Short answer: In Texas, a new life policy generally comes with a free-look period of at least 10 to 20 days so you can cancel for a full refund. Most policies then give a 31-day grace period after a premium is due.
This guide is general consumer information for Texas life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Free-look and shopping
Per the Texas Department of Insurance life insurance guide, Texas policies have a free-look period of at least 10 to 20 days. During that window you can cancel for any reason and get a full refund. Use the time to confirm the coverage fits. TDI also tells shoppers to check that the agent and company are licensed, compare quotes, and treat cash-value illustrations as projections, not guarantees.
Grace period, contestability and suicide
The same TDI guide says most policies have a 31-day grace period after the premium due date. You can pay during the grace period without interest and keep coverage. If you die during the grace period, the death benefit is paid minus the premium owed. Policies also have a two-year contestable period. If you die in that window, the company may review the application and can deny payment for material misstatements, and suicide is commonly excluded in the first two years. After two years, TDI says the company must pay the death benefit regardless of the cause of death (a new contestable period can start if the policy is reinstated after a lapse).
Death-benefit timing
TDI says companies must pay the death benefit within two months after getting proof of death and verifying the beneficiary, plus interest from the time they got proof of death until they agree to pay, for an individual life policy.
Insurer financial strength
If you have questions about an insurer's financial strength or solvency in Texas, contact the Texas Department of Insurance.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Texas.
Frequently asked questions
How long is the free-look period on a Texas life policy?
At least 10 to 20 days, with a full refund if you cancel during that window, per TDI.
What's the grace period if I miss a Texas life premium?
Most policies give 31 days after the due date.
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.