Best Life Insurance In Oregon

Life insurance is an essential investment for anyone who wants to secure their family’s financial future. However, with so many life insurance companies in Oregon, it can be challenging to choose the right one. That’s why we’ve done the research for you and compiled a list of the best life insurance companies in Oregon. In this blog post, we’ll take a closer look at each of these companies, their policies, and what sets them apart from the rest. Whether you’re looking for term life insurance, whole life insurance, or something in between, we’ve got you covered. So, let’s dive in and find the perfect life insurance policy for you and your loved ones.

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Oregon Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Oregon

Condition Deaths in 2021
Heart Diseases 11,334
Cancer 8,878
External Causes 4,421
Nervous System Diseases 4,067
Lung Diseases 2,817

Life Insurance Laws In Oregon

Oregon’s life insurance laws are governed by Title 56 of the Oregon Revised Statutes (Chapters 731 to 752).

  • 10-day free look period (OR Admin R. 836-051-0005)
  • 30-day grace period (OR 743.165)
  • If the claim takes longer than 30 days to settle, the insurance company is required to pay accrued interest on the proceeds, dating back to the death of the insured person (OR 743.165)
  • Guarantees up to $300,000 for lost death benefits and $100,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Pennsylvania’s life insurance laws and Rhode Island’s life insurance laws are nearly identical to those of Oregon).

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So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In Oregon

The table above represents the top 50 life insurance companies in Oregon based on their 2022 premiums and market share percentage. Let’s analyze some key findings from this data.

Northwestern Mutual Group claims the top spot on this list, with $107,845,165 in premiums and a market share of 7.5%. They dominate the Oregon market with a significant lead over the rest of the companies. Following closely behind is New York Life Group, occupying the second position, with $87,564,661 in premiums and a 6.1% market share.

State Farm Group secures the third position recording $68,593,898 in premiums, giving them a 4.8% market share. Prudential Of America Group and Lincoln National Group round out the top five, with $65,138,425 (4.6% market share) and $61,321,910 (4.3% market share) in premiums, respectively.

Moving down the list, the Meiji Yasuda Life Insurance Group takes the sixth place, with $51,877,561 in premiums and a 3.6% market share. They are closely followed by Minnesota Mutual Group, Pacific Life Group, and Metropolitan Group, each holding a 3.5%, 3.4%, and 3.1% market share, respectively.

Mass Mutual Life Insurance Group and John Hancock Group claim the tenth and eleventh positions, respectively, with $38,867,307 (2.7% market share) and $38,685,232 (2.7% market share) in premiums. Guardian Life Group, Penn Mutual Group, and Nationwide Corporation Group also held strong positions within the top 14 companies in Oregon.

Among the key observations is the diversity of companies that command different portions of the market. This illustrates a healthy competition and choices for consumers across different players in the market. The top 50 companies in Oregon span a wide range of market share percentages, with the bottom-ranked company, Sun Life Assurance Company Of Canada Group, holding just a 0.4% market share.

Overall, the table provides a comprehensive overview of the top life insurance companies in Oregon based on their 2022 premiums and market share percentages. It highlights the dominance of Northwestern Mutual Group at the top, as well as the significant presence of other well-established companies in the Oregon market.

Rank Company 2022 Oregon Premiums Oregon Market Share %
1Northwestern Mutual Group$107,845,1657.5%
2New York Life Group$87,564,6616.1%
3State Farm Group$68,593,8984.8%
4Prudential Of America Group$65,138,4254.6%
5Lincoln National Group$61,321,9104.3%
6Meiji Yasuda Life Insurance Group$51,877,5613.6%
7Minnesota Mutual Group$49,568,4553.5%
8Pacific Life Group$48,352,4653.4%
9Metropolitan Group$43,740,7243.1%
10Mass Mutual Life Insurance Group$38,867,3072.7%
11John Hancock Group$38,685,2322.7%
12Guardian Life Group$36,986,9822.6%
13Penn Mutual Group$34,598,4202.4%
14Nationwide Corporation Group$31,129,3442.2%
15Unum Group$29,053,0082.0%
16Aegon US Holding Group$28,726,5872.0%
17Zurich Insurance Group$27,391,3511.9%
18Country Insurance Financial Services Group$26,921,6491.9%
19Sammons Enterprises Group$26,817,1031.9%
20Dai‐Ichi Life Holdings Group$24,971,3251.8%
21Mutual Of Omaha Group$22,621,4501.6%
22American International Group$21,538,1571.5%
23Hartford Fire Cas Group$20,341,3481.4%
24Globe Life Group$20,287,3231.4%
25Principal Financial Group$18,971,2781.3%
26Primerica Group$16,293,3741.1%
27Thrivent Financial For Lutherans$15,780,0341.1%
28Banner Life Group$14,710,5431.0%
29Ameriprise Financial Group$13,775,8251.0%
30National Life Group$13,521,3051.0%
31Genworth Financial Group$13,485,6860.9%
32United Services Automobile Association Group$13,169,4680.9%
33Kuvare Group$12,443,9550.9%
34Allianz Insurance Group$12,064,7620.8%
35Brighthouse Holdings Group$12,059,3080.8%
36Oneamerica Financial Partners Group$11,982,4380.8%
37Voya Financial Group$10,388,4060.7%
38Cuna Mutual Group$10,290,7490.7%
39AAA Life Group$10,191,9050.7%
40Equitable Holdings Group$9,749,4020.7%
41Global Atlantic Group$9,626,7410.7%
42Arkansas BCBS Group$9,236,4520.7%
43Ohio National Life Group$9,030,1080.6%
44Sumitomo Life Insurance Group$9,027,0610.6%
45Everlake Holdings Group$8,458,2040.6%
46West Southern Group$7,681,4000.5%
47American Family Insurance Group$7,646,8240.5%
48CNO Financial Group$7,573,6080.5%
49Independent Order Of Foresters US Br$6,923,3490.5%
50Sun Life Assurance Company Of Canada Group$6,204,1540.4%