Idaho Life Insurance

While many residents of Idaho know all about the states availability of gems and potatoes, a life insurance policy might be less familiar. Life insurance is a contract between a policy holder and an independent insurance agency in the area where upon the death of the policyholder, a beneficiary can receive an agreed upon sum of money.

Life insurance can be split into two main contract kinds: term life insurance and permanent life insurance.

When an individual invests in a term life insurance policy, the policy holder is agreeing to pay premium for a set amount of time. Term life insurance may only be for 10-30 years, but in the event the policy holder passes away in that time period, an individual that the he/she names would receive a cash payout. In the event the policy holder doesn’t die within that time period, the insurance ceases and the payment to the beneficiary would go away.

Term life is best for a resident of Idaho who is only covering him/herself for a period of time, such as when a child going off to Boise State University—the most recent school to be granted university status in Idaho, or during a time when the child would be most financially burdened upon a parents death. And because there is no cash payout in the event the policy holder doesn’t die with term life, the premium is usually a lesser amount but doesn’t accumulate or allow for withdrawal.

Permanent life insurance is for an individual who would be looking to be covered for their entire life or at least more than thirty or so years. With permanent life insurance, a higher premium is paid but the money also goes into an investment account as well as to fund the policy which can be withdrawn at certain points if necessary. Permanent life insurance, like all life insurance, also allows for a beneficiary to be named and paid upon the death of the policyholder.

Funeral expenses and burial costs can also be included within the levels of coverage in life insurance, and through a local agent, the residents of the “Gem State” can see to it that a life insurance policy is in place so that a policyholder’s death can come with the financial support to ease the burden of his/her passing.

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