How much does life insurance cost in Oregon? Of course the cost of life insurance in the state of Oregon depends on many factors. What type of life insurance is it? How old is the person applying? What’s their health like?
With that being said, let’s take a look at the average cost of the two most common types of life insurance in Oregon: whole life insurance (usually final expense insurance or burial insurance) and term life insurance.
How much does whole life insurance cost in Oregon?
There are various types of whole life insurance in Oregon. Whole life insurance, in it’s most basic description is a type of permanent life insurance that lasts until you pass away, accumulates a cash value and then pays out a death benefit to your beneficiary.
Different types of whole life insurance cost different average monthly premiums. That’s because they have different purposes, different cash value accumulation methods and different structuring.
How much does an indexed universal life (IUL) policy cost in Oregon?
Universal Life Insurance (UL) or Indexed Universal Life Insurance (IUL) is a form of whole life insurance, but generally costs a lot more than a basic final expense whole life insurance policy.
ULs and IULs share some similar attributes to burial insurance policies but have different purposes. And of course the same amount of coverage will cost varying amounts for different people. (Age and health have a lot to do with life insurance pricing.)
The average price of an indexed universal life insurance policy is usually around $300 per month. Now, this monthly premium would get different people, different amounts of insurance depending on their age and health. But most people who purchase an IUL whole life insurance policy usually pay around $300 a month on average for it.
How much does a final expense whole life insurance policy cost in Oregon?
As for the cost of a whole life insurance policy in Oregon that is intended for final arrangements, the cost is about a third, on average, compared to the average cost of an IUL.
Although most people wait until around the age of 70 or older to purchase a final expense whole life insurance policy, it’s permanent insurance even if it’s only in place a few years before it’s used.
For this reason, and age and declining health are two main factors that make final expense insurance gernaerlly cost more for the amount of coverage compared to other life insurance plans. Life insurance carriers must consider these factors while pricing their final expense policies.
The average face value of final expense whole life insurance policies are usually around $10,000 to $25,000 in Oregon. And the average monthly premium paid for these policies is around $100, again, depending on a lot of factors.
For example, a healthly 65 year old in Oregon would be able to get a lot more life insurance for a $100 per month premium than an 78 year old who takes several different medications and has some serious health isues. More risk for insurance carriers = higher monthly premium cost.
This is why it’s important to work with an independent life insurance agent. They can take all of your age, health and financial factors into consideration and then place you with the insurance carrier that will give you the most bang for your buck.
“Captive agents” are not independent and can only offer life insurance cost quotes from the insurance carrier they’re employed by.
The cost of a general whole life insurance policy in Oregon
There are other types of whole life insurance policies in Oregon. These generally fall in between the final expense whole life policies and the more cash accumulating-focused ones like universal life insurance and indexed universal life insurance.
These general whole life policies are usually geared toward people who are much younger than the average age of final expense policy holders. Therefore, the cost of these policies are generally less due to the lower average age buying them. Most people pay around $150 – $200 per monthly premium for these types of policies.
These policies are permanent insurance, have a cash value and grow modestly. They aren’t very popular anymore since ULs and IULs serve the same purpose, but their cash value grows much quicker than all other whole life insurance plans.
How much does term life insurance cost in Oregon?
Unfortunately, people see a lot of misleading advertising and incorrect term life insurance cost averages.
People may see what’s displayed on search engines or AI-driven search results, advertisments as well as other information sources. This misleads people into thinking that term life insurance is cheaper than it actually is.
For example, advertisements often claim something like this: “You can get a $500,000 term life policy for $9.99 per month!” And it’s misleading. This may be an accurate and real quote…but only for a healthy 18 year old female on a 5-year term policy! (Certainly not the demographich who is actually buying life insurance.)
Or another advertising trick is to disply the “per-unit” cost without telling the consumer that it’s the cost per $1,000 unit of life insurance and NOT the cost of the entire face amount of the policy.
So unfortunately, it’s hard for the general public to easily get a clear understanding of waht the true cost of term life insurance in Oregon is. Most of the term life premium costs posted for Oregonians to see are simply for generating internet traffic, insurance leads for agents or driving ad revenue and SEO.
The Actual Average Cost Of Term Life Insurance In Oregon
I’ll put the true average cost of term life insurance in Oregon into a few age and face value amount categories. This will make it easy to understand and get an idea of average term life insurance costs.
Here are average prices for term life insurance in Oregon for healtly non-smoker males ages 35, 45, and 55:
Average Cost Of A 20-Year Term Life Insurance Policy For An Oregon Male, Age 35, No Tobacco, Decent Health:
| $100,000 of coverage | $35 Per Month |
| $250,000 of coverage | $75 Per Month |
| $500,000 of coverage | $150 Per Month |
Average Cost Of A 20-Year Term Life Insurance Policy For An Oregon Male, Age 45, No Tobacco, Decent Health:
| $100,000 of coverage | $60 Per Month |
| $250,000 of coverage | $130 Per Month |
| $500,000 of coverage | $250 Per Month |
Average Cost Of A 20-Year Term Life Insurance Policy For An Oregon Male, Age 55, No Tobacco, Decent Health:
| $100,000 of coverage | $120 Per Month |
| $250,000 of coverage | $270 Per Month |
| $500,000 of coverage | $500 Per Month |
As you can see, the real world average cost of term life insurance in Oregon is actually quite a bit more than what you see in advertisements and search engines.
And keep in mind, the cost is different for each individual. To get an accurate understanding of what a term life insurance policy will actually cost you, schedule a free consultation an quote with me.
I’ll be able to ask you your age, health situation, financial goals and other necesary information. This will let me know which A-rated carrier to place you with and what plan will give you the most coverage for your monthly premium.
The cost of life insurance in Oregon summary
The cost of life insurance in Oregon is often obscurred for the general public. And this is certainly unfortuanate.
A lot of the advertisments and search engine content is actually designed to generate leads, get clicks and internet traffic and drive advertising dollars as opposed to actually giving people accurate information.
This is unfortunate because when people do start shopping for life insurance policies in Oregon from reputable agents and life insurance carriers, they believe it should cost a lot less than it actually does.
The average premium Oregonians pay for a final expense whole life insurance policy is about $100 per month. The average montly premium for an IUL whole life insurance policy is about $300. The average price paid for a term life insurance policy greatly depends on age and health, but ranges from around $25 per month up to about $200 per month.
To learn more about the cost of life insurance in Oregon and get a better understanding of how life insurance in Oregon works, you can visit the Oregon Division Of Financial Regulation to see official documentation from the state government.
Keep in mind, the only way to get an accurate understanging of what life insurance costs in Oregon is by having a reputable independent agent check your qualifications and then shop the A-rated carriers on your behalf.
