Short answer: Oklahoma gives individual life and annuity buyers ten days after delivery to surrender the contract and get the premium back, and a late refund earns statutory interest. Every later premium has a thirty-day grace window, or a month that runs at least thirty days.
This guide is general consumer information for Oklahoma 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
36 O.S. §4003.1 says each individual life policy or annuity must carry a notice, printed on it or attached, that for ten days from delivery a written cancellation request lets you surrender it. The contract is void from the beginning, and the insurer must refund premiums or moneys paid within thirty days. If the refund is late, interest accrues at the average U.S. Treasury Bill rate of the preceding calendar year (as certified to the Insurance Commissioner) plus two percentage points, from the cancellation date until return of the money. Credit-transaction life and contractual policy-change or conversion privileges are excepted.
Grace period
36 O.S. §4003 allows thirty days, or an insurer-chosen month of not less than thirty days, to pay any premium after the first. Your coverage doesn't lapse in that window, though if a claim comes up before you pay, the insurer can subtract the unpaid premium from what it pays out.
Insurer financial strength
The Oklahoma Insurance Department regulates insurers in the state, so take questions about a company's financial condition there.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Oklahoma.
Frequently asked questions
How long is Oklahoma's life insurance free-look?
Oklahoma allows ten days after the policy is delivered (36 O.S. §4003.1).
What's Oklahoma's life insurance grace period?
Section 4003 sets thirty days, or a month lasting no less than thirty, for each renewal premium.
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.