Oregon Life Insurance

In this article...
  • Check out the state laws that regulate Oregon life insurance companies and agents, and discover the provisions that must be included with every policy.

Oregon life insurance can be an altruistic part of your long-term financial plan. After you pass, it provides a payout for a loved one or a favorite non-profit. Every policy comes with a multi-year commitment; protect your investment by choosing a policy and provider that adhere to Oregon state law.

Oregon Life Insurance Rules and Specifics

In Oregon, the Division of Financial Regulation is responsible for carrying out the laws in Title 56 of the Oregon Revised Statutes. If you're interested in your rights as a consumer or the requirements for insurance companies, they're listed in chapters 731 to 752.

Free Look Period

If you're purchasing a life insurance policy in Oregon, the company is required to provide a free look period. This is your chance to make sure the policy works for you — if not, simply return it to the provider to get a full refund. 

In Oregon, there are two types of state-mandated free look periods that all companies must offer:

  • 10-day free look period: This applies when you're buying a new policy. Companies can also choose to offer a longer duration.
  • 30-day free look period: Providers must offer this extended free look when you're replacing an existing life insurance policy.

Surrender Fees

A surrender fee or surrender penalty is the amount you'll pay if you decide to cancel your life insurance policy. This fee is usually subtracted from the cash value of the policy at the time of cancellation. Oregon law requires that all insurance providers lay out the surrender fees in the policy. If your policy has a cash value of $10,000 and the surrender fees are 30%, you'd get $7,000 if you decided to cancel coverage.


To prevent insurance companies from contesting claims on life insurance policies, Oregon has an incontestability law. Once you've paid the premiums for two years, the company can no longer question the policy's validity. 

Grace Period

Oregon life insurance policies come with a 30-day grace period. Starting with your second premium, you have 30 days past the due date to make a payment. As long as you meet this deadline — and pay the interest on the late amount — your insurance company provides continuous coverage. The interest fee can't be more than 6%.

Life Insurance Resources in Oregon

Oregon Division of Financial Regulation: This government agency has the resources to help you pick and manage your life insurance policy. It's particularly helpful if you've never had this type of insurance before; you'll find resources about the types of policies and how to pick an agent.

Life Insurance Finder Tool (LIFT): This tool, which is run by the state of Oregon, helps you find policies held by deceased relatives.

Oregon Life & Health Insurance Guaranty Association: Make sure that your insurance provider is a member of this organization; member

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