A life policy loan in Idaho cannot charge a fixed rate of interest higher than what percentage?

In Idaho, the maximum fixed rate of interest that can be charged on a life policy loan is established by state regulations. This ensures consumers are protected from excessively high interest rates, keeping loans manageable and fair. The correct percentage set by Idaho law for life policy loans is 8%. This allows policyholders to utilize the cash value of their life insurance policies without being burdened by unreasonably high interest costs. Understanding this limit is essential for both producers and policyholders, as it aids in making informed decisions regarding borrowing against a life insurance policy.