Have you ever just taken a moment to think, “How would I provide for my family if I were out of the picture?”  The answer is Oregon Life Insurance. Purchasing Oregon Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

When searching for Oregon Life Insurance, you have the option of Term Life insurance or Permanent Oregon Life insurance. You can find out more about which is right for you by accessing our Term vs. Permanent Life Insurance information page.

When shopping for Oregon Life Insurance, you need to be aware that there are certain provisions that vary from state to state. The Oregon State Department of Insurance issues regulations for Oregon Life Insurance policies pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements.

Why Do I Need Oregon Life Insurance?

You may wonder why you even need Oregon Life Insurance? Take a look at these figures.

Oregon is ranked 17th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 77.8 years. Upon closer examination of Oregon mortality figures, we find that for every 100,000 people in Oregon, over 900 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number is almost triple at over 2,300, and at 75 to 84 well over 5,000 Oregonians die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Oregon can be found at: http://www.cdc.gov/nchs/pressroom/data/Oregon09.pdf

For more reasons why you should apply for Oregon Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

Oregon Life Insurance Specifics

Like most states, Oregon’s Department of Insurance relies on The State Insurance Code of Oregon to standardize Life Insurance polices to some degree. The state uses this code to regulate claims and provide certain provisions to protect Oregon Life Insurance consumers, such as:

Death Benefit Processing: In Oregon, your beneficiaries are entailed to swift and efficient payment of death benefits. If all documentation is in order, the norm is within 30 days. The State Code also provides for Oregon Life Insurance companies to pay interest on death benefits. With an Oregon Life Insurance policy, interest begins to be applied to a death benefit as soon as a claim is filed. If your Oregon Life Insurance Company fails to pay the claim within 30 days, the interest rate increases on the 31st day. 

Grace Period: The Oregon State insurance code also requires that all Oregon Life Insurance companies allow a 30-day grace period on late payments. You can be confident that no matter why you are late, the insurance company must, by law, give you 30 days to bring the account current before the insurer can cancel the policy for non-payment.

State regulations also provide some protections to Oregon Life Insurance companies against potential insurance fraud. An Oregon life insurance company may dispute any information you may have put in your Oregon Life Insurance application for up to two years from issuance of the policy. If they find any discrepancies, especially as relates to medical conditions, dangerous lifestyle or job related activities, or tobacco use, they can terminate the policy immediately.

Oregon Life Insurance State Resources

Oregon Department of Insurance  - The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Oregon Life Insurance industry. 
http://www.cbs.state.or.us/ins/

Oregon Life & Health Insurance Protection Association - State guaranty associations are there to provide protection and continuing Oregon Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.orlifega.org/

Oregon Life Insurance Company Ratings - These companies provide ratings for Oregon Life Insurance Companies based on financial strength and past performance.
http://www.moodys.com/cust/default_alt.asp
http://www2.standardandpoors.com
http://www.ambest.com/