Short answer: Arkansas individual life and annuity filings must print on the first page that you may return the policy within ten days of delivery—or a longer period if the policy provides one—for a premium refund if you are not satisfied for any reason. A timely return voids the policy from inception. Premiums after the first get a thirty-day grace period (or one month of at least thirty days).
This guide is general consumer information for Arkansas life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
The first-page return notice
Ark. Code §23-79-112(f) applies to individual life, annuity, and accident and health policy or contract filings (Medicare supplement, variable life and variable annuities are excluded). The first page must state that the policyholder may return the policy within ten (10) days of delivery, unless the policy provides a greater period, and have the premium refunded if not satisfied for any reason after examination.
Returning it to the insurance company or to the agent through whom it was purchased within that window makes the contract void from its inception—the parties stand as if no policy had been issued.
Thirty-day grace
Ark. Code §23-81-104 requires a grace period of thirty (30) days, or at the insurer's option one (1) month of not less than thirty (30) days, for any premium after the first. Coverage stays in full force; if a claim arises during grace, any premium due or overdue may be deducted from the proceeds.
Policy form identification
The same §23-79-112(e) requires life and annuity forms filed by domestic insurers to carry a form identifier and year of adoption—useful when you compare the contract you received to the one quoted.
Insurer financial strength
Questions about whether a life insurer is financially sound should go to the Arkansas Insurance Department, not to marketing materials.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Arkansas.
Frequently asked questions
How long is Arkansas's life insurance free-look?
Ten days from delivery (or longer if the policy says so) under Ark. Code §23-79-112(f).
Who can I return an Arkansas life policy to?
The insurance company or the agent through whom it was purchased.
What's Arkansas's life insurance grace period?
30 days, or one month of at least 30 days, under §23-81-104.
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.