Life Insurance in Idaho

You likely don’t want to think about your own death. It’s important, however, to consider how the people who depend on you will continue to survive financially after you’re gone.

As an Idaho resident, purchasing life insurance is one way to help ensure that your loved ones will always be protected, even if you are not there to take care of them.

Why do I need life insurance?

With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.

Idaho was ranked 20th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 79.49 years. With this in mind, people living in Idaho may want to consider their life insurance options.

Idaho life insurance 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:

• Incontestability
  Life insurance policies in Idaho are considered incontestable after they have been in place for a period of two years, except for in cases of the insured not making their premium payments.
• 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.  

Idaho life insurance 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 customers 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
https://doi.idaho.gov/publicinformation/NewsReleases

Life Insurance Company Ratings from A.M. Best
A.M. Best provides ratings for life insurance companies based on financial strength and past performance.
www.ambest.com