Short answer: Florida life policies generally must offer at least a 14-day unconditional refund after delivery. After the first premium, Florida Statute §627.453 requires a grace period of at least 30 days.
This guide is general consumer information for Florida life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Free-look
Under Florida Statute §626.99 (life insurance solicitation), individual life policies must provide an unconditional refund for at least 14 days. For variable annuities the statute requires at least 21 days. Use that window to cancel for a refund if the policy isn't right.
Grace period and secondary notice
Florida Statute §627.453 requires a grace period of not less than 30 days for any premium after the first. The policy stays in force during the grace period; if a claim arises before the overdue premium is paid, the premium (with interest capped at 8% a year) can be deducted from the settlement.
For many life contracts covering a natural person 64 or older that have been in force at least a year, §627.4555 adds a secondary-notice rule: after the grace period expires, and at least 21 days before a lapse, the insurer must mail notice of the impending lapse to the policyowner and to a designated secondary addressee. Applicants must be told of the right to designate that addressee.
Contestable period
Under §627.455, the policy must be incontestable after two years during the lifetime of the insured, except for nonpayment of premiums and, at the insurer's option, disability and accidental-death provisions.
Insurer financial strength
Shoppers who want regulator guidance on insurer financial strength or solvency in Florida can reach the Florida Office of Insurance Regulation.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Florida.
Frequently asked questions
How long is Florida's life insurance free-look period?
At least 14 days of unconditional refund for life policies under §626.99; at least 21 days for variable annuities.
What's Florida's life insurance grace period?
At least 30 days for premiums after the first, under §627.453.
Who gets Florida's secondary lapse notice?
For many policies on insureds 64 or older in force at least a year, the policyowner and a designated secondary addressee, at least 21 days before a lapse, under §627.4555.
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.