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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.
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.
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.
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. What if you purchased a 30-year term life policy in Oregon at age 52? You'd be more likely than not to pass away before 82 years of age, the end of the term.
But what if you were 32 years old and purchased a 30-year term life policy? You'd be well under Oregon’s life expectancy of 79.5 years old when the policy term ended. And 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 - 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 - Women live longer than men on average. So they pay less for insurance than a similar man would. 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.
Health History - Most of us have one or two minor health issues. But if you have a serious illness or a family history of such illnesses it can impact your rates.
There are conditions like heart disease or cancer which can make your insurance premiums much higher. In some cases, a pre-existing condition can make you ineligible. That's why it’s important to get life insurance before something serious happens.
Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance. This is especially relevant in Oregon, where skiing and hunting are common recreational activities.
Marital Status - 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. 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.
Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job. The most common job in Oregon, proportionally, is a logger.
Tobacco Use - Tobacco users don’t live as long as non-tobacco users. So tobacco users pay substantially more for life insurance. 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.
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 - One of the largest contributing factors 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. Obese or seriously overweight people have a lower life expectancy. This means an increased probability of their policy being paid out. Obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers. So overweight and obese individuals can expect to pay higher rates.
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.
|Rank||Cause of Death||Total Deaths||Death Rate||State Rank||US Death Rate*|
|3||Lower Respiratory Disease||2,029||43.0||29th||42.1|
|6||Alzheimer's Disease||1,312||27.2||17th (tie)||23.5|
|*Death Rate calculated as: (deaths from that cause / total population) / 100,000|
|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%|
|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%|
Source: A.M. Best (Ratings as of 9/2/2015)
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.
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:
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