Best Life Insurance Companies In Portland, OR

Northwestern Mutual scores well across multiple categories, which leads us to believe that they offer the best life insurance policy in Portland.

min read
Updated: 08 January 2024
Written by
Bob Phillips
On this page Open

When it comes to securing the future of your loved ones, selecting the right life insurance policy is crucial. It provides a financial cushion for your family in case of your untimely passing. Our comprehensive analysis of life insurance providers in Portland has led us to recommend Northwestern Mutual as the top choice. They offer exceptional life insurance products backed by the largest life insurance company in the United States.

In this review, we will delve into the different types of life insurance policies, such as whole life, term life, and variable universal life. We will also explore the average cost of life insurance in Portland. It is crucial to choose the right company and policy based on your age group to avoid long-term financial difficulties for your loved ones.

As a former career agent, I am well-versed in the companies we’ll discuss in this review. Although each of these insurers caters to a different demographic, they are all financially stable and provide excellent customer service.

Best Life Insurance Companies In Portland, OR 2024

northwesternmutualicon-logo
Best Life Insurance Overall - Northwestern Mutual
mass-mutual-icon-logo
Best for Seniors - MassMutual
mutualofohamaicon-logo
Best for Young People - Mutual of Omaha
Best Life Insurance, Portland 2024

Compare The Best Life Insurance Companies In Portland, OR

To help you evaluate the best life insurance companies in Portland, we’ve provided a table that displays our preferred companies based on specific criteria.

Overall Rating Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience (Best 10.0) Get A Quote
Northwestern Mutual
4.9

Best Overall

A++

794

9.5

Instant Quote
New York Life
4.8

Best Overall Runner-Up

A++

775

9.7

Instant Quote
MassMutual
4.7

Best For Seniors

A++

780

9.2

Instant Quote
Mutual of Omaha
4.8

Best For Young Adults

A+

801

9.7

Instant Quote
Nationwide
4.8

Best For Cheapest Life Insurance

A+

791

9.6

Instant Quote
Haven Life
4.6

Online Experience

A++

Not Rated

9.9

Instant Quote
Scroll to see comparisons

Our Methodology

Our methodology considers a range of factors, including customer service ratings, product offerings, pricing, and the quality of the online experience. In addition, my experience selling life insurance and my interactions with agents who have worked for other life insurers have also helped form my opinions and provided me with valuable insights into their products and services.

52

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

22+

Research Hours

Life Insurance Company Reviews


Best Overall

Overall Rating
4.9

Key Statistics

8/10 Affordability
10/10 Customer Reviews
10/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

As the biggest seller of life insurance in the United States, Northwestern Mutual offers term and permanent life insurance, with its term life being convertible to permanent coverage without the insured needing to take a medical exam.

In Portland, Northwestern Mutual has dominated the life insurance market and captured the largest market share among major insurers. The company’s success is not due to excessive advertising but rather because of its dedication to educating people about the importance of life insurance and helping them choose a policy that best suits their needs.

Additionally, Northwestern Mutual’s agents tend to stay with the company for extended periods, resulting in a high policy retention rate and financial stability, making it one of the most secure companies in the insurance industry. It is projected to pay $6.8 billion in dividends to qualifying policyholders in 2023.

We find it fitting that the largest life insurance company in America with the biggest slice of market share in Portland is our Best Overall category winner. Northwestern’s Mutual’s commitment to training its agent and paying them well has led to high agent retentions as employees, which is why the company also has high ratings from its customers.

Benefits & Drawbacks

Benefits
  • Low number of complaints filed with state regulators
  • Diverse product portfolio
  • Well-trained agents represent the company
Drawbacks
  • Rates are higher than most competitors
  • Products are only sold through company agents
  • Can’t get quotes or apply online

Best Overall Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
10/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

New York Life is also a mutual insurance company, meaning its policyholders own it. It will pay out over $2 billion in dividends in 2023. It’s also one of the life insurance industry’s oldest companies and offers a full complement of term and permanent life insurance policies.

New York Life is an excellent choice for people looking for large face amounts of life insurance. Its Million Plus Level Term 10 policy offers $1 million or more of coverage at a flat rate for the first ten years. After that, the premiums increase. Most of its term life insurance policies can be converted to permanent policies.

The company is well-known for its whole life insurance policies, including one that lets you customize the payment schedule. This is a benefit for people whose incomes fluctuate or who want to pay off the policy early. Its Secure Wealth Plus whole life policy can be paid off in 10 years for people ages 0 to 60.

New York Life, “The Company You Keep,” placed a close second as it captured the title of Best Runner-up. Though it’s headquarters is in New York, the company has a strong presence on the West Coast, including Portand. It’s permanent life insurance products rank right behind Northwestern Mutual, which is saying a lot.

Benefits & Drawbacks

Benefits
  • Term and permanent policy options
  • High customer satisfaction ratings
  • Offers additional financial products in addition to life insurance
Drawbacks
  • Premiums can be too expensive for younger adults and seniors
  • Doesn’t sell a variable life insurance policy
  • Policies only sold through New York Life agents

Best For Seniors

Overall Rating
4.7

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Founded in 1851, MassMutual offers a wide range of products, including term, whole, and universal life. Its variable universal life insurance includes flexible premiums and investment opportunities.

MassMutual is a name that seniors are very comfortable with. It has consistently advertised over the years and is synonymous with stability and financial strength. Many seniors are concerned that smaller insurance companies or those they’re not familiar with may not be able to pay the policy’s death benefit when the need arises, but they don’t have that concern with MassMutual.

MassMutual’s premiums for policyholders are also the most competitive of the insurers we reviewed for the Portland market. The company is not known for having cheap life insurance premiums, but it has been very aggressive with its pricing for seniors in Portland.

MassMutual is another East Coast based company that is very competitive in Portland, especially in the senior life insurance market. The company has the lowest rates for Portlans seniors, which is important as many are retirees on a fixed-income. Having affordable life insurance from a quality company like MassMutual provides seniors in The City of Roses with some much-needed peace of mind.

Benefits & Drawbacks

Benefits
  • Most competitive rates for seniors in Portland
  • The company is very sound financially
  • Well-trained agents sell life insurance to seniors
Drawbacks
  • Only sold through MassMutual agents
  • No guaranteed issue policy for seniors
  • Can’t be purchased online

Best For Young Adults

Overall Rating
4.8

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Though Mutual of Omaha is best known for its senior life and Medicare supplement insurance products, we found it to be the best for young adults in Portland, mainly because of its low premiums for this demographic. Budget is always a concern with young adults, and Mutual of Omaha has obliged them with competitive pricing.

The company’s whole life insurance policies are also a good investment for people in their 20s and 30s who are climbing the ladder professionally. In addition to providing a life insurance benefit, these policies accumulate cash value, which can be partially withdrawn or borrowed if the need arises, such as for a down payment on a new home or funding a child’s education.

Mutual of Omaha ranks very high on the J.D. Powers rankings for customer satisfaction, and the company is very solid financially. Younger life insurance buyers are selecting a company they can keep for decades when they choose Mutual of Omaha.

Young adults are not the largest group of life insurance buyers, but they are the most cost-conscious. Mutual of Omaha advertises heavily in Portland, which gives it name recognition among the younger crowd. Mutual’s low rates have helped it grow its market share in Portland, along with the fact that it sells policies with lower face amounts.

Benefits & Drawbacks

Benefits
  • Lowest premiums for young adults
  • Whole life policies are available in small face amounts
  • No medical exam is required for some policies
Drawbacks
  • Policies are not sold online
  • Underwriting process can be slow

Best For Online Experience

Overall Rating
4.6

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

For life insurance buyers who want to conduct business online without the involvement of an agent, Haven Life is ideal. The company’s application process is 100% online, and the company says it can be completed in about 25 minutes.

Haven Life only sells term life insurance, with one of the policies being a no-medical exam term policy. This works well for people who are averse to providing a blood sample and going through a physical examination.

While Haven specializes in term insurance, it offers choices for buyers. Policy face amounts range from $25,000 to $3 million, and policy terms can be between five to 30 years.

Though Haven Life isn’t a household name and doesn’t have a J.D. Powers customer satisfaction rating, it is backed financially by MassMutual, one of the most respected names in the life insurance industry.

Offering a 100% online buying experience continues to grow in importance as people become more comfortable with the digital security financial services companies are now providing. Just about all age groups are interested in the convenience of buying life insurance online, and Haven Life has made it easy to conduct this important transaction from the comfort of home on your desktop or laptop computer.

Benefits & Drawbacks

Benefits
  • Offers a 100% online buying experience
  • Financially backed by MassMutual
  • Has a no-medical-exam policy option
Drawbacks
  • Not available from independent agents
  • A limited number of riders are available

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

If you’re looking for cheap life insurance in Portland, Oregon, look no further than Nationwide. Known for having the lowest rates among life insurers in the area, Nationwide offers a variety of life insurance products, including term and permanent policies like whole life, universal life, and variable universal life insurance. Nationwide also provides a no-exam life insurance plan if you’re looking for a hassle-free option.

With a team of highly skilled career and independent agents representing Nationwide, you can trust that you’ll receive accurate pricing and excellent service. Plus, with numerous neighborhood offices in Portland, finding a local agent is easy. You can also call the home office to connect with an agent who can assist you with your needs.

Nationwide has earned superior financial ratings and has high customer satisfaction levels, making it one of the best life insurance companies in the industry. Quality protection at an affordable price has helped make Nationwide a household name in America.

Portland residents deal with the high cost of living on the West Coast, which makes them discerning buyers of goods and services, including life insurance. Nationwide meets the financial needs of cost-conscious life insurance buyers better than any major national insurer. Additionally, Nationwide’s longevity and excellent customer service make it an even better value than many of its competitors.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells Nationwide policies
  • Offers a full complement of life insurance products
  • Has the best rates in Portland
Drawbacks
  • Term life applicants must be 70 or younger
  • No online quotes or applications for permanent products

How To Find The Best Life Insurance Company For You

When looking into insurance companies, it’s important to keep in mind that each company offers policies that can fit your needs. However, depending on your situation, one company might be more advantageous for you than others.

For instance, if you’re 65 years old and seeking $25,000 of whole life insurance, MassMutual could be the optimal choice. On the other hand, if you’re 35 years old, Nationwide may be a better fit for a life insurance policy. Additionally, if you prefer to buy life insurance online, a company like Haven Life might be more appropriate than others that only offer policies through agents. To find the most suitable insurance company for you, ask yourself these five questions:

  1. What are the financial ratings of the company?
  2. Does the company offer the type of policy I need?
  3. Do I prefer assistance from a local agent or searching for policies online?
  4. Are the company’s rates competitive for my age group?
  5. Are most online reviews of the company positive?

Remember that everyone’s needs are unique, and yours may differ from those of your friends, neighbors, or coworkers.

Largest Life Insurance Companies In Portland, Oregon

There are dozens of life insurance companies doing business in Portland. These are the five largest as measured by market share:

Company Market Share
Northwestern Mutual 9%
State Farm 6%
Lincoln Financial 5%
New York Life 5%
Pacific Life 4%

Average Cost Of Life Insurance In Portland, OR

Best Cheap Life Insurance Companies In Portland For Females

Company Rates for $250,000 Coverage Rates for $926,000 Coverage (Recommended)
MassMutual $12 $19
Mutual of Omaha $13 $19
Prudential $22 $43
State Farm $25 $44
Progressive $16 $49

Best Cheap Life Insurance Companies In Portland For Males

Company Rates for $250,000 Coverage Rates for $926,000 Coverage (Recommended)
MassMutual $13 $24
Mutual of Omaha $14 $25
AAA $17 $31
State Farm $22 $46
Prudential $34 $57

Best Life Insurance Companies For Young People In Portland, Oregon

(Male, average age of 25, average weight of 158, average coverage need of $280,00,000)

Company Rates for $280,000 Coverage
Mutual of Omaha $18
MassMutual $21
AAA $23
Prudential $24
State Farm $24

Best Life Insurance Companies For Seniors In Portland, Oregon

(Average age 60, average weight of 186, average coverage need of $85,000)

Company Rates for $85,000 Coverage
MassMutual $44
Mutual of Omaha $48
Nationwide $50
AAA $52
State Farm $54

Factors That Impact The Cost Of Life Insurance In Portland

Many factors affect the cost of life insurance in Portland, including the following.

The insurance company: When it comes to life insurance, different companies charge different rates.

Gender: Men typically pay more than women due to a shorter life expectancy. If you have pre-existing medical conditions, your insurance rates may be higher.

Smoker or Nonsmoker: Smokers pay more since they tend to have shorter lifespans.

Credit Score: In Portland, insurers can use your credit score to calculate your rate.

Riders: Adding riders, such as a disability waiver of premium or child rider, can also increase the cost of your policy.

Oregon Life Insurance Laws To Know

In Oregon, life insurance companies are required to follow state regulations that safeguard policyholders. These are three that everyone buying life insurance in Portland needs to be aware of.

Contestable Period

In Oregon, there is a contestability period of two years for life insurance policies starting from the policy’s effective date. If the insurance company finds out that the policyholder gave incorrect, deceptive, or false information on their application, they can refuse to accept a claim.

Free Look Period

Upon receiving their life insurance policy from the company or agent, individuals have a period of 10 days to return the policy and receive a full refund of any premiums paid to the issuing insurance company.

Surrender Penalties

The seller of the insurance product must clearly disclose and describe in the contract any surrender charges and other deductible fees.

Information About Portland

Known as the “City of Roses,” Portland is a vibrant and progressive city nestled in the Pacific Northwest. Its unique blend of natural beauty, thriving arts scene, and sustainable living make it a popular tourist destination.

The city is renowned for its lush green spaces, including Forest Park, one of the largest urban forests in the country. With a strong commitment to sustainability, Portland is recognized for its extensive bike lanes, public transportation system, and eco-friendly initiatives. It’s also home to a diverse culinary scene, craft breweries, and a thriving music and arts community.

FAQs

Is life insurance more expensive in Portland?

Life insurance is not more expensive in Portland. Various factors, including your age, health history, height, weight, and smoking habits determine the cost of life insurance.

How much per month is a million dollar life insurance policy in Portland?

Depending on your gender, you can buy a million dollar life insurance policy in Portland for about $20 per month.

What is the average monthly cost of life insurance in Portland?

On average, the cost of life insurance in Portland is about $26 for a 10-year term life policy.

Go back to top