Life insurance tips and advice

Life insurance is a golden opportunity to plan your future and leave your dependents on a higher fiscal ground. We at Meridian, ID, Idaho Select Insurance are certain it is your perfect moment to stay informed about the cover for the better decision making. We provide you with these handy tips as you sign up for the policy. Read on…

State provisions for life insurance

Idaho State doesn’t regulate life insurance as a policy just like the State Department of Insurance does with auto and health covers. However, some provisions vary, just like in many states across the nation and Idaho is no exception. This affect underwriting, sign up and medical examinations requirements. The insurance industry is regulated through the state Insurance code of Idaho. 

The Specifics in your favor  

‘Free look’ provision in the cover grants you the right to change your mind and cancel the policy for whatever reasons you see fit. This is regardless of having signed up and in receipt of policy documentation. A ‘free look’ period is at least ten days within which no penalties will apply. But, you might come across insurers who offer up to 30 days. While the grace period can span up to 30 days, you can be late paying up premiums without facing policy cancellation. After which, the insurer has the right to terminate the policy for non-compliance. 

What does life insurance cover? 

The policy accommodates term insurance usually within a specified term and pre-determined age or permanent insurance which extends throughout the lifetime of a policyholder. You can specify the favored years for term insurance, but for permanent protection, the age limit can be extended for up to 80 years. If you die before the term policy matures, your beneficiaries receive the policy’s full compensation. 

Also, the state laws allow you to purchase temporary protection until you can afford permanent protection. Therefore, signing up for term life insurance competitive premiums is an excellent idea for all including those who are young and healthy. Do you want to know more? Call and talk to Meridian, ID, Idaho Select Insurance today. Our certified agents and professionals will help you plan and care for your loved ones in the nick of time.