10 Best Life Insurance Companies in Oregon
Key Terms
- Oregon residents benefit from a diverse life insurance market with options like term, whole, and universal policies.
- A well-chosen life insurance policy can cover 10 to 20 times your income, providing security for mortgage, education, and unforeseen expenses.
- Oregon laws offer consumer-friendly features such as a 30-day free look period and a 31-day grace period for payments.
Affectionately known as the Beaver State, Oregon is a Pacific Northwest gem that seamlessly combines urban vibrancy with stunning natural beauty. Whether it’s the dynamic city life of Portland or the governmental charm of Salem, Oregon captivates over 4 million residents with its diverse attractions.
According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Oregon is approximately 78.8 years which aligns with the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Oregon have been cancer, heart disease, and cancer. The homicide rate in Oregon is about 3.8 homicides per 100,000 residents, which is lower than the national average of 7.5.
According to the U.S. Bureau of Labor Statistics, in Oregon, the 90th percentile income is currently $102,190. The median income in the state is roughly $46,910. Most financial advisors recommend acquiring a life insurance policy that safeguards your loved ones for between 10X and 20X your annual earnings. In Oregon, this amounts to around $1,021,900 – $2,043,800 for most individuals.
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How life insurance works in Oregon
Life insurance is easy to understand. Basically, you pay a premium, and the insurance company promises to pay a lump sum to your beneficiaries if you die. It’s like most other types of insurance, in the sense that you are insuring against an unlikely but catastrophic event.
There are three main types of life insurance that you may want to consider: term life insurance, whole life insurance, and universal life insurance. Term life insurance pays a benefit to your beneficiaries if you die during the term of the policy. The term is typically 10, 20, or 30 years, and the benefit amount is fixed. If you die after the term expires, your beneficiaries do not receive anything.
Whole life insurance pays a benefit to your beneficiaries whenever you die, regardless of when that is. You pay a higher premium for whole life insurance than for term life insurance because the insurer knows that it will have to pay a benefit eventually. Whole life insurance also has a cash value that builds up over time. Depending on your policy, you may be able to borrow from this cash value or pay your premiums with it.
Universal life insurance is another type of whole life insurance that has some flexibility built into it. With universal life insurance, you can adjust your premium up and down as needed, and you can also adjust the death benefit amount up or down without having to cancel and reapply for a new policy.
Most people should stick with cheap term life insurance and invest the difference. That doesn’t mean you’re out of the woods yet though. Many insurance policies can come with additional riders, such as long-term care riders, annuities, and even accidental death coverage. The longer you wait for enrollment for life insurance policies, the more expensive your coverage is. The younger you are, the easier underwriting will be and the lower your likely premium payments. Determine your amount of coverage by shopping around with carious insurance providers and thinking about what you hope the funds from your individual policy will cover.
When in doubt, your best bet will be to consult with an independent insurance agency. A licensed insurance agent will be able to help you understand your options and find the best policy for your needs and budget. Life insurance may provide important payout protection for your family, including income replacement and funeral expenses, among other things.
