Get Oregon life insurance quotes, cost & coverage fast. You need OR life insurance if you have people who would suffer financially if you were gone. It provides cash to your family after your death to pay the mortgage, food, car payments & other expenses of living.
Oregon Life Insurance
The only two things that are certain are death and taxes. Oregon life insurance is not a fun subject (neither are taxes). It's not comfortable to talk about and it's certainly not a process anyone is thrilled about. It is, however, a very important part of financial plan because it has a 100% of happening to you, me and anyone else on the planet.
Being a grown-up means you have to think about things like life insurance. No one wants to think about the fact that someday they will die, but it's a fact of life so to speak. And you want to leave as little burden on your family as you possibly can in the event of your unexpected death.
Most adults know they need life insurance, but to many people wait until they are approaching retirement, or there is some life event, before they start seriously thinking about buying it. That is usually not the best time to start looking, as there are some major benefits to buying Oregon life insurance sooner - especially if you are married, have children or a dependent child, or own a business.
What Does Oregon Life Insurance Cover?
Life insurance is a way of helping your family deal financially when you die. It's intended to provide financial help to your loved ones when your salary or income is gone.
The money (death benefit) can be used to pay: your funeral expense, pay off debts, pay the mortgage, fund your children's education, cover everyday expenses and more.
When you start thinking about purchasing a OR life insurance policy, you should first look at your assets. Are you wealthy enough to help with the bills you leave behind? If you are, you might not need a large life insurance policy. The money you leave behind may be enough to cover funeral and burial expenses as well as other bills such as estate taxes. Do you have enough money to cover lost income should you become unable to work? If you don't have enough to act as a supplemental income, you may want to purchase a larger life insurance policy.
What Types Oregon Life Insurance Are There?
There are two main types of OR life insurance available, and some of them offer more 'living benefits', in addition to the payout upon the death of the insured.
- Term Insurance: Term life insurance is considered to be the most basic of life insurance available. Term lofe only offers death benefit protection - if you die during the policy term your beneficiaries get a payment.
- Permanent Insurance: This form of life insurance is different from term insurance because it offers in addition to offering a death benefit, it also offers cash value component that can be accessed during the insured's life. The cash build up is not taxed under current law.
Term Life Insurance - Term is a temporary type of life insurance that covers you for a set period (term) of one or more years - typically 10, 20 or 30. It pays a death benefit only if you die during that term. Term insurance generally provides the largest amount of death protection per premium dollar.
Below are some of the most common forms of permanent insurance:
Whole Life Insurance - Whole Life a permanent type of life insurance that protects you for as long as you live as long as you pay the premiums. With the most common type, called straight life or ordinary life insurance, you pay the same premium for as long as you live. Whole life is used to extend the coverage past a certain term, and can also build a cash value tax free over time.
Universal Life Insurance - Universal Life is a newer, permanent and flexible type of life insurance policy where the premiums you pay, less expense charges, are deposited into a policy account that earns interest tax free. Charges for the insurance are deducted from the account.
Variable Universal Life Insurance - Similar to universal life this type of permanent insurance is flexible where the premiums you pay, less expense charges, are deposited into a policy account that invests in mutual funds or other investments. This means that the funds have the opportunity to grow more than some of the other types of permanent insurance, and it also means there is risk for losses in value if the stock market declines. Charges for the insurance are deducted from the account.
Survivorship Life Insurance - Survivorship Life covers two people (like husband and wife), and pays a death benefit at either the first death (first to die) or after both have passed away (last to die). Survivorship costs less than two individual permanent policies, so it can offer a larger death benefit for your beneficiaries.
Final Expense Life Insurance - Final Expense also know as 'burial insurance' is purchased by seniors to pay for high cost of OR funeral and other related expenses such as a headstone, burial, flowers, and memorial service, so their remaining family does not have to be burdened by the bills.
What Oregon Life Insurance Doesn't Cover
Life insurance typically will not pay the death benefit if the insured:
- Commits suicide. If the insured kills themselves. In some states there is something called a 'suicide clause', which means if the insured commits suicide within a certain time frame, the beneficiary would not get the death benefit.
- Commits Fraud. The insurance company is going to investigate the cause of death. They will look at the events that led to the death and compare them to the original application. If the insured smokes or has some other health issue, or skydives, cliff jumps etc. and did not disclose it on the original application they can deny the claim.
- Does illegal activities. If the insured dies while committing a crime or participating in any kind of illegal activity.
- Involved in Acts of War. If the insured dies in a war.
- Permanently moves outside the USA. If the insured moves to certain countries.
How Much Does Oregon Life Insurance Cost?
How much does OR life insurance cost? The premiums vary depending on the company and their underwriting rules, and it depends on the type of policy an amount of coverage selected. Following are some of the main 'personal risk factors' that go into the price of a policy:
- Age - Life insurance gets more expensive as you get older. There is a saying, "The best time to buy life insurance is yesterday."
- Non Smoker or Smoker - Smokers pay for life insurance.
- Health - Healthier people pay less. Overweight people, those with high blood pressure, high cholesterol and diseases like diabetes etc. will pay more.
- Gender - Women live longer than men and pay less because of that.
- Occupation - Accounts will pay less than people who build skyscrapers.
- Travel amp; Hobbies - If participate in extreme sports like skydiving or travel to dangerous parts of the world, you might pay more.
- Personal Risk Factors - These include your credit history, driving history and criminal history.
OR Life Insurance Quotes
Request a Oregon Life Insurance quote in Albany, Ashland, Baker City, Beaverton, Bend, Canby, Central Point, Coos Bay, Cornelius, Corvallis, Cottage Grove, Dallas, Damascus, Eugene, Forest Grove, Gladstone, Grants Pass, Gresham, Happy Valley, Hermiston, Hillsboro, Keizer, Klamath Falls, La Grande, Lake Oswego, Lebanon, McMinnville, Medford, Milwaukie, Monmouth, Newberg, Newport, North Bend, Ontario, Oregon City, Pendleton, Portland, Redmond, Roseburg, Salem, Sandy, Sherwood, Springfield, St. Helens, The Dalles, Tigard, Troutdale, Tualatin, West Linn, Wilsonville, Woodburn and all other cities in OR.
Insurance Regulations In Orgeon
Let's take a look at insurance in Oregon. There are definitely some state regulations that govern insurance in the state of Oregon. You should become familiar with what these regulations are, even if they do not necessarily apply to you.
You will be much better informed about insurance if you know what types of insurance businesses are required by law and what types they normally get regardless of law. You also may want to know the regulations governing personal insurance such as automobile insurance and life insurance. Let's take a closer look at OR insurance regulations.
Oregon Business Insurance
The first type of insurance that we will start with is business insurance. Specifically, we will be discussing general liability insurance. Commercial liability, sometimes called general liability, is a type of insurance that protects your business in case someone slips and falls on your floor or experiences roofing materials falling on their car that does damage. There are many other situations in which general liability insurance may kick in.
There are also some types of insurance that are mandated by law including Worker's Compensation insurance for any company that has one or more people working for them full-time or part-time.
Oregon does not have any laws stipulating that companies must carry disability insurance like in many states, but if there are vehicles being used for commercial purposes, then they must carry commercial auto insurance.
OR Personal Insurance
There are definitely some regulations that govern the auto insurance that normal motorists are required to carry on their vehicle. These are pretty standard across the states and match what is required in most. In Oregon, you are required to carry $25,000 per person for bodily injury and $50,000 per accident for the same. Property damage is a little higher than you will find in other states at $20,000 per accident and there is also an additional requirement that requires a personal injury protection amount of $15,000 per person.
Finally, there are regulations governing life insurance in Oregon as well. Unlike most states, there is no free look period for life insurance. However, there is the normal grace period Of 30 days when it comes to late payments. Lastly, insurance companies are required to make payment within 30 days of receiving notification of the death described in the policy. If they do not make payment within 30 days then the person that is the beneficiary of the policy may receive interest as well.
If you are looking for state specific Life insurance quotes, costs and information: California Life Insurance, Colorado Life Insurance, Delaware Life Insurance, Florida Life Insurance, Illinois Life Insurance, Kentucky Life Insurance, New Jersey Life Insurance, New York Life Insurance, Oregon Life Insurance, Pennsylvania Life Insurance, Texas Life Insurance, Washington Life Insurance.