10 Best Life Insurance Companies in Idaho
Key Terms
- Idaho residents benefit from life insurance policies with options like term and whole life coverage to fit diverse needs.
- Financial advisors recommend Idahoans secure life insurance worth 10–20 times their annual income for comprehensive family protection.
- Unique Idaho laws provide a 30-day grace period and a 20-day free look period, enhancing consumer protection in life insurance agreements.
Idaho, the Gem State, is nestled in the northwestern U.S., sharing borders with Washington, Montana, Utah, Nevada, and Oregon. With a population of 1.75 million, it ranks 38th in the nation, and its capital, Boise, is the largest city, home to 228,790 residents.
According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Idaho is approximately 78.4 years which is just under the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Idaho have been cancer, heart disease, and Covid-19. The homicide rate in Idaho is about 2.5 homicides per 100,000 inhabitants, which is significantly lower than the national average of 7.5.
According to the U.S. Bureau of Labor Statistics, in Idaho, the 90th percentile income is presently $79,780. The median income in the state is roughly $37,550. Most financial advisors recommend purchasing a life insurance policy that protects your loved ones for between 10X and 20X your annual earnings. In Idaho, this equates to around coverage for most individuals.
Life insurance companies often work with insurance agencies to sell their policies directly to consumers. Insurance agencies act as agents on behalf of one or more insurance companies. In addition to traditional life insurance policies, some life insurance companies also offer supplemental insurance products, such as accidental death insurance or critical illness insurance, which provide additional coverage for specific risks or events.
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How life insurance works in Idaho
Life insurance is not as complicated as many people think. In fact, it’s really quite easy to understand. The way it works is that you pay a premium to the insurance company, and the company pays a benefit to your beneficiaries if you die. There are different types of life insurance policies, but the two most common are term life and whole life.
Term life insurance is the most basic type of life insurance. You pay premiums for a set period of time, usually 10, 20, or 30 years. If you die during that time, your beneficiaries receive a death benefit. If you don’t die during that time, the policy expires but congratulations on not having a premature death!
Whole life insurance (also known as universal life insurance or permanent life insurance) is a more complex type of life insurance that mixes life insurance and investing. In these types of whole life insurance policies you pay premiums for your entire life, and your beneficiaries receive a death benefit when you die. Whole life insurance also has a cash value component, which grows over time. You can use the cash value to pay premiums, or you can take it out as a loan.
In terms of purchasing life insurance, you have a few options. You can shop around online for quotes, or you can contact an insurance company. In almost all cases, it’s best to consult with a licensed insurance agent before signing up for a life insurance policy. An insurance company can help you understand your options and find the right policy for your needs.