How to Get a Life Insurance License in Oregon

Written by: Kevelyn Rodriguez

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How to Get a Life Insurance License in Oregon

Getting your Oregon life insurance license is the first step toward becoming a life insurance agent in the state.

The Oregon Division of Financial Regulation (DFR) requires you to complete a five-step process to become a life insurance agent in Oregon — from taking the life insurance exam to applying for a license.

These steps will take a few weeks to complete so we recommend you bookmark this page so you can use it as a reference throughout the process.

How to Get Your Oregon Life Insurance License

  1. Complete an Oregon Insurance Pre-license Course (Kaplan Education Company – $149+)
  2. Take the Oregon Life Insurance Licensing Exam (PSI – $45)
  3. Get a Fingerprint-Based Background Check (PSI – $61.25)
  4. Complete an Oregon Life Insurance License Application (National Insurance Producer Registry (NIPR) – $75 application fee $5.60 transaction fee)
  5. Watch for Your Application Results

Life Insurance License Oregon

Obtaining your Oregon life insurance license isn’t difficult. Just follow these five steps to start your journey toward becoming a life insurance agent. Once you earn this license, check out our guide on how to get your Oregon property and casualty (P&C) license as well.

Step 1: Complete an Oregon Insurance Pre-license Course

Before you take the Oregon life insurance licensing exam, it’s important to make time to acquire the knowledge you’ll need to pass this exam on your first attempt. Completing a pre-license education course will equip you with the necessary information and tools you’ll need to prepare for your exam.

In Oregon, you must take a 20-hour, pre-license course on life insurance. After completing the course, you’ll need to present a valid photo ID and an original certificate of completion from the approved prelicensing education provider when you arrive to take your exam. Your pre-license course certificate will remain valid for 12 months.

A pre-license education course provides very specific industry knowledge that will be tested during the exam. There is very little information on the test that could be considered “common sense.” Pre-license education courses are self-paced and include study materials like practice exams and flashcards.

Beyond helping you effectively prepare for and pass the life insurance licensing exam on your first try, taking a pre-license education course also will give you a solid understanding of your duties as a life insurance agent.

Recommended

Doing a pre-licensing education course dramatically increases your chance of passing your exam on your first attempt, which can end up saving you both time and money in the long run. For pre-licensing education, StateRequirement recommends:

4.7 out of 5 starsKaplan Education Company

Step 2: Take the Oregon Life Insurance Licensing Exam

After you complete a prep course and your own independent studying, it’s time to take the Oregon life insurance exam.

Oregon uses PSI as its official testing service for delivering licensure exams.

The Oregon life insurance exam outline contains a total of 100 scored questions that cover eight sections: 

  • Insurance Regulation
  • General Insurance
  • Life Insurance Basics
  • Life Insurance Policies
  • Life Insurance Policy Provisions, Options, and Riders
  • Annuities
  • Federal Tax Considerations for Life Insurance and Annuities

You’ll have 120 minutes to complete the exam. The Oregon life insurance exam fee is $45, which you must pay at the time of reservation by credit card, debit card, or voucher. The exam is a proctored test, meaning an official proctor will closely monitor you in a controlled environment.

If you happen to fail the Oregon life insurance exam, you can schedule a time to retake it as soon as 24 hours after your first attempt. There’s no limit to the number of attempts you can make on the same exam.

Tip

Check out our in-depth insurance exam guide for tips to help you pass on the first attempt.

The best way to understand if you are prepared for the test is to take a Life Insurance Practice Exam.

Step 3: Get a Fingerprint-Based Background Check

After you take the Oregon life insurance exam, you must get a fingerprint-based background check from PSI. You can provide your fingerprints electronically at one of PSI’s Oregon sites during regular testing hours on the day of your exam. PSI will then forward your prints to the Oregon State Police and the Federal Bureau of Investigation (FBI). You must pay the $61.25 fingerprinting fee at the test site on the day of your exam.

At your fingerprinting appointment, you’ll receive a receipt. Don’t throw it away! Keep the original receipt for your records.

After completing your fingerprint-based background check, you must submit your license application within one year of passing the licensing exam. If you fail to do so, you’ll need to retake the exam.

Step 4: Complete an Oregon Life Insurance License Application

Once you pass the life insurance exam and complete the background check, you can apply for your Oregon life insurance license. The application fee is $75 plus a $5.60 transaction fee, and you must apply online via the NIPR.

The Oregon DFR will issue a life insurance license to individuals who are at least 18 years old and have passed the proper licensing exam. You should submit your completed license application within 12 months of passing the exam.

To apply for a life insurance license in Oregon, make sure you comply with the insurance licensing requirements as defined under the Oregon Insurance Code and the Oregon Administrative Code.

Send any questions or supporting documents to web.insagent@oregon.gov.

Step 5: Watch for Your Application Results

After you complete the previous four steps, the Oregon DFR will review your application and background check. It reviews applications in the order it receives them, and this process usually takes three to fourteen business days from the date you submit your application.

Once the Oregon DFR finishes reviewing your application, it’ll email you with its decision or ask you to provide more information.

You can print your license from the NAIC SBS Lookup Search website. There’s no charge to create an account or print a license. If you don’t remember your license number, you can find it by using the NAIC SBS License Manager’s tool.

Congratulations!

You’re now ready to get started as a life insurance agent in Oregon.

Steps After Securing Your Oregon Life Insurance License

Once you complete the above steps and have your Oregon life insurance license, there are a few steps you’ll need to take in order to a) excel as an insurance agent, and b) maintain your life insurance license.

Let’s take a brief look at these below.

Obtain All Relevant Securities Licenses

If you’re planning on selling advanced life insurance products, you’ll likely need to pass the Securities Industry Essentials (SIE) exam and obtain the relevant securities licenses (e.g., Series 6, 7, and 63).

For more information on this step, you can have a look at our in-depth Securities Licensing overview.

Choose a Means of Selling

You’ll have to decide whether you’d prefer working as a captive agent employed by one company, or running your own business as an independent agent.

If you’re just starting out, you’ll likely benefit from working as a captive agent, but this will ultimately depend on your personal aspirations and opportunities.

Develop Your Marketing Approach

To succeed as an insurance agent, you’ll need to adopt a marketing approach that’s effective for you.

We recommend finding and sticking to a niche, as well organizing all client appointments for the start of your week. This is because this can improve your overall client conversions.

Keep Your License Valid

In Oregon, you must complete 24 hours of continuing education (CE) every two years to renew your license.

Three of those hours must focus on ethics and another three hours must cover Oregon statutes and administration rules.  

To avoid delays in renewing your license, you should aim to have completed all of the required CE hours at least 90 days before your license expires. This will give your CE provider enough time to report your successful completion to the Oregon DFR. 

The renewal fee is $45 and the late fee is $90.

For a more in-depth look at each one of these steps, check out our Steps After Getting Your Insurance License guide.

Oregon Division of Financial Regulation Contact Information

Mailing Address

P.O. Box 14480
Salem, OR 97309

Physical Address

350 Winter St. NE
Room 410
Salem, OR

Phone: (503) 947-7981

Email: web.insagent@oregon.gov 

Website: http://dfr.oregon.gov/

License Search: Oregon Insurance License Lookup

Oregon Life Insurance License FAQ

How much does it cost to get a life insurance license in Oregon?

Obtaining a life insurance license in Oregon requires these fees:
Insurance Pre-license Education Course Fee: $149+ via Kaplan Education Company
Exam Fee: $45 via PSI
Fingerprint-Based Background Check Fee: $61.25 via PSI
Application Fee: $75 + $5.60 transaction fee via the NIPR

How long does it take to process a life insurance license application in Oregon?

This process typically takes three to fourteen business days. You’ll receive an email once the Oregon DFR reviews your application.

Can I get a temporary life insurance agent license in Oregon?

Yes. The Oregon DFR may issue a temporary insurance producer license to a qualifying individual for a period not to exceed 180 days without requiring a written exam in the event an Oregon producer dies or enters active military service.

Can I get an emergency life insurance agent license in Oregon?

No. An emergency license isn’t available for life insurance agents in Oregon.

Do I need to get my securities license on top of a life insurance license in Oregon?

Probably. While you can sell certain basic life insurance products with just a life insurance license, a securities license removes the limits on what you can sell and puts you in a much better career position. As a securities license holder, you can provide your clients with products tied to the securities market as part of their retirement and life insurance plans. But, you’ll need FINRA accreditation to obtain your securities license.

What can I sell with a life insurance license in Oregon?

With an Oregon life insurance license, you can sell life insurance policies that pay a designated beneficiary when the insured person dies. You also can sell annuities that pay a set income at retirement.

How much can you make with a life insurance license in Oregon?

According to ZipRecruiter, life insurance agents earn an average of $79,730 per year.

What are the limitations of an Oregon life insurance license?

Unless you have multiple licenses to sell various types of insurance products (e.g., the combined life and health insurance license), having an Oregon life insurance license only qualifies you to sell life insurance policies as well as retirement plans and annuities. You can’t sell other types of insurance. A securities license on top of your life insurance license removes that limitation and enables you to offer securities, including stocks and bonds.

Can I cancel my life insurance license in Oregon?

Yes. To cancel your license, email your completed Voluntary Surrender of Oregon License or Lines of Authority form to web.insagent@oregon.gov.

How hard is it to get a life insurance license in Oregon?

The process is quite simple! Follow the steps above and get started today!

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