Life Insurance Policy Cancellation – Your State “Free Look Laws” | Get Your Premium Back!
If you don’t like your life insurance policy you can cancel and get your full initial premium back if you cancel within your state cancellation “Free Look Period”. Each state have their own “Free Look Laws” which are governed by their individual state insurance commission – please locate your state in the chart below. If you cancel your policy during your state free look period the insurance company must return your full initial premium.
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Sometimes a new policy holder can have Buyers Remorse after buying their life insurance policy:
- Did I make the right decision?
- Do I really need more insurance?
- Do I really need to have this additional expense?
- Maybe I should just save this money.
As a purchaser of a life insurance policy you need to know that this life insurance cancellation law exists so that you can take advantage of it if you need to cancel your policy. The Free Look Period in the table below applies to life insurance and annuity contracts. “Free look” laws, simply allow’s you to review your life insurance policy within a state specified period of time and determine if you wish to continue with your policy or cancel and get a full refund of your initial premium. Locate your State below to identify your “Free Look Period” on your new Life insurance policy.
“Free look” laws
|
State
|
Line of insurance
|
Length of time to return policy
|
|
Alabama
|
accelerated death benefit
|
30 days
|
|
replacement life
|
10 days
|
|
|
Alaska
|
no provisions
|
no provisions
|
|
Arizona
|
replacement life
|
10 days
|
|
variable annuities
|
10-30 days for those 65 and older
|
|
|
Arkansas
|
all individual life, annuity & accident and health policies
|
10 days
|
|
variable life
|
10 days
|
|
|
accelerated death benefits
|
10 days
|
|
|
California
|
individual life & annuity
|
10-30 days
|
|
credit life
|
30 days
|
|
|
replacement life
|
30 days
|
|
|
individual investment annuities
|
10 days
|
|
|
Colorado
|
life insurance
|
15 days
|
|
replacement life
|
30 days
|
|
|
Connecticut
|
individual life
|
10 days
|
|
modified guaranteed life insurance
|
10 days
|
|
|
variable life
|
10 days
|
|
|
Delaware
|
replacement life
|
20 days
|
|
variable life
|
10 days
|
|
|
District of Columbia
|
variable life
|
10-45 days
|
|
variable annuities
|
10 days
|
|
|
Florida
|
life insurance
|
30 days
|
|
annuities
|
30 days
|
|
|
Georgia
|
individual life
|
10 days
|
|
industrial life
|
10 days
|
|
|
annuities; pure endowment contract
|
10 days
|
|
|
Hawaii
|
individual life
|
10 days
|
|
replacement life
|
30 days
|
|
|
Idaho
|
life insurance
|
20 days
|
|
annuities
|
20 days
|
|
|
replacement life
|
20 days
|
|
|
Illinois
|
life policies
|
10 days
|
|
replacement life
|
20 days
|
|
|
annuities; pure endowment contract
|
10 days
|
|
|
industrial life
|
10 days
|
|
|
Indiana
|
annuities
|
10 days
|
|
individual life
|
10 days
|
|
|
replacement life
|
20 days
|
|
|
individual deferred annuities
|
10 days
|
|
|
Iowa
|
individual life & annuities
|
10 days
|
|
replacement life
|
20 days
|
|
|
Kansas
|
individual life & annuities
|
10 days
|
|
replacement life & annuities
|
20 days
|
|
|
Kentucky
|
replacement life
|
30 days
|
|
life & annuities
|
10 days
|
|
|
variable life
|
10 days
|
|
|
Louisiana
|
life insurance
|
10 days
|
|
annuity; pure endowment contract
|
10 days
|
|
|
variable life
|
10 days
|
|
|
replacement life & annuities
|
30 days
|
|
|
Maine
|
individual life
|
10 days
|
|
variable life
|
10 days
|
|
|
Maryland
|
life & annuities
|
10 days
|
|
replacement life & annuities
|
30 days
|
|
|
Massachusetts
|
individual life with face value less than $25,000
|
10 days
|
|
replacement life
|
20 days
|
|
|
variable life
|
10 days
|
|
|
Michigan
|
life insurance
|
10 days
|
|
individual life
|
15 days
|
|
|
annuities
|
10 days
|
|
|
variable life
|
10-45 days
|
|
|
Minnesota
|
life & annuities
|
10 days
|
|
replacement life
|
20 days
|
|
|
variable life
|
10 days
|
|
|
Mississippi
|
individual life
|
10 days
|
|
variable life
|
10 days
|
|
|
replacement life & annuities
|
30 days
|
|
|
Missouri
|
life & annuities
|
10 days
|
|
variable life
|
10 days
|
|
|
replacement life
|
20 days
|
|
|
Montana
|
individual life
|
10 days
|
|
replacement life
|
30 days
|
|
|
Nebraska
|
individual life & annuities
|
10 days
|
|
replacement life
|
20 days
|
|
|
Nevada
|
life insurance
|
10 days
|
|
New Hampshire
|
life insurance
|
10 days
|
|
replacement life
|
30 days
|
|
|
New Jersey
|
life insurance
|
10 days
|
|
individual life
|
10 days
|
|
|
replacement life
|
30 days
|
|
|
New Mexico
|
variable life
|
10 days
|
|
New York
|
individual life
|
10-30 days
|
|
variable life
|
10 days
|
|
|
replacement life & annuities
|
60 days
|
|
|
North Carolina
|
life insurance
|
10 days
|
|
replacement
|
10 days
|
|
|
variable life
|
10-45 days
|
|
|
North Dakota
|
life insurance
|
20 days
|
|
variable life
|
10 days
|
|
|
Ohio
|
life replacement & all annuities
|
20 days
|
|
variable life
|
10 days
|
|
|
Oklahoma
|
individual life & all annuities
|
10 days
|
|
replacement insurance
|
20 days
|
|
|
Oregon
|
individual life
|
10 days
|
|
life replacement
|
30 days
|
|
|
Pennsylvania
|
individual life; endowment policies
|
10 days
|
|
life replacement; endowment policies
|
20-45 days
|
|
|
industrial life; industrial endowment
|
10 days
|
|
|
variable life
|
10 days
|
|
|
Rhode Island
|
individual life
|
10 days
|
|
replacement life
|
20 days
|
|
|
South Carolina
|
individual life
|
10 days
|
|
replacement life & annuities purchased through agents and brokers
|
20 days
|
|
|
fixed dollar annuities, pure endowment contracts, reversionary annuities, variable annuities
|
10 days
|
|
|
replacement annuity
|
20 days
|
|
|
policy solicited by direct response insurer
|
31 days
|
|
|
replacement life
|
20 days
|
|
|
variable life
|
10 days
|
|
|
South Dakota
|
individual life
|
10 days
|
|
individual variable annuities
|
10 days
|
|
|
Tennessee
|
replacement life
|
20 days
|
|
life insurance
|
10 days
|
|
|
Texas
|
variable life
|
10 days
|
|
Utah
|
life & annuities
|
10 days
|
|
replacement life
|
20 days
|
|
|
Vermont
|
variable life
|
10 days
|
|
life insurance
|
10 days
|
|
|
Virginia
|
individual life
|
10 days
|
|
industrial life
|
10 days
|
|
|
variable life
|
10 days
|
|
|
non-credit related life
|
30 days
|
|
|
Washington
|
individual life
|
10 days
|
|
variable life
|
10 days
|
|
|
West Virginia
|
life insurance
|
10 days
|
|
Wisconsin
|
life & annuity replacement
|
20 days
|
|
Wyoming
|
replacement life
|
20 days
|
|
Source: National Association of Insurance Commissioners
|
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