Best Life Insurance Rates in Oregon

Get competitive quotes from top companies.

See Your Rates

Compare Life Insurance Quotes in Oregon

Oregon is the only state that has no sales tax, liquor tax, or restaurant tax. Also in Oregon is Crater Lake, the deepest lake in the US. It was formed over 6,000 years ago from the remains of a volcano. Speaking of volcanoes, Portland is the only city in the US that’s has a dormant volcano in the city limits. Portland has the highest literacy rate of any US city. With low rates of obesity and death from heart disease, Oregon residents should pay close attention to their life insurance rates.

Oregon Life Insurance Quotes

Of the 4,364 people in Oregon who used QuoteWizard last year, 43 percent reported having major health issues. Having major health issues is stressful enough, why add to it by worrying how they’ll affect your life insurance rates?

Let us help you find a top company that will offer you the most competitive life insurance rates in Oregon.

Life Insurance Rate Factors in Oregon

Below are the major factors that affect life insurance rates.

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal.

Life expectancy at birth in Oregon is 79.5 years, higher than the life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Oregon at age 52, you would be more likely than not to pass away before 82 years of age, the end of the term.

On the other hand, if you were 32 years old and purchased a 30-year term life policy, you would be well under Oregon’s life expectancy of 79.5 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher insurance rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Oregon, the death rate from injury due to firearms is 11.0 per 100,000 deaths, the same as the rate in Ohio. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Oregon, the percentage of the population that’s female is 50.5%, and the percentage that’s male is 49.5%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Oregon residents that used QuoteWizard last year.

 
         
 
   
54%Female
   
46%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your insurance premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Alabama that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
53%Healthy
   
43%Major
   
4%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t. This is especially relevant in Oregon, where skiing and hunting are common recreational activities.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Oregon in 2009, the rate of marriage for people over 15 was 37 per 1,000 people, the rate of divorce was 21.8 per 1,000 people, and the rate of widowhood was 11.9 per 1,000 people.

Marriage status of Oregon residents that used QuoteWizard last year.

 
         
 
   
70%Single
   
30%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Oregon, proportionally, is a logger.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates and an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 17.3% of Oregon adults smoked cigarettes – about 537,000 adults.

Percentage of QuoteWizard users in Oregon that indicated that they smoke last year.

 
         
 
   
87%Don't Smoke
   
13%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for your insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a life insurance policy’s rates is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the higher the rates.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Oregon was 26.5%. This makes Oregon the #36 most obese state. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Oregon  –  2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 6,523 135.1 47th 169.8
2 Cancer 7,799 163.4 25th (tie) 163.2
3 Lower Respiratory Disease 2,029 43.0 29th 42.1
4 Accidents 1,755 37.3 22nd 39.4
5 Stroke 1,775 37.3 22nd 36.2
6 Alzheimer's Disease 1,312 27.2 17th (tie) 23.5
7 Diabetes 1,109 23.4 16th 21.2
8 Influenza/Pneumonia 496 10.4 46th (tie) 15.9
9 Kidney Disease 327 6.8 46th 13.2
10 Suicide 698 16.8 15th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Oregon Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Prudential Financial Inc. $447,468 9.3%
2 New York Life Insurance Group $395,229 8.3%
3 MetLife Inc. $320,011 6.7%
4 Jackson National Life Groupp $266,150 5.6%
5 StanCorp Financial Group Inc. $259,141 5.4%
6 Lincoln National Corp. $235,170 4.9%
7 American International Group $233,896 4.9%
8 Voya Financial Inc. $214,621 4.5%
9 Manulife Financial Corp. $210,196 4.4%
10 Principal Financial Group Inc. $173,321 3.6%

Financial Strength Ratings of Top Oregon Life Insurers

Source: A.M. Best (Ratings as of 9/2/2015)

  • Prudential Financial Corp: A+
  • New York Life Insurance Group: A++
  • MetLife.: A+
  • Jackson National Life Group: A+
  • StanCorp Financial Group Inc.: B++
  • Lincoln National Corp.: A+
  • American International Group: A
  • Voya Financial Inc.: A
  • Manulife Financial Corp: NR
  • Principal Financial Group Inc.: A+
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

Oregon Life Insurance Regulations

Insurance in Oregon is governed by the laws defined by Title 56, Chapters 731752 of the Oregon Revised Statutes, as outlined by the State Legislature of Oregon.

This legislation is used to regulate claims and provide certain protections to Oregon consumers, for example:

No Free Look Period: A “free look period” is a time period between 7 and 30 days, in which consumers can test out their insurance policy after purchasing it. During this time, an individual can cancel the policy for any reason for a full refund. Oregon is one of only a few states that does not require this by state law. That said, many insurance companies still provide a free look period of one to two weeks on most insurance policies.

Grace Period: Any life insurance policyholder in Oregon is entitled to a 30-day “grace period” to make up a missed payment without punishment or file a death claim after the missed payment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment. After the 30 days; however, the insurance company is free to terminate the policy.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Oregon insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Oregon Life & Health Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your insurance carrier, you should contact the OLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(855) 378 – 9510
Address:
Oregon Life & Health Insurance Guaranty Association
PO Box 441
Star, ID 83669

Oregon Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Laura N. Cali
Insurance Hotline:
(888) 877 – 4894
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.