Best Life Insurance Companies in Boise

FAQs

• What car insurance coverage do you need when financing a car in Boise?

  When financing a car in Boise, it's crucial to have car insurance that covers potential losses. Although the state may not require it, you must be financially prepared to pay for damages you cause to others. Typically, you'll need comprehensive and collision insurance when financing a vehicle. Collision insurance pays for accident-related damages, with costs depending on your chosen deductible. Comprehensive insurance covers non-collision incidents like theft or vandalism.

• What are the major car insurance types in Boise?

  The primary components of Boise auto insurance include liability insurance, which is legally required to cover damage to other drivers and vehicles caused by you. Collision and comprehensive insurance, while not mandatory, are often offered together. Collision insurance covers damage to your car, even if you caused the accident, and comprehensive insurance covers incidents like theft and weather damage. While liability coverage is mandatory, residents can work with insurance agents to customize their policies with additional coverage.

• What are the required car insurance policies in Boise?

  Drivers in Boise must comply with specific car insurance laws in Idaho. According to Idaho law, these regulations mandate liability insurance to cover costs for the other party in an at-fault accident. Boise's minimum liability insurance limits are $25,000 per person and $50,000 per accident for bodily injury liability, with an additional $15,000 per accident for property damage liability. Also, you can be personally responsible for the additional costs if the minimums do not cover all expenses.

• What are the consequences of not having car insurance in Boise?

  Driving without car insurance in Boise carries significant consequences, including fines. It can also result in suspending your driver's license and vehicle registration, requiring proof of insurance and fees for reinstatement. Sometimes, you may need to file an SR-22 certificate with the DMV as proof of insurance. Most importantly, uninsured drivers who cause accidents become personally liable for all resulting damages, potentially leading to wage garnishment and asset liquidation to cover the costs incurred by the injured party.

• What are some key steps when applying for car insurance in Boise?

  When applying for car insurance in Boise, start by assessing your coverage needs and evaluating your vehicle's value. You must also create a personal property inventory, compare quotes from multiple insurers, and inquire about discounts. Furthermore, understand legal and lender requirements and make an informed decision based on price, coverage, and insurer reputation. This systematic approach ensures you find suitable coverage for your needs and budget.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.