Idaho Life Insurance

Nobody wants to think of his or her own death, or the death of a loved one. But if you died today, who would take care of your family’s future?

Like most states, Idaho does not regulate life insurance on the policy level the way the states Departments of Insurance regulate other insurance such as health or auto. However, there are certain provisions that do vary from state to state regarding regulations pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements. You should understand these guidelines as you shop for a policy.    

Why Do You Need It?

Take a look at these figures.

Idaho is ranked 15th out of 50 states and the District of Columbia in Life Expectancy, with an average life expectancy of 77.9 years.  For every 100,000 people in Idaho, over 750 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to 2000, and at 75 to 84 well over 5000 Idahoans die for every 100,000 residing in the state. More on mortality by age, sex and race, and the leading causes of death in Idaho can be found at: http://www.cdc.gov/nchs/pressroom/data/Idaho09.pdf

For more reasons why you should apply, and for help in finding the right product for your needs, at the best value, take a look at our section called "Most Important Questions"

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Idaho State - Specifics

Idaho regulates its insurance industry through The State Insurance Code of Idaho. Under the code, those purchasing a Life plan are given certain protections such as:

Free Look: Under State Code a “free look” means you are entitled to change your mind.
All insurance sellers in the state of Idaho are obligated to include the Free Look provision. With Free Look, you can choose to cancel your policy for any reason, even after you have signed the contract with the insurance company and received all policy documents. In most cases, the free look period is at least 10 days without a cancellation penalty, but some Idaho insurance companies give as many as 30 days to review your policy and cancel without a penalty.

Grace Period: The Idaho State insurance code also allows residents to be a little late with their premiums and not face immediate cancellation of their coverage. A grace period of at least 30 days is required on late payments. If you miss a premium payment, regardless of the reason, the insurer must give you 30 days to bring the account current before they can cancel the policy for non-payment. 


Consumers are not the only ones protected by state regulations. Sellers can also rely on the Code to protect them against consumer fraud.  Under these provisions, a company in Idaho can question any information you stated on your application for up to two years from the purchase of the policy. Any discrepancies, especially those related to medications or tobacco use, can result in revocation of the policy. Allowances for misstatement of age are given. If age is found to be incorrect, the policy rate will likely be adjusted to reflect the accurate age, and not terminated entirely.

Idaho State Resources

Idaho Department of Insurance - The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Insurance industry.
http://www.doi.idaho.gov/

Idaho Life & Disability Insurance Guaranty Association - State guaranty associations are there to provide protection and continuing coverage, even in the event that the insurance company becomes insolvent.
http://www.idlifega.org/

Idaho News – News and views regarding issues relevant to Idaho consumers
http://www.doi.idaho.gov/company/Life_settlements.aspx

Idaho Company Ratings - These companies provide ratings for Insurance Companies based on financial strength and past performance
http://www.ambest.com/
http://www2.standardandpoors.com

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