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How life insurance functions in Idaho
The state of Idaho has some specific rules and regulations related to life insurance like every other jurisdiction in the United States. However, the state has also made changes in recent years that may affect how life insurance is purchased and maintained by some individuals. In 2009, the state started to regulate who can sell interests in life insurance policies more heavily. Anyone who sells these interests must now be subject to certain testing and licensing requirements. People looking to purchase life insurance in Idaho Falls, ID should also check to see if they are dealing with a company or agent who has met these legal requirements, such as the professionals at Insure It All.
The death benefit
The main purpose of most life insurance policies is the death benefit. This is because the policyholder wanted to protect their family from sudden financial losses that may affect their ability to function shortly after their death. This benefit is the sum of the money named in the policy that will be paid to the beneficiary or the deceased person’s estate. A large sum can be paid out if the policyholder invested in a higher cost policy.
Naming beneficiaries
Most policy owners will name a spouse or one of their children as a beneficiary, but it is possible that any other individual can be named under Idaho law. The beneficiary designation can also be changed at a later time if necessary.
Speaking with an agent for more information
There are local agents with Insure It All who serve the area of Idaho Falls, ID. They can answer any questions related to the life insurance policy and activate a new policy that matches your needs.
