Best Life Insurance Companies in Salem, OR, for 2024

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.