Best Life Insurance Companies in Salem, OR

In Salem, the best overall life insurance company is Nationwide, according to MoneyGeek’s analysis. But Mutual of Omaha is the best option for young people in the city, while MassMutual is ideal for seniors and smokers. The cheapest average rate for life insurance in Salem is $11 per month for a $250K coverage policy or $20 per month for the recommended coverage amount in Oregon.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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Although not required, getting life insurance is a great way to help financially support your loved ones after you pass away. Before choosing a policy, make sure to compare rates, so you know you’re getting the best option for your needs. MoneyGeek found the best life insurance companies in Salem, Oregon, and their average rates based on gender, age and smoking history to help you.

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2023

Best Life Insurance Companies in Salem, OR, for 2023

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Best Cheap Life Insurance in Salem

Gender and coverage amount are significant factors affecting the cost of life insurance. For $250K coverage life insurance, MassMutual is the cheapest life insurance company in Salem, offering a policy at an average cost of $11 per month for men and $9 per month for women.

Getting a $250K policy can save you money on life insurance, but it may not be enough to provide financial support. For this reason, consider Oregon’s recommended coverage amount of $809,000, which is based on the state’s cost of living, average income, average personal debt, average age and other state-specific factors.

At this coverage level, the most affordable life insurance provider for men and women in Salem is Nationwide, at an average monthly rate of $20 and $15, respectively.

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

    MassMutual

    Nationwide

  • Female

    MassMutual

    Nationwide

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Life Insurance Costs in Salem for Men and Women

Comparing the average cost of life insurance in Salem for men and women to the state average, MoneyGeek discovered that males in the city pay around 5% less than other men in Oregon for life insurance. And females in the city spend around 7% less than other women in the state.

Your gender significantly affects the rate you pay for life insurance. The average cost of life insurance with $250K coverage for men in Salem is $17 per month, whereas the same coverage costs an average of $15 per month for women in the city.

Using Oregon’s recommended coverage amount of $809,000, MoneyGeek found that life insurance in Salem costs an average of $38 per month for men and $33 per month for women. Several factors determined the state’s recommended coverage amount, such as per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age.

For a 10-year term policy, men in Salem pay approximately $24 per month, and women in the city pay about $21 per month, both regardless of the policy amount.

Average Monthly Life Insurance Rates in Salem: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $11
    $20
  • MassMutual
    $11
    $20
  • Mutual of Omaha
    $12
    $22
  • AAA
    $13
    $25
  • State Farm
    $18
    $38
  • Prudential
    $28
    $46
  • Progressive Life
    $16
    $56
Average Monthly Life Insurance Rates in Salem: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $15
  • MassMutual
    $9
    $16
  • Mutual of Omaha
    $10
    $16
  • Prudential
    $18
    $35
  • State Farm
    $19
    $36
  • AAA
    $15
    $39
  • Progressive Life
    $12
    $40

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

How much you pay for life insurance depends on your gender. Women often have longer life expectancies, so they tend to pay less. Some reasons why men die earlier than women include taking bigger risks and avoiding doctors. With a shorter expected lifespan, male policyholders pay a higher life insurance premium.

Reports reveal that more men buy life insurance than women. Regardless of whether they’re breadwinners or stay-at-home caretakers, women should consider getting a policy to help secure their household’s financial future.

Most Popular Life Insurance Companies in Oregon

Based on market share, Northwestern Mutual at around 9%, State Farm at roughly 6% and New York Life at nearly 5% are the three most popular life insurance companies in Oregon. Overall, the seven most popular companies in the state make up around 36% of Oregon’s life insurance market.

Review the table below for the complete list of the seven most popular life insurance companies in the state and their market shares.

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

Market share refers to a company’s percentage of sales in the industry it operates. In terms of life insurance, a high market share means more policies sold than other companies. The market share in MoneyGeek’s guide was collected from each company’s total premiums written in S&P Global’s 2020 market intelligence reports.

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Cheapest Life Insurance for Young People in Salem

On average, the cost of life insurance in Salem for young people ranges from $15 to $22 per month. Based on MoneyGeek’s analysis of average rates, the cheapest life insurance companies in Salem at a young age are:

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

You can check out the table below for the complete list of the companies offering life insurance and their average rates for young people in Salem.

Best Life Insurance Companies for Young People in Salem, OR

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $15
  • MassMutual
    $15
  • AAA
    $18
  • Prudential
    $18
  • State Farm
    $18
  • Nationwide
    $20
  • Progressive Life
    $22

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Salem who is 5 feet 10 inches tall 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

Life insurance is more affordable if you’re 25 years old or below, but its price tends to increase as you age. As such, buying life insurance at a young age is a good way to reduce your life insurance costs since rates are typically lower.

Cheapest Life Insurance for Seniors in Salem

For seniors in Salem, life insurance can range from approximately $37 per month to $76 per month. MoneyGeek found that, on average, the cheapest life insurance companies in Salem for seniors are:

  • MassMutual: $37 per month
  • Mutual of Omaha: $42 per month

In the table below, we provide the complete list of the life insurance companies offering seniors a policy in Salem and their average rates.

Best Life Insurance Companies for Seniors in Salem, OR

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  • Company
    Monthly Cost
  • MassMutual
    $37
  • Mutual of Omaha
    $42
  • Nationwide
    $42
  • AAA
    $43
  • State Farm
    $44
  • Progressive Life
    $66
  • Prudential
    $76

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Salem 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

Seniors often pay a higher premium for life insurance because their policy is more likely to outlive them. However, seniors don’t require as much coverage since their beneficiaries tend to be financially independent. Their coverage amount only needs to cover the cost of funeral arrangements and settle any outstanding debts, for example. As such, MoneyGeek’s sample policy coverage for seniors was set lower than other age groups.

Cheapest Life Insurance for Smokers in Salem

The average cost of life insurance in Salem for those who smoke can range between $131 and $202 per month. According to MoneyGeek’s review of average rates, the companies offering the cheapest life insurance for smokers in Salem are:

  • MassMutual: $131 per month
  • State Farm: $132 per month

MoneyGeek provides the complete list of the life insurance companies for smokers in Salem in the table below, alongside their average rates.

Best Life Insurance Companies for Smokers in Salem, OR

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  • Company
    Monthly Cost
  • MassMutual
    $131
  • State Farm
    $132
  • Nationwide
    $138
  • Mutual of Omaha
    $141
  • AAA
    $152
  • Prudential
    $157
  • Progressive Life
    $202

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

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurance companies view smokers as riskier to insure because they are more likely to develop life-threatening diseases. As a result, smokers usually face higher insurance rates. If you want to lower your life insurance costs, it’s best to shop around for the cheapest life insurance for smokers.

MoneyGeek recommends buying at least a 20-year term policy to provide extended coverage as rates for smokers tend to increase with age.

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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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