Short answer: Illinois requires every individual life policy to give at least a 10-day free look with a full refund, a 30-day premium grace period and a two-year incontestability clause, per the Illinois Department of Insurance.
This guide is general consumer information for Illinois life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Mandatory policy provisions
Per the Illinois Department of Insurance Buying Life Insurance guide, every individual life policy sold in Illinois must include:
- Free-look: once the policy is delivered, you have a minimum of ten days to review it and return it for a full refund.
- Grace period: a 30-day grace period for premium payment (see 215 ILCS 5/224).
- Incontestability: the company can't void the policy after it has been in force two years, except for nonpayment.
- Allowable exclusions: suicide within the first two years, death from war or an act of war in military service, and certain aviation deaths other than as a fare-paying commercial passenger.
IDOI also urges completing the application accurately, because an omission discovered in the first two years can lead the company to void the contract, return premium and deny a claim.
Questions
Contact the Illinois Department of Insurance in Chicago at (312) 814-2420 or Springfield at (217) 782-4515.
Insurer financial strength
Questions about whether a life insurer is financially sound should go to the Illinois Department of Insurance, not to marketing materials.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Illinois.
Frequently asked questions
How long is the Illinois life insurance free-look?
A minimum of ten days after delivery, with a full refund, per IDOI.
What is Illinois' life insurance grace period?
30 days, per IDOI.
When does an Illinois life policy become incontestable?
After it has been in force two years, except for nonpayment, per IDOI.
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.