Short answer: Virginia individual life policies give you at least ten days to examine the policy and return it for a premium refund; the insurer may print a longer window. Premiums after the first get a grace period of at least 31 days, with optional interest not over 6% a year.
This guide is general consumer information for Virginia life insurance buyers. It isn't legal advice or a coverage determination. Policy wording, underwriting and the statutes linked below control.
Ten-day right to examine
Va. Code §38.2-3301 is titled Ten-day right to examine policy. If you return the policy within the examination period, the insurer must refund any premium paid. The statute says nothing stops an insurer from printing a longer examination period in the policy.
Grace period
Va. Code §38.2-3303 requires a grace period of not less than thirty-one days for any premium after the first, subject at the insurer's option to interest not to exceed six percent per year for the grace days. The policy continues in full force during grace; a claim arising during grace may have overdue premium deducted.
Insurer financial strength
If you have questions about an insurer's financial strength or solvency in Virginia, contact the Virginia Bureau of Insurance.
Questions? Contact Alishahi Insurance or call (877) 711-4545. See insurance in Virginia.
Frequently asked questions
How long is Virginia's life insurance free-look?
At least ten days under Va. Code §38.2-3301; the insurer may offer more.
What's Virginia's life insurance grace period?
At least 31 days for premiums after the first, under §38.2-3303, with interest capped at 6%.
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.