Short answer: Iowa's insurance division rule gives individual life and annuity owners 10 days after receipt to return the policy for a premium refund. Iowa Code 508.28 makes policies incontestable after two years during the insured's lifetime except for nonpayment of premiums.
This guide is general consumer information for Iowa life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Free-look
Iowa Administrative Code 191—15.9(507B) gives the owner of an individual life insurance policy or annuity the right, within ten days after receipt, to a free-look period. During that period you may return the policy to the insurer at its home or branch office or to the agent who sold it; the insurer must promptly refund the premium and the policy is void from the beginning.
Contestability
Iowa Code 508.28 requires that the policy be incontestable after it has been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums.
Insurer financial strength
To ask about an insurer's financial strength or solvency under Iowa regulation, contact the Iowa Insurance Division.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Iowa.
Frequently asked questions
How long is Iowa's life insurance free-look?
10 days after you receive the policy, under IAC 191—15.9.
When does Iowa contestability end?
After two years in force during the insured's lifetime, under Iowa Code 508.28.
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.