Short answer: Minnesota individual insurance policies, including life, generally let you cancel by midnight of the tenth day after purchase and get a refund. Minn. Stat. 61A.03 requires a one-month grace period for premiums after the first.
This guide is general consumer information for Minnesota life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
10-day cancellation right
Minn. Stat. 72A.51 lets you cancel an individual insurance policy or contract by returning it and giving written notice of cancellation any time before midnight of the tenth day following the date of purchase. Notice and return may be given personally or by mail; mail is effective on deposit properly addressed with postage prepaid.
Grace period
Minn. Stat. 61A.03 requires a provision for a one month grace period for every premium after the first, during which the insurance continues in force. The provision may subject the late payment to a finance charge and may deduct the overdue premium if the insured dies during grace.
Insurer financial strength
Questions about whether a life insurer is financially sound should go to the Minnesota Department of Commerce, not to marketing materials.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Minnesota.
Frequently asked questions
How long is Minnesota's life insurance free-look?
Until midnight of the tenth day after purchase, under Minn. Stat. 72A.51.
What's Minnesota's life insurance grace period?
One month for premiums after the first, under Minn. Stat. 61A.03.
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.