All life insurance policies including term life insurance and permanent life insurance plans contain four basic policy features:
Free Look – You can cancel your life insurance policy within 10 days of purchasing your coverage and any paid premium will be refunded to you.
Incontestable Period – The life insurance company can take up to two years to contest your life insurance policy. This period of time is usually used to check on the information you provided on your application for coverage. After the first 2 years you are insured, your life insurance coverage is incontestable.
Grace Period – After the premium payment due date there is usually a 30 day grace period. The life insurance policy stays in effect and will pay out a death benefit (deducting any owed premiums) during this grace period.
Learn more about what a life insurance policy covers