Short answer: Massachusetts lets you cancel a new life policy within ten days of delivery and get a premium refund if you aren't satisfied for any reason. Premiums after the first year get thirty days of grace, with interest capped at 6% a year, and the policy stays in force.
This guide is general consumer information for Massachusetts life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Ten-day cancellation right
M.G.L. c.175 §187H requires a notice on or attached to the policy that the owner may cancel within ten days of delivery if, after examining it, the owner is not satisfied for any reason. Surrender the policy to the insurer's home or branch office or to the agent through whom it was purchased; the premium is refunded and the policy is void from the beginning.
Grace period after the first year
M.G.L. c.175 §132 requires that the insured is entitled to thirty days of grace for any premium after the first year, subject at the company's option to interest not in excess of six percent per annum. The policy continues in full force during grace; if it becomes a claim during grace, overdue premium and interest may be deducted. The same section requires a two-year incontestability clause (except for nonpayment and wartime military service conditions).
Using the ten-day window
Mark the delivery date from §187H. Inside those ten days, confirm the face amount, premium mode, owner and beneficiaries match what you applied for, then surrender in writing to the home office, a branch, or the selling agent if you want the void-from-the-beginning refund.
Insurer financial strength
Questions about whether a life insurer is financially sound should go to the Massachusetts Division of Insurance, not to marketing materials.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Massachusetts.
Frequently asked questions
How long is Massachusetts's life insurance free-look?
Ten days from delivery, under M.G.L. c.175 §187H.
What's Massachusetts's life insurance grace period?
Thirty days for premiums after the first year, under M.G.L. c.175 §132, with 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.