Life Insurance in Oregon
As an Oregon resident, purchasing life insurance today is one smart move you can make to help make sure that your loved ones will always be financially protected, even if you are not there to take care of them.
When shopping for life insurance in Oregon, you need to be aware that there are certain provisions that vary from state to state. The Oregon Division of Financial Regulation issues regulations for life insurance policies pertaining to free-look time frames, premium payment grace periods and other features.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Oregon was ranked 22nd out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.44. With this in mind, people living in Oregon may want to consider their life insurance options.
Oregon life insurance specifics
Like most states, Oregon’s Division of Financial Regulation relies on The State Insurance Code of Oregon to standardize life insurance policies. The state uses this code to regulate claims and provide certain provisions to protect Oregon life insurance consumers, such as:
- Free Look Period
According to the Oregon state code, life insurance companies are required to give you a Free Look Period to review your policy and decide if you want to keep it. If you decide during this period (usually within 10 days of the issuance of the policy) that you don’t want to keep it, you can cancel the policy for a full refund.
- Grace Period
A grace period is allowed on all late payments under the Oregon state insurance code. If you miss a premium payment for any reason, all Oregon life insurance providers must give you at least 30 days to bring the account current before the insurer can cancel the policy for non-payment.
Oregon life insurance state resources
Oregon Division of Financial Regulation
The purpose of the Division of Financial Regulation includes faithfully executing the state insurance laws in a manner that protects insurance consumers and the Oregon life insurance industry.
Oregon Life & Health Insurance Protection Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Oregon, even in the event that a life insurance company becomes insolvent.
Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.