Idaho Life Insurance

Idaho life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

Briefly describes Idaho life insurance regulations.

Explains the protection of the Idaho Guaranty Association.

Links to more information about life insurance in Idaho

Premiums can vary by as much as 50%. Enter your ZIP code on the right, and with just one short form, you'll receive quotes from several insurers in your state. Start comparing quotes today:

Use InsureME to compare additional term life and whole life quotes, and get expert advice from an agent in your area, who can help you design a plan that's right for you. Click here to fill out a quick form.

Idaho life insurance rights and regulations

The insurance industry in Idaho is regulated under Title 41 of the state's code. Under these laws, claims procedures and policy requirements are overseen by the state as a means of protecting you, the consumer.

One such protection is provided by the "free look" provision required, by law, on all life insurance policies in Idaho. This provision gives a new policyholder 20 days to change her mind about the coverage without financial penalty.

Idaho insurance companies are also required to allow a 30-day grace period on late premium payments. During this month the policy continues in force, and coverage resumes uninterrupted so long as the account is brought current.

Insurers are also obligated to settle a claim within two months of its being filed (unless it's made within the first 2 policy years and contested by the insurer - see below). The benefits may accrue interest from the date of death through settlement.

However, Idaho law also extends some protections to insurers. Inaccurate statements made on the policy or application, if discovered within the first two years, can be grounds for policy cancellation. Premiums will be refunded, but claims won't be honored.

A misstatement of age can be discovered by the insurance company at any point during the life of a policy. In this case, the benefits will be adjusted to reflect the actual age of the insured.

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If you are ready to apply for an Idaho term life insurance policy, or if you just want a quick online quote, visit Insured Street now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Idaho Life Insurance Guaranty Association

If your company is licensed in Idaho your policy is backed by the Idaho Life and Health Insurance Guaranty Association. This organization helps protects you, the insured, in the event your insurance company should go bankrupt.

However, there are some restrictions on this protection. In Idaho, compensation for cash surrender is limited to $100,000, and compensation for death benefits to $300,000.

To find out if your insurance company is licensed and backed by the association, you can call the Idaho Department of Insurance at 208-334-4250.

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Apply for a quote with confidence at Insured Street
(for Idaho term life insurance), or InsureME.
Your insurer will be licensed in Idaho.

More ID life insurance help

If you want more help getting the best value on your ID life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about ID life insurance laws and regulations, visit the state's official website at the Idaho Department of Insurance.