California gives older buyers more time to change their minds than most states do. If you are 60 or older, a new life insurance policy comes with a 30-day free-look period. That makes it easier to compare a final expense policy against a funeral home's preneed plan.
The California Department of Insurance (CDI) licenses life insurance agents and carriers and handles consumer complaints. CDI also publishes guides written for seniors about buying life insurance, which are worth reading before you apply.
Under the California Insurance Code, an individual life policy must give you at least 10 days to review it and return it for a refund, and an insurer may offer up to 30. If you are 60 or older when you buy, the free-look period is 30 days. The notice is printed on the policy, so check it the day it arrives.
California's Cemetery and Funeral Bureau, part of the Department of Consumer Affairs, licenses funeral establishments, funeral directors and embalmers. It also oversees the trust funds that hold money paid for preneed funeral arrangements. A final expense policy is regulated by CDI instead, and it pays cash to your beneficiary instead of to a specific funeral home.
At least 10 days for most buyers. If you are 60 or older when you buy, California gives you 30 days to review the policy and return it for a refund of premium. The exact period is printed on your policy.
The Cemetery and Funeral Bureau in the Department of Consumer Affairs. Life insurance, including final expense coverage, is regulated by the California Department of Insurance.