What are Nevada's free look and grace period requirements for life insurance?

Nevada law mandates specific consumer protection periods in every life insurance contract issued in the state.

The free look period is a minimum of 10 days from the date you receive your policy. During this window, you can return the policy for a full refund of all premiums paid with no penalty or questions asked. For replacement policies—where a new policy replaces an existing one—the free look period is extended to a minimum of 30 days, providing more time to evaluate the trade-off.

The grace period is a minimum of 30 days (31 days for most policies) after a premium due date during which your coverage remains fully in force even if payment has not been received. If you die during the grace period, the carrier must pay the full death benefit minus the overdue premium. After the grace period, the carrier may lapse the policy.

These are minimum state requirements—carriers may offer more generous periods. Review your specific policy to confirm the exact terms. The Nevada Division of Insurance enforces these requirements and accepts consumer complaints if a carrier fails to honor them.

Agents in our network explain both periods to every client at policy delivery.