Short answer: Alaska life policies and annuity contracts, and their applications, must carry a first-page notice that you can return the contract within ten days after delivery for a refund of all money paid, and that the insurer must give reasonable factual information about benefits and provisions on written request. Variable products refund under a separate formula. Premiums after the first get a thirty-day grace period.
This guide is general consumer information for Alaska life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
First-page notice: ten days and information on request
AS 21.45.020(c) requires every life insurance policy or annuity contract delivered in Alaska—and each application—to carry a notice prominently printed on or attached to the first page stating two things:
- On written request, the insurer must provide, within a reasonable time, reasonable factual information about the benefits and provisions of the policy or contract.
- If for any reason you are not satisfied, you may return the policy or contract within 10 days after delivery and receive a refund of all money paid.
Variable life and variable annuities
Under AS 21.45.020(d), a returned variable policy or contract refunds the sum of (1) premiums paid (including fees and charges) minus amounts allocated to separate accounts, and (2) the value of the separate-account allocations on the date the insurer or its producer receives the returned policy. Market movement during the window can change that second piece.
Thirty-day grace
AS 21.45.030 requires a grace period of 30 days, or at the insurer's option one month of not less than 30 days (four weeks for industrial life with more-than-monthly premiums), for each premium after the first. The policy continues in full force; a claim during grace may have the premium due or overdue deducted from proceeds.
Insurer financial strength
For regulator help with insurer financial strength or solvency questions in Alaska, start with the Alaska Division of Insurance.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Alaska.
Frequently asked questions
How long is Alaska's life insurance free-look?
Ten days after delivery, with a refund of all money paid, under AS 21.45.020(c).
How are variable products refunded in Alaska?
Premiums not allocated to separate accounts plus the separate-account value on the date the returned policy is received, under AS 21.45.020(d).
What's Alaska's life insurance grace period?
30 days, or one month of at least 30 days, under AS 21.45.030.
Alishahi Insurance · 439 N Canon Dr, Penthouse, Beverly Hills, CA 90210 · (877) 711-4545 · CA License #4348151. General information only. This isn't legal, tax or financial advice or a coverage determination. Coverage depends on policy language and underwriting, and rules vary by state.