Short answer: Nevada life policies must let you cancel within 10 days of delivery for a refund of premiums, fees and charges, or within 30 days if the policy replaces another. NRS 688A.060 requires a grace period of 30 days (or one month of at least 30 days).
This guide is general consumer information for Nevada life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Free-look
Under NRS 688A.165, a life policy (other than a replacement) must state that for 10 days after delivery you may surrender it with a written cancellation request and get a refund of any premium, including policy fees and other charges. For a replacement policy, the period is 30 days after delivery. The same rule covers annuities and pure endowment contracts.
Grace period
NRS 688A.060 requires a grace period of 30 days (or, at the insurer's option, one month of not less than 30 days; four weeks for certain industrial policies with more-frequent-than-monthly premiums) for any premium after the first. The policy stays in full force. The insurer may charge interest of up to 6% a year for the grace days, and if a claim arises during grace, overdue premium plus interest may be deducted from the proceeds. Grace runs from the due date in the policy.
Insurer financial strength
Questions about whether a life insurer is financially sound should go to the Nevada Division of Insurance, not to marketing materials.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Nevada.
Frequently asked questions
How long is Nevada's life insurance free-look?
10 days after delivery, or 30 days for a replacement policy, under NRS 688A.165.
What's Nevada's life insurance grace period?
30 days, or one month of at least 30 days, under NRS 688A.060.
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.