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?

The answer is Idaho Life Insurance. Idaho, like most states, does not regulate life insurance on the policy level the way that 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 Idaho Life Insurance.    

Why Do I Need Idaho Life Insurance?

You may wonder why do I even need Idaho Life Insurance? 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 for Idaho Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

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Idaho Life Insurance Specifics

Idaho regulates its insurance industry through The State Insurance Code of Idaho. Under the code those purchasing Idaho Life Insurance are afforded certain protections such as:
Free Look: Under State Code a “free look” means you are entitled to change your mind.
All sellers of Idaho Life Insurance plans are obligated to include the Free Look provision. With Free Look, you can chose to cancel your life insurance 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 a 10-days without penalty - some Idaho Life Insurance Companies give as much as 30 days to review a policy and cancel without penalty.
Grace Period: The Idaho State insurance code also allows residents to be a little late with life insurance 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. 


Life insurance purchasers are not the only ones protected by state regulations. Idaho Life Insurance sellers can also rely on the Code to protect them against consumer fraud.  Under these provisions, an Idaho Life Insurance company can question any information you stated on your Idaho Life Insurance 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 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 consumers and the Idaho Life Insurance industry.
http://www.doi.idaho.gov/

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

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

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