Short answer: Louisiana individual life policies must give you ten days from receipt to examine the policy and surrender it for an immediate premium refund if it is not as explained or as you understood. Premiums after the first get a thirty-day or one-month grace period, with interest on overdue premium capped at 6%.
This guide is general consumer information for Louisiana life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Ten-day free look
R.S. 22:931(A)(10) requires a prominently printed provision notifying the insured that ten days are allowed from the date of receipt to examine the policy. If the policy is not as explained by the company or its representative, or as understood by the insured, it may be surrendered within that window and any premium advanced must be immediately returned. Travel policies that are not renewable are excepted. Delivery by a producer requires a signed delivery receipt retained two years; delivery by mail uses certified mail or a certificate of mailing (with a ten-day receipt presumption when a certificate of mailing is used).
Grace period
R.S. 22:931(A)(1) entitles the insured to a grace period of thirty days or, at the insurer's option, one month, for any premium after the first. The policy continues in full force during grace. A claim arising during grace before overdue or deferred premiums of the current year are paid may have those premiums, plus interest not in excess of six percent per annum on any overdue premium, deducted from the settlement.
Insurer financial strength
For regulator help with insurer financial strength or solvency questions in Louisiana, start with the Louisiana Department of Insurance.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Louisiana.
Frequently asked questions
How long is Louisiana's life insurance free-look?
Ten days from receipt under R.S. 22:931(A)(10).
What's Louisiana's life insurance grace period?
Thirty days or one month for premiums after the first, with overdue-premium interest capped at 6%.
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.