How many days does a policyowner have to return a life insurance replacement for a full refund after delivery?

In Maryland, when a policyowner receives a life insurance policy that is a replacement of an existing policy, they are granted a specific timeframe to review and potentially cancel the new policy for a full refund. This period is established to ensure that policyowners have adequate time to assess their decision without any financial penalty.

The correct duration for returning a life insurance replacement policy for a full refund is 30 days after the delivery of the policy. This allows the policyowner the opportunity to reconsider their choice and ensures they can make an informed decision about their insurance needs. By providing 30 days, Maryland law aims to protect consumers, encouraging thoughtful deliberation regarding important financial commitments such as life insurance.

Understanding this regulation is crucial for both insurance agents and policyholders, as it outlines the rights of consumers and the responsibilities of insurers in the context of life insurance replacement policies.