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Best Life Insurance in Oregon of 2022

Amanda Hester

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.

Customizable life insurance policy

$2,500,000

Coverage Up To

Not Required

Medical Exam

Overview

When you apply online, you can obtain instant coverage that starts from $9 per month. Medical exams are not required and policies are flexible according to your needs.

What we like

  • Personalized life insurance policies
  • Completely online experience
  • Adjust your coverage as your life changes
  • Track outstanding debts and reduce premiums as needed

What we don't

  • Issue age of 18 to 45 only
  • Serious pre-existing health conditions not covered

Quick application process

$2,000,000

Coverage Up To

Not Required

Medical Exam

Overview

At Ethos, your journey to life insurance just got easier. Offering a simple and convenient process, applicants can access plenty of terms and coverage plans.

What we like

  • 100% online and hassle-free application process
  • Budget-friendly plans
  • No cancellation fees

What we don't

  • Term coverage available for over the age of 65

Affordable life Insurance coverage

$8,000,000

Coverage Up To

No (up to $3M)

Medical Exam

Overview

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.

What we like

  • Flexibility to adjust coverage throughout the term
  • Quick and simple coverage you can manage online
  • No medical exam required for coverage up to $3M

What we don't

  • No riders are availabe
  • Coverage ends at 70 years of age

Complete your application online

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

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.

What we like

  • Healthy individuals will get cheaper premiums
  • 100% online application - no need to talk to an agent
  • Wide range of coverage options
  • Haven Term has various riders
  • No medical exam for Haven Simple

What we don't

  • Only offers term life insurance
  • Only selected regions are eligible for riders

Designed for young families

$5,000,000

Coverage Up To

May Need

Medical Exam

Overview

Fabric understands that your family is extremely important, so it provides life insurance that will give the necessary financial security to your loved ones if you happen to pass on. In addition, Fabric offers its services online, and It is accredited by the Better Business Bureau with a grade of A+. The company offers accelerated underwriting for applicants who qualify, so you can be approved in minutes without a medical exam.

What we like

  • Healthy individuals with young families get better premiums
  • Convenience of applying and purchasing online
  • Creating free wills
  • 1% death benefit donated to charity (no extra cost)
  • 30-day grace period if payment fails

What we don't

  • Limited term length of 30 years
  • Not available in every state

No medical exam required

$1,500,000

Coverage Up To

Not Required

Medical Exam

Overview

Bestow determines the monthly premium for individuals based on how long a term they are looking for, their current health, and various other factors. You can receive a quote and determine the amount of coverage you are eligible for in minutes with no medical exam - you'll save yourself the hassle of going to appointments.

What we like

  • No medical exam
  • Individuals who do not smoke get better premiums
  • Flexible policy terms with coverage
  • Simple and straightforward application process

What we don't

  • No coverage for people over the age of 60
  • Only term life insurance is offered

What is the cost of life insurance in Oregon?

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.

How are life insurance rates determined in Oregon?

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:

  • Age of the applicant: Older applicants tend to pay more than younger applicants because of a higher risk of passing away.
  • Gender: Rates can increase by 20-30% for men because their life expectancy is shorter than women.
  • Health conditions: Applicants with health issues such as heart disease, cancer, and diabetes typically pay higher rates than those with no health issues.
  • Family medical history: If you are more prone to developing certain diseases and conditions given your family medical history, you could be expected to pay a higher premium for life insurance.
  • Smoking and alcoholism: People with a smoking history tend to pay higher life insurance rates than non-smokers. This is due to a higher risk for health problems. The same concept applies to applicants with a history of alcoholism.

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.

Difference between term and whole life insurance

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.

Cost

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.

Payouts

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.

Cash value

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.

Terminating a policy

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).

What can a life insurance policy be used towards

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:

  • End-of-life medical bills
  • Daily living expenses
  • Mortgage payments or any outstanding debts
  • Establish an emergency fund for unexpected costs
  • Set up high education funds for the children left behind

How to choose the best life insurance plan in Oregon

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:

  • Your income and budget: Term life insurance is an excellent option for those who need coverage for a specified period but have to work within a budget. Determine how long you would like coverage for but keep in mind you always have the option of extending your plan if you choose to. However, if you earn a high salary, you should consider a more comprehensive policy like whole life insurance.
  • Family history: Given your family medical history and your own health status, choose a plan wisely based on your circumstances. If you are more likely to inherit a disease like cancer, it might be wise to enroll in a whole life policy so your family and children will be taken care of financially after your demise.
  • Lifestyle choices: If you are having to work within a budget and cannot afford high insurance premiums, keep your lifestyle choices in check. Smoking and alcoholism are more likely to cause health problems and will result in more costly premiums overtime.