Nearly one-third of potatoes in the country come from this state, thus earning them the name of the “Potato State.” Economy wise, Idaho is relatively diverse and its thriving industries are tourism, paper products, machinery, lumber, chemical products, electronics manufacturing, and silver and mining. Life insurance is not as prevalent as compared to other states mainly because there are very few individuals who really know the sheer importance of such protection. To make things easier, here are some questions about life insurance that you might want to know the answer to.
What is life insurance?Life insurance is a kind of indemnity that financially protects you and your family in the future. More often than not, this is usually acquired by all individuals who have dependents and who want to make sure that they are secured in the event of their death. It is crucial that you understand that this is not an investment. It is a protection and not a business venture.
Can I change my policy?
Yes you can, but you might want to be careful with this one. Most of the time, changing policies can create more trouble rather than do you good. If you have had health problems and you decide to change your insurance, you might have to pay for more instead for less than you are already paying. So make sure you review your financial status, lifestyle, and health before you tread to changing your policy.
What if I fail to pay the monthly premiums?
Not to worry because most life insurance companies will give you a 30-day grace period to pay for your missed monthly premium without any interest rates. If you still fail to pay after that period, you will then be charged more, with interest rates that will go higher, which is very similar to late credit card payments.