5 Reasons Oregon Residents Should Review Their Life Insurance This Year

By Rodney Cummings, RSSA® | Legacy Wealth Services

Life insurance is one of those things most people buy once and then forget about for decades. You got a policy years ago, you’re paying the premium, and you figure you’re covered.

But here’s what often happens in the meantime: your life changes dramatically, the insurance market changes, and that policy you bought 15 years ago may now be costing you too much, covering too little, or simply the wrong product for where you are today.

If you’re an Oregon resident and you haven’t reviewed your life insurance recently, here are five compelling reasons to do it now.

1. You’re Probably Overpaying for the Same Coverage

Term life insurance premiums have dropped significantly over the past decade due to increased competition among carriers, improved underwriting technology, and favorable mortality trends.

If you bought a 20-year term policy 10–15 years ago, there’s a good chance you could replace it with a new policy at a lower premium — even though you’re older now — because the market has become so competitive.

What to do: Pull out your current policy and check:

What are you paying monthly?
What’s the death benefit?
How many years remain on the term?

Then call an independent agent (someone who works with multiple carriers, not just one) to run a comparison. You might be surprised.

Real example: A healthy 58-year-old Oregon man recently came to me paying $187/month for a 20-year $500,000 term policy he bought 8 years ago. We found a new 10-year $500,000 policy for $94/month — saving him $1,116/year for coverage he only needed for 10 more years anyway.

2. Your Coverage Amount May No Longer Match Your Needs

Life changes. Your insurance needs to change with it.

When most people buy life insurance, they’re in their 30s or 40s with a mortgage, young kids, and an income their family depends on. The goal is income replacement.

Fast forward 15–20 years. Now maybe:

Your mortgage is nearly paid off (or paid off entirely)
Your kids are grown and financially independent
You have retirement savings that would support a surviving spouse
Your income is higher, meaning a larger benefit is needed — or lower, meaning less is needed

You may be over-insured — paying for coverage you no longer need. Or you may be under-insured — that $250,000 policy seemed like a lot in 2005, but with today’s costs of living, it may not go nearly as far.

A coverage review recalibrates your protection to your actual situation today.

3. Oregon’s Economy Has Changed — and So Have Your Assets

Oregon has seen significant economic shifts over the past decade. Housing values in the Portland metro area have more than doubled since 2015. If you own property, your estate may be larger than you planned for.

This has implications:

Estate tax planning — Oregon has its own estate tax with a relatively low exemption threshold ($1 million). A life insurance policy held in an Irrevocable Life Insurance Trust (ILIT) can be used to pay estate taxes without forcing heirs to sell the family home or business.
Business succession — If you own a business, buy-sell agreements funded with life insurance protect your partners and your family if something happens to you.
Spousal income replacement — If your home has significant equity, has your income replacement calculation kept pace?

Oregon residents with growing asset bases have estate planning considerations that often don’t exist elsewhere. Life insurance is a key tool.

4. Your Health Has Changed — in Ways That Could Help or Hurt You

Most people assume that because they’re older, their life insurance will only get more expensive. That’s often true — but not always.

Your health may have improved. Did you quit smoking 5+ years ago? Lose significant weight? Bring a chronic condition under control? Carriers reward health improvements. A former smoker who has been tobacco-free for 5 years can now qualify for non-smoker rates — which can cut premiums by 30–50%.

Your health may have declined — and this is equally important to address. If you developed a health condition in the past few years, a review lets you understand what options remain available to you now, before the window potentially closes further.

Guaranteed Issue and Graded Benefit policies exist specifically for people with serious health conditions who can no longer qualify for traditional underwriting. These policies cost more and have lower benefit limits, but they ensure your family isn’t left with nothing.

Knowing where you stand with underwriting today is critical information.

5. You May Have Access to Products That Didn’t Exist When You Bought Your Policy

The life insurance market has innovated significantly. Products available today offer features that weren’t standard 10–15 years ago:

Indexed Universal Life (IUL): A permanent policy that builds cash value linked to a market index — with a 0% floor, meaning your cash value doesn’t decrease in down markets. Can serve double duty as a retirement savings vehicle with tax-free loan access.

Final Expense Insurance: Specifically designed for people 50–85 who want to ensure their final expenses (funeral, medical bills, debts) don’t burden their family. Low face amounts ($5,000–$50,000), simplified underwriting, and very affordable premiums.

Living Benefits Riders: Many modern term and permanent policies now include living benefits — allowing you to access a portion of your death benefit tax-free if diagnosed with a terminal, critical, or chronic illness. This can cover long-term care costs without a separate LTC policy.

Life Settlements: If you have an older policy you no longer need or can’t afford, you may be able to sell it for significantly more than the cash surrender value. (More on this in a separate post.)

If your current policy doesn’t include features like these, a review might reveal much better options for what you’re paying.

How to Get Your Life Insurance Review

A comprehensive life insurance review should include:

✅ Review of all current policies (term, permanent, employer-provided)
✅ Recalculation of your actual coverage need today
✅ Health assessment and underwriting pre-qualification
✅ Comparison of current policies vs. what’s available today
✅ Analysis of any cash value in permanent policies
✅ Estate planning implications (especially for Oregon residents)

This doesn’t need to take more than 30–45 minutes, and it costs you nothing.

Ready for Your Free Review?

As an independent life insurance advisor licensed in Oregon and 22+ states, I work with dozens of carriers to find the right fit — not the most profitable one for me. My compensation comes from the carrier you choose, at no extra cost to you.

Let’s schedule your review:

📅 Book a free 30-minute consultation
📞 Call or text: 503-832-8555
✉️ Email: rod@legacywealthservices.com

Rodney Cummings, RSSA® | Legacy Wealth Services | Oregon License #18847712 | Licensed in 22+ states