Short answer: Oregon's Division of Financial Regulation tells consumers that most policies have a 10-day free look, and Oregon law requires 30 days when you replace existing coverage. ORS 743.165 requires a 30-day grace period for premiums after the first.
This guide is general consumer information for Oregon life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Free-look
Oregon DFR's consumer guide Your Rights When Purchasing Insurance and Annuities states that most policies contain a 10-day free look, and Oregon law requires a 30-day period when you are replacing existing coverage. You get a full premium refund if you return the policy within the free-look period, which begins when you physically receive the policy. The guide cites OAR 836-080-0029.
Grace period
ORS 743.165 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) for any premium after the first. The policy continues in full force during grace.
Contestability
ORS 743.168 makes the policy incontestable after two years from issue during the insured's lifetime, except for nonpayment of premiums.
Insurer financial strength
Questions about whether a life insurer is financially sound should go to the Oregon Division of Financial Regulation, not to marketing materials.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Oregon.
Frequently asked questions
How long is Oregon's life insurance free-look?
Usually 10 days, or 30 days when replacing existing coverage, per Oregon DFR and OAR 836-080-0029.
What's Oregon's life insurance grace period?
30 days, or one month of at least 30 days, under ORS 743.165.
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.