FROM OUR PARTNERS
Like many other states, the cost of life insurance in Oregon is dependent on several factors. Additionally, the benefit of enrolling in an insurance plan can provide a sense of security for a policyholder’s loved ones.
To help you with the process of choosing a life insurance policy, we reviewed and compared the top life insurance companies based on policy pricing, available options, customer support, financial strength, and overall quality.
With Ladder, you can customize your insurance coverage depending on your unique needs throughout your term. You can remove coverage when necessary and apply to add more. Rates start from $4.95/month based on a 20-year-old female for a 10-year term, preferred plus health class.
Haven Life simplifies the insurance application process to learn about your coverage options. There are two products: Haven Simple and Haven Term. Haven Simple requires no medical exam and has a lower coverage amount, and Haven Term may require a medical exam and has more options for coverage.
Life insurance is surprisingly affordable in Oregon, but its costs vary based on the type of insurance you choose. The average price for a single policy in Oregon is $52 per month. However, life insurance isn’t a one-size-fits-all plan. So, while this average cost gives you an idea of what you will pay for your quotes, different factors are considered such as age, health history, lifestyle choices, among other personal factors.
Typically, life insurance costs change based on the age of the insured person. For instance, the premium prices per month generally increase with each passing year. Besides age, gender, health history, lifestyle choices, and the type of insurance you choose will also be factored into the cost of your policy.
The following criteria states in more detail how insurance premiums are determined:
Furthermore, life insurance rates depend on how much coverage you want. After your demise, you may want to ensure the coverage of a mortgage, child support, monthly bills, or fund a college tuition. The higher the coverage, the higher the premium per month.
One of the decisions you make when getting life insurance is whether to go for a term life or whole life insurance policy. Each coverage has its advantages, therefore it is essential to understand the difference between the two when choosing the most suitable policy for you.
While certain factors will affect the cost of life insurance, overall whole life insurance is typically more pricy than a term life policy. This is due to the fact that whole life insurance offers lifelong coverage while term life insurance covers the policyholder for a specified period. A term life policy period can range anywhere from 5 to 30 years. Unlike term life policies, most whole life insurance coverages have a guaranteed cash value growth.
Term life and whole life plans have payouts known as a death benefit. A death benefit is the tax-free amount the insurance provider pays the designated beneficiaries after the policyholder’s demise. With whole life insurance, the beneficiaries receive the payout regardless of when you pass on, provided you’ve paid the premiums.
With term life insurance, there is no payout if you outlive the specified term in your policy. There are options to renew the term life policy after the specified time lapses (but often at a higher cost). If decide against renewal, the plan terminates, and the coverage ends.
A term life policy doesn’t build any cash value. On the contrary, whole life insurance contains a cash value account that accumulates at a fixed interest rate over time. This cash value is meant for the policy owner. You could take a loan against cash value, but the insurance provider deducts the outstanding amount from the benefit if you pass away without paying it back. Moreover, any funds remaining in the cash value account often revert to the insurance company when you pass on.
While everyone does their best to protect their financial needs, you might find you no longer need life insurance many years down the line. With a term life policy, you can stop paying the premiums and terminate the plan. However, since there is no cash value, there are no funds to walk away with.
On the other hand, you can stop paying for the quotes to terminate whole life insurance. The insurance provider will often use any cash value to continue paying on your behalf until the cash value is depleted. Alternatively, you can contact the provider and take the surrender value (cash value minus any surrender charges).
One of the advantages of life insurance is that the cash paid out is tax-free (except in very rare scenarios). When the policyholder’s beneficiaries receive the death benefit, they can use it towards expenses such as funeral costs and/or towards a mortgage. Sometimes in these types of situations, the policyholder is the main income earner in the household. Therefore, a death benefit can be helpful way to ensure your loved ones are taken care of after your demise.
Life insurance funds can also be used for the following:
Your choices regarding the best life insurance plan will depend on your needs and budget. To help you narrow down your list of plans and choose the most suitable policy for you, keep the following in mind:
