Who regulates your policy in Oregon
Insurance is regulated state by state, so your policy is governed by Oregon law and overseen by the Oregon Division of Financial Regulation — not by a federal agency. It licenses the agent who sells to you and handles complaints if something goes wrong.
Two things worth doing before you sign: verify your agent's license is active in Oregon, and keep the consumer line (888-877-4894) on hand. Both are free, and an agent not licensed in your state is a hard stop.
Your window to cancel in Oregon
No single fixed free-look day count for ordinary individual life: DFR product standards require a minimum 10-day right-to-examine on new issues (from policy receipt), while OAR 836-080-0029(1)(d) requires 30 days when a life policy/annuity is a replacement. DFR consumer material states most policies use 10 days and the law requires 30 days on replacement.
Because the rule is not a single fixed number here, the period that applies to you is whatever your specific policy states. Find that clause in the contract before you sign, rather than assuming a standard period exists.
If a carrier fails in Oregon
If your carrier became insolvent, the Oregon Life & Health Insurance Guaranty Association is the backstop. In Oregon it covers a death benefit up to $300,000 and cash surrender value up to $100,000. Those are separate ceilings, so an IUL's accumulated cash value is protected independently of the death benefit.
This protection is not a reason to skip carrier due diligence. It caps what you would recover, and a policy designed above that cap leaves the excess exposed.
What Oregon adds to the cost
Oregon does not levy a state premium tax on life insurance. Most states do — the median across the states covered here is 2% — and carriers price that cost into the premium. Its absence here is a genuine, if small, structural advantage.