Short answer: New Jersey requires a ten-day free look on individual life policies, and DOBI says you get the entire grace period.
This guide is general consumer information for New Jersey life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Free-look and grace period
The New Jersey Department of Banking and Insurance's individual life form requirements require a ten-day free look (N.J.S.A. 17B:25-2.1; N.J.A.C. 11:4-41.3(b)1) and a grace-period provision (N.J.S.A. 17B:25-3). DOBI's checklist adds that the policyholder gets the entire grace period, the insurer can't require the premium to be received within the grace period, and a termination for excessive policy loans can't cut the grace period short.
Insurer financial strength
For regulator help with insurer financial strength or solvency questions in New Jersey, start with the New Jersey Department of Banking and Insurance.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in New Jersey.
Frequently asked questions
How long is New Jersey's life insurance free-look?
Ten days, under N.J.S.A. 17B:25-2.1, per DOBI's form requirements.
Can a New Jersey insurer require my premium to arrive within the grace period?
No. DOBI's checklist says the insurer can't require the premium to be received within the grace period, and you get the entire grace period.
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.