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Determining Your Needs
Idaho life insurance policies vary greatly, depending upon your needs and resources. We hope the following information will help you weed through all the information available, compare it to your own situation, and make the wisest Idaho life insurance purchasing decision possible.
Term Life Insurance
Term life insurance covers you for a specific period of one or more years, and pays your beneficiaries a death benefit only if you die during that term. This type of Idaho life insurance provides an economical way to provide your family with this type of benefit in case of your death.
Generally cheaper and easier to understand, this type of Idaho life insurance usually offers you the best value for your dollar with the largest death benefit for your premium amount. However, if you decide to renew this type of policy, your premium amount will likely increase. To avoid surprises, you may want to ask your insurance agent to show you the projected premiums for the next 10 or 20 years.
Whole Life Insurance
Also known as permanent insurance, whole life insurance covers you as long as you live and pay the premiums. In order to buy this kind of Idaho life insurance protection, you will need to fill out a health questionnaire and possibly undergo a medical examination.
Unlike term life insurance, whole life premiums remain steady once purchased. Your premium payments go toward cash value, a death benefit, and expenses such as agent commissions and administrative costs.
Whole life is best purchased when you are young. This allows you more time to accrue cash value, and even provides funds your family may borrow against in a pinch.
Unlike a term life policy, whole life insurance may also earn yearly dividends. If you do not cash out these dividends when they accrue, they too will earn interest, providing your family with extra income.
Universal Life Insurance
Universal Idaho life insurance gives you the opportunity to vary your premiums and payment schedule, with some limitations. For instance, you may be able to increase or decrease your payments as long as the payment amount is sufficient to keep the policy intact.
Like the whole life policy, a universal life policy has the potential to earn cash value. But whether or not this actually occurs depends on the performance of investments made by your insurance company. So make sure you understand whether any benefits or cash values are guaranteed before you purchase this type of Idaho life insurance policy.
Variable Life Insurance
When you purchase a variable life insurance policy, your premium amount goes into other investments you and your agent choose, such as equity, bond or money market mutual funds. The actual cash value of your policy varies based on the performance of these investments.
This type of Idaho life insurance poses an opportunity for greater return on your premium dollar than do other types-but at much higher risk. If the investments you select lose money, you may find your variable life insurance account is worth much less than your original investment. On the other hand, if your investments do well, variable life insurance may provide your family a wonderful means of financial protection in your absence.
Although your insurance company may offer you a guaranteed minimum death benefit, this feature will likely cost you extra. So be careful about the cost associated with purchasing this type of Idaho life insurance.
Finding the Protection You Deserve
Thank you for allowing us to provide you this information. We trust it guides you in your Idaho life insurance purchase.
Now let us help you further by finding the protection you deserve. Just give us a little information about yourself, and we'll get you affordable quotes from agents just waiting to service your Idaho life insurance needs.
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