Short answer: Under Maine law, every life policy has to tell you it can go back to the insurer or agent within 10 days of delivery, for any reason, with your premium refunded. Renewal premiums get a 30-day grace window (or a month of at least 30 days), and Maine limits grace-day interest to 6% a year.
This guide is general consumer information for Maine life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
10-day return right
24-A M.R.S. 2515-A says the policy must carry, on it or attached to it, a notice that you may return it within 10 days of delivery and get a refund of the premium paid if, after examining it, you aren't satisfied for any reason. Send it back to the insurer's home or branch office, or hand it to the agent you applied through. Once returned, Maine treats the policy as void from the beginning.
Grace period
24-A M.R.S. 2505 gives you 30 days to pay each premium after the first or, if the insurer prefers, one month of not less than 30 days (weekly-pay industrial policies get 4 weeks). Coverage stays fully in force meanwhile, and any grace-day interest is capped at 6% per annum.
Insurer financial strength
Wondering how solid a particular insurer is? Maine's Bureau of Insurance is the regulator to ask.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Maine.
Frequently asked questions
How long is Maine's life insurance free-look?
10 days from delivery, under 24-A M.R.S. 2515-A.
What's Maine's life insurance grace period?
24-A M.R.S. 2505 sets 30 days (or a month of no less than 30 days) after each renewal premium is due, and interest for those days tops out at 6% a year.
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.