Life Insurance Essentials – What to Consider?
Before you purchase life insurance and jump right in, this guide will provide you with some essential information to get started.
Insurance state by state.
The insurance industry is highly regulated for good reason - a life insurance contract is one of the most important assets you could own. The table below provides links to each states insurance regulatory authority and contains useful information.
Free look period: When buying a life insurance policy most companies provide a 10-day cancellation provision without penalty. Some companies provide up to 30 days. This means that if you change your mind and do not want the policy (even though you have signed documents) you can cancel within the specific time after having received the policy.
Grace Period: Most states require that you have a 30 day grace period for late payments in order for the policy to remain in force and to avoid cancellation.
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