Idaho Life Insurance

Find the right life insurance policy for you.


Life insurance can be an emotional subject. Nobody likes to think of their demise, or the death of their spouse or family member; however, death happens to everyone. Death is sad and sometimes a shock, but it's a wise idea to be prepared for it so that your family can continue after the loss. Whether this means staying in the home, having the income to live, or simply being able to have a funeral, life insurance is an important part of living responsibly.

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Idaho Health Statistics

  • Cancer is the number one killer in Idaho, with heart disease at a close second.
  • More than 50 percent of Idaho residents are overweight or obese.
  • Over 25 percent of adults reported not wearing a seatbelt on a regular basis.

Unfortunately, all of the above factors can result in death. Whether you are young or old, an accident or a simple medical problem can claim your life. It's important to have life insurance in place so that when you pass away, your family can have peace of mind that their financial picture won't change.

What Types of Life Insurance are Available in Idaho?

There are many types of life insurance available to Idaho residents. It's a wise idea to be familiar with the different types of policies available so you can choose the one that's the best for you and your family. The most common types of life insurance available are:

  • Term life insurance: Term life insurance is a policy that provides your family with a benefit upon your passing. Annual premiums are set for a specific term, such as 10 or 20 years. If you pass away during this time, the benefit is paid to your designated beneficiaries.
  • Whole life insurance: Whole life insurance is a permanent policy that comes with an investment factor built-in. It accumulates a cash value as it ages. Additionally, a portion of the policy can be withdrawn or borrowed.

These are the two most common types of life insurance policies available. Age and health are typically taken into consideration when these policies are created, so it's important to get them in place as soon as possible while you are still young.

Are There Other Types of Life Insurance Policies Available?

There are additional life insurance policies available, and while they are not the most popular choices, they may be right for you. There are many other life policy options available, depending on what you're looking for and the insurance agency you choose to work with. Additional policies include the following:

  • Accidental death insurance: This policy may be also termed as accidental death and dismemberment insurance, or AD&D. This coverage pays you or your designated beneficiaries in case of an accident that causes dismemberment or death.
  • Annuities: An annuity is a type of insurance policy that can either pay income after your initial investment (immediate annuity) or accumulates income (deferred annuity). Both of these annuities can be fixed (guaranteed) or assigned a flexible rate that pays out based on the policy’s associated investments. Life insurance companies usually offer annuities to individuals looking for a stable retirement.
  • No exam life insurance: This policy is usually more expensive than the others since it does not require a medical exam.
  • Universal life insurance: This policy is a permanent policy that accrues cash value with each premium. Additionally, you can borrow money from the policy, pay more than the minimum premium, or take breaks from paying premiums.

How Much is a Life Insurance Quote in Idaho?

Life insurance rate quotes vary based on a myriad of factors, including the type of policy you choose. When shopping for life insurance, you will be asked a series of questions before a quote is given by the insurance company. In order to have the information available, be sure to familiarize yourself with the following:

  • Your personal information
  • Your credit score/debt
  • Mortgage amount
  • Your occupation
  • Drug/alcohol/tobacco use
  • Your exercise amount, if any
  • Your driving record
  • Age of family members
  • Detailed medical history

Typically, you will need a medical exam before being approved for a life insurance policy. This exam includes basic medical information and a simple blood draw. There are some no-exam options, but the quotes for these policies are typically higher. The reason for these higher rates is that the insurance company assumes more risk when they don't know up-front what the insured's health and medical status are. Keep that in mind when you consider whether or not you're open to having a medical exam before getting quotes.


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How Much Life Insurance Do I Need?

When trying to decide how much life insurance you need, consider the following:

  • Future financial needs of your family (mortgage, food, bills, etc.)
  • Funeral and death expenses
  • Your children and their future financial needs
  • Availability of finances in case of a serious medical illness
  • Finances with which to pay off debt
  • The age you'd like to retire at/type of retirement
  • Any additional retirement plans you have and their contribution in case of death
  • Any estate considerations, including any trusts or investments
  • If you would like a portion of your life insurance donated to a charity

All of these factors come into play when deciding which type of life insurance to purchase.

Are There Discounts Available on Life Insurance in Idaho?

Just like many other types of insurance policies, there are discounts available on life insurance policies. Discounts may include:

  • Military discount
  • Government employee/federal employee discount
  • Educator discount
  • Multi-policy discount
  • Paid in full discount (usually, this applies to paying your premium annually)
  • Low-risk occupation discount
  • Health discount (If you're overweight, losing weight can lower your life insurance rates. Additionally, quitting smoking can significantly lower life insurance rates)

There are many other discounts available, depending on the type of policy you choose. Always ask your insurance agent for any discounts you may not be aware of.

How Do I Get Life Insurance in Idaho?

With so many policies and coverages available, it's easy to get confused when it comes to choosing a life insurance policy. That's why it's important to have an insurance professional by your side. An independent insurance agent is always available to help answer questions, provide coverage recommendations, or even help you file a claim. 

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