and $10 per month, respectively.

Although a policy with only $250K of coverage costs less, you may need more coverage based on your needs. To get more coverage, you can opt for a policy that includes the state-recommended coverage limit of $809K, which takes into account the cost of living, average income, average personal debt, average age and other factors specific to Oregon.

For this added coverage, men and women can find the cheapest policies from Nationwide for $23 per month and $18 per month, respectively.

Gender significantly impacts the cost of a life insurance policy. In Portland, the cost of life insurance is 10% higher for men and women than the average cost of life insurance in Oregon.

On average, the cost of a policy with $250K of coverage is $20 per month for men and $18 per month for women.

Moreover, the recommended coverage amount in Oregon is based on factors like the per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. The cost of life insurance with this coverage is $44 per month for men and $39 per month for women.

A 10-year term policy for men and women also varies in cost. On average, it costs $28 per month for men and $24 per month for women.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Portland 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.

The most popular life insurance companies in Oregon are Northwestern Mutual, State Farm and New York Life with market shares of 9%, 6% and 5%, respectively.

We also collected data on seven of the most popular companies in Oregon and found that their total market shares comprise 36% of the life insurance industry. We’ve included these companies, alongside their respective market shares, in the table below.

In Portland, life insurance for young people can cost between $17 and $25 per month. The cheapest companies for life insurance in Portland are the following:

• Mutual of Omaha: $17 per month
• MassMutual: $18 per month

To help you find the cheapest life insurance, we gathered data from different insurers in the city. The table below includes the best life insurance companies for young people in Portland.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Portland who is 5 feet 10 inches in height and weighs 158 pounds with 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.

The cost of life insurance for seniors in Portland ranges from $42 to $87 per month, depending on the company you choose. The cheapest companies for seniors are the following:

• MassMutual: $42 per month
• Mutual of Omaha: $48 per month

Comparing the cost of the premiums between companies is important to find the best policy for you. The table below shows the cost of life insurance companies in Portland for seniors.

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

On average, life insurance in Portland for smokers costs between $150 and $233 per month. The following are the companies that offer the cheapest rates in Portland:

• MassMutual: $150 per month
• State Farm: $152 per month

The table below contains the complete list of companies in Portland that offer life insurance for smokers. Consider comparing the rates of each company to find the best deal for your needs.

Rates were determined by analyzing quotes for a 31-year-old male smoker in Portland who is 5 feet 10 inches tall and weighs 186 pounds with a 20-year term contract at the average coverage need of $809K.

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, 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.