Harrison Insurance and Financials, Ltd

101 E Bullion St, 2A
Hailey, ID 83333

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How Does Life Insurance Work?

Life insurance is a contract between the insurance company and you. You agree to pay for your policy, and the insurer agrees to pay a sum of money to the beneficiaries you have listed if you die. There are several different types of life insurance, and choosing the right type will depend on your budget and your goals. There are also various options for paying premiums, such as yearly or monthly, that you can discuss with your agent at Harrison Insurance and Financials LTD in Hailey, ID. 

A life insurance company will make money by investing in the premiums you pay. They may also profit from customers that cause the policy to lapse and stop paying their premiums. You designate a beneficiary who will receive the life insurance payout. The payout can go toward mortgage payments, funeral expenses, or other expenses the beneficiary has. You should tell your beneficiaries that your life insurance exists. While they don’t need to have the policy to make a claim, it’s essential to know which company has the policy. Once your beneficiary makes a claim, they usually get a check within one to two weeks.

The buying process for life insurance will involve figuring out how much coverage you need and which type of policy is best for you. There are two main policies to consider, and the decision depends on how long you want your coverage to last and if you want your policy to build up cash value. Term life insurance will only cover you for a certain period and is more bare-bones coverage. Permanent life insurance will last your whole life if you keep paying the premiums. There is also a cash value component that may allow you to utilize life insurance while you are still living.

Contact Harrison Insurance and Financials LTD in Hailey, ID to get a quote on life insurance.

Our Partners

  • American Modern
  • Banner Life
  • Blue Cross of Idaho
  • Chubb
  • Dairyland
  • Encompass
  • Foremost
  • John Hancock
  • Kemper
  • Liberty Mutual
  • lloyds of London
  • MetLife
  • Mountain Health
  • Nationwide
  • Progressive
  • Protective
  • Safeco
  • Select Health
  • The Hartford
  • Travelers