Best Life Insurance Companies in Portland, OR, for 2024


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ByMark Fitzpatrick
Reviewed byKatherine Kurtz
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ByMark Fitzpatrick
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Reviewed byKatherine Kurtz
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Updated: May 22, 2024

Advertising & Editorial Disclosure

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.

MoneyGeek Logo IconBestLife InsurancePortland, OR
2024

Best Life Insurance Companies in Portland, OR, for 2023

Best Cheap Life Insurance in Portland

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.

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

Male

MassMutual

Nationwide

Female

MassMutual

Nationwide

Life Insurance Costs in Portland for Men and Women

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.

Average Monthly Life Insurance Rates in Portland: Men
NationwideRates for $250K Coverage$13Rates for $926K Coverage (Recommended) $23
MassMutualRates for $250K Coverage$12Rates for $926K Coverage (Recommended) $23
Mutual of OmahaRates for $250K Coverage$13Rates for $926K Coverage (Recommended) $25
AAARates for $250K Coverage$15Rates for $926K Coverage (Recommended) $29
State FarmRates for $250K Coverage$21Rates for $926K Coverage (Recommended) $44
Average Monthly Life Insurance Rates in Portland: Women
NationwideRates for $250K Coverage$12Rates for $926K Coverage (Recommended) $18
MassMutualRates for $250K Coverage$10Rates for $926K Coverage (Recommended) $18
Mutual of OmahaRates for $250K Coverage$12Rates for $926K Coverage (Recommended) $18
PrudentialRates for $250K Coverage$21Rates for $926K Coverage (Recommended) $41
State FarmRates for $250K Coverage$22Rates for $926K Coverage (Recommended) $42

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

According to research, women outlive men. This can be attributed to a variety of reasons: men are more likely to engage in risky behavior, develop chronic health conditions and work in hazardous jobs. Because of this, insurers view men as high-risk buyers and often charge them more for life insurance.

Despite the added cost, men are more likely to own life insurance than women. As women occupy a larger percentage of the workforce, they should consider purchasing life insurance as a safeguard for their beneficiaries’ future.

Most Popular Life Insurance Companies in Oregon

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.

Most Popular Life Insurance Companies in Oregon
Northwestern MutualMarket Share9%
State FarmMarket Share6%
New York LifeMarket Share5%
Lincoln FinancialMarket Share5%
John HancockMarket Share4%
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MONEYGEEK DICTIONARY

Market share is the percentage of sales a company has in its industry. For example, life insurance providers with high market shares sell more policies than their counterparts. MoneyGeek used data from 2020 S&P Global data reports as its basis for the market share of life insurance companies in Oregon.

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Cheapest Life Insurance for Young People in Portland

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.

Best Life Insurance Companies for Young People in Portland, OR
Mutual of OmahaMonthly Cost$17
MassMutualMonthly Cost$18
AAAMonthly Cost$21
PrudentialMonthly Cost$21
State FarmMonthly Cost$21

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Young people can purchase life insurance at a lower cost. Investing in life insurance at a younger age allows you to save more money, especially as premiums increase over time.

Cheapest Life Insurance for Seniors in Portland

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.

Best Life Insurance Companies for Seniors in Portland, OR
MassMutualMonthly Cost$42
Mutual of OmahaMonthly Cost$48
NationwideMonthly Cost$49
AAAMonthly Cost$50
State FarmMonthly Cost$51

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Insurance companies typically consider seniors as high-risk buyers because their policies are more likely to outlive them. As a result, they often pay more for life insurance than younger customers. However, seniors can still save money by opting for a policy with lower coverage. Most seniors have beneficiaries that are financially independent, so a high-coverage policy isn’t needed. MoneyGeek set its sample policy coverage to $100K, which is typically sufficient to cover funeral expenses and arrangements.

Cheapest Life Insurance for Smokers in Portland

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.

Best Life Insurance Companies for Smokers in Portland, OR
MassMutualMonthly Cost$150
State FarmMonthly Cost$152
NationwideMonthly Cost$159
Mutual of OmahaMonthly Cost$163
AAAMonthly Cost$175

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurance companies consider smokers to be high-risk because of the health hazards posed by smoking. Because of this, life insurance for smokers tends to cost more. However, you can still find companies that offer affordable life insurance for smokers. MoneyGeek also recommends a 20-year term policy for smokers, as the cost of insurance increases significantly as you age.

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Methodology

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.

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.


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