November 2, 2021

How to Get a Life Insurance License in Oregon

Written by: Kevelyn Rodriguez

    Getting your Oregon life insurance license is the first step toward becoming a life insurance agent. If you want to market and sell life insurance policies, follow this step-by-step guide for obtaining life insurance licensing in Oregon.

    The Oregon Division of Financial Regulation (DFR) requires you to complete a five-step process to obtain your life insurance license — 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 – Quick Version

    1. Complete an Oregon Insurance Prelicense Course (ExamFX – $189+)
    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. Watch for Your Application Results

     

     

    Steps To Get an Oregon Life Insurance License

    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 Prelicense 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.” Prelicense 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 Course

    For Oregon insurance pre-license education courses and exam prep, StateRequirement recommends: ExamFX


    For 10% off, use code examfx@staterequirement.com at checkout! Visit ExamFX

     

    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
    • Qualified Plans

    You’ll have 120 minutes to complete the examThe 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.

     

    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, 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 14 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 NIPR 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 NIPR’s Look Up Your NPN Number tool.

     

    Congratulations!

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




    Next Steps After Securing Your Oregon Life Insurance License

    Once you complete the above steps and have your Oregon life insurance license, here’s what you should pursue next.

    Get Your FINRA Securities Licenses

    Overview

    Individuals planning to market and sell market-based life insurance products also must obtain the proper securities licenses. As a securities license holder, you can offer securities as part of your services. That’ll make you a credible authority in addressing all of your clients’ financial needs.

    To learn more, check out our Securities Licensing guide.

     

     

    SIE Exam

    To obtain these licenses, you’ll first need to take and pass the Securities Industry Essentials (SIE) exam. Professionals in the securities industry are required to take the SIE and a series of examinations administered by the Financial Industry Regulatory Authority (FINRA)

    The SIE exam ensures every life insurance professional has a basic understanding of securities. While taking the SIE exam isn’t a requirement for all insurance professionals, those who don’t obtain at least one securities license limit their ability to work with clients. With a securities license, you can give your clients the option to invest in securities-related products as part of their life insurance plans.

    Tip:

    To help you start preparing for the SIE exam, check out our full guide on How to Pass the SIE Exam.

    Obtaining a license to sell securities also requires sponsorship from a firm, company, or organization regulated by FINRA. The sponsor will pay the testing fees required for your SIE exams and submit your personal information to FINRA’s Central Registration Depository (CRD). The Series 6 and Series 7 licenses require a FINRA exam sponsorship before you can take the exam. The exam for a Series 63 license doesn’t require any sponsoring entity. 

    Once you get your securities license(s), FINRA will list you as a “registered representative.” By achieving the securities licensee designation, you’ll become a highly sought-after professional and set yourself up for a successful career in the insurance industry.

     

     

    Series 6, 7, and 63 Licenses

    Some of the most common securities licenses for insurance agents include the Series 6, 7, and 63 licenses because they allow licensees to sell almost every type of individual security.

    The Series 6 (Investment Company and Variable Contracts Products Representative) Securities License is the primary license sought by insurance sales professionals and financial advisors, allowing them to sell grouped securities related to insurance products. 

    Series 6 works together with Series 63 because they are the two partner licenses required to sell insurance policies tied to investments. The North American Securities Administrators Association (NASAA) oversees regulation of the Series 63 (Uniform Securities Agent State Law) license.

    The Series 7 license allows you to buy and sell securities (e.g., stocks, bonds, and mutual funds) as part of an investment plan for your clients. To get a Series 7 license, you will first need to register as a new candidate with FINRA and pass the Series 7 exam. The Series 7 exam is commonly known as the General Securities Representative Qualification Exam, but is sometimes referred to as the “Series 7 Top-Off Exam.”

     

     

    Get a Job in the Insurance Field

    Once you earn your license, you can start applying for jobs in the insurance field. With a life insurance license, you can provide advice and recommend insurance products to clients, sell life insurance policies that pay a beneficiary upon an insured person’s death, and sell annuities that pay a set income at retirement.

    Find life insurance job postings on our Insurance Jobs Board.

    When applying for an insurance-related job, potential employers will request your license number and National Producer Number (NPN). You can request a letter of certification, which proves you have a life insurance license in Oregon, by visiting the Oregon page on the National Association of Insurance Commissioners (NAIC) State Based Systems website. Click on the “Lookup” link under the “SBS for Licensees” section. Enter “Oregon” as the jurisdiction, “Licensee” as the search type, your name, and your license number. The next screen will display your letter of certification. You may need to submit this letter along with your job applications.

     

    Complete Continuing Education and Renew Your License

    In Oregon, you must complete 24 hours of continuing education (CE) every two years to maintain your license in good standing. Three of those hours must focus on ethics and another three hours must cover Oregon statutes and administration rules. To find these courses, visit the NAIC website and choose “Oregon” as the jurisdiction and “Course or Provider” as the search type. 

    If you have a non-resident license with good standing in your home state, you don’t need to take CE courses in Oregon. To find out if you need to take Oregon courses, go to the NAIC website and click on the “Course or Provider” option.

    In Oregon, you also must renew and manage your life insurance license every two years. To avoid delays in renewing your license, you must complete the required CE hours at least 30 days before your license expires. Your CE provider will report your successful completion of the coursework to the Oregon DFR. The renewal fee is $45 and the late fee is $90.

    Learn how to renew your license with our Oregon insurance license renewal guide.




    Oregon Division of Financial Regulation Contact Information

    Mailing Address:

    Oregon Division of Financial Regulation
    P.O. Box 14480
    Salem, OR 97309

    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 Prelicense Education Course Fee: $189+ via ExamFX
    • Exam Fee: $45 via PSI 
    • Fingerprint-Based Background Check Fee: $61.25 via PSI
    • Application Fee: $75 via the NIPR

     

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

    This process typically takes three to 14 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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    Information on this page has been gathered by a multitude of sources and was most recently updated in October 2021.

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