Short answer: Individual life policies and annuities delivered in Rhode Island after January 1, 2008 must let you return them within at least 20 days of delivery for a premium refund. Policies issued since 2008 also get a grace period of 31 days or one month after each premium due date, and if the insured dies during a paid period, the insurer must refund premium paid beyond the month of death.
This guide is general consumer information for Rhode Island life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
20-day right to examine and return
R.I. Gen. Laws 27-4-6.1 originally required a minimum ten-day return right. For individual life policies and annuity contracts delivered after January 1, 2008, the minimum is twenty days from delivery. If you aren't satisfied for any reason, return it to the insurer's home or branch office or to the producer you applied through; it is void from the beginning and the premium is refunded.
Grace period and the death-month refund
R.I. Gen. Laws 27-4-6.2 requires, after the first premium, a grace period of thirty-one days or one month following each later due date, during which the policy stays in full force. Two details are unusual:
- If the insured dies within the grace period, the insurer may deduct only the unpaid premium for the period ending with the last day of the policy month of death.
- If the insured dies during a period that's already paid, the insurer must add a refund of premium paid for any period beyond the end of the policy month of death.
Insurer financial strength
Questions about whether a life insurer is financially sound should go to the Rhode Island Insurance Division, not to marketing materials.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Rhode Island.
Frequently asked questions
How long is Rhode Island's life insurance free-look?
At least 20 days from delivery for policies delivered after January 1, 2008, under R.I. Gen. Laws 27-4-6.1.
What's Rhode Island's life insurance grace period?
31 days or one month after each premium due date, under 27-4-6.2.
Does Rhode Island refund prepaid premium at death?
Yes. Premium paid for any period beyond the policy month of death is added to the proceeds.
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.