Oregon Life Insurance

Oregon life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

  • Briefly describes Oregon life insurance regulations.

  • Explains the protection of the Oregon Guaranty Association.

  • Links to more information about life insurance in Oregon.

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Oregon life insurance rights and regulations

The insurance industry in Oregon is regulated under Chapters 731 through 752 of the Oregon Revised Statutes. These codes outline claims procedures and policy requirements for the benefit of consumers and insurers alike.

One consumer protection lies in the one-month grace period on late premium payments allowed by all Oklahoma life insurance companies. During this window, an insurer will not cancel a life policy, and coverage will continue uninterrupted so long as the account is brought current.

Oregon Insurers are also obligated to settle life insurance claims within 30 days. If settlement takes longer (without good reason), the insurer must pay interest on the benefits beginning on the date of death. Your policy should outline your insurer's claims procedure.

However, Oregon law extends some protections to insurers, too. Consumer misrepresentation on a policy or application, if discovered within the first two years of the policy, can result in its cancellation. The insurer won't be obligated to honor any claims. (Paid premiums will be refunded.)

The misstatement of policyholder age can be discovered at any point during the policy's life, and will result in the recalculation of benefits.

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If you are ready to apply for an Oregon term life insurance policy, or if you just want a quick online quote, visit Efinancial now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Oregon Life Insurance Guaranty

If your life insurance company is licensed in Oregon, your policy is backed by the Oregon Life and Health Insurance Guaranty Association. This organization helps protect you, the insured, should your insurance company go bankrupt.

However, there are restrictions on this protection. In Oregon the compensation for lost death benefits is limited to $300,000, and compensation for lost cash surrender is limited to $100,000.

And your insurer must be licensed in Oregon to qualify for the guaranty's backing. To check the status of an insurer, you can call the Oregon Department of Consumer and Business Services, Insurance Division at 503-947-7980.

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Apply for a quote with confidence at Efinancial
(for Oregon term life insurance), or InsureME.
Your insurer will be licensed in Oregon.

More OR life insurance help

If you want more help getting the best value on your OR life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about OR life insurance laws and regulations, visit the official website of the Oregon Department of Consumer and Business Services, Insurance Division.

Learn even more:

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

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