Illinois puts preneed funeral sales under an unusual regulator: the State Comptroller. Life insurance, including final expense coverage, stays with the Illinois Department of Insurance. Each office has its own consumer resources.
The Illinois Department of Insurance licenses life insurance agents and carriers and handles complaints. It also publishes consumer guidance on replacing an existing life policy or annuity, which is worth reading before you switch coverage.
Illinois gives you 10 days to review a new individual life policy and return it for a refund of premium. If the policy replaces one you already own, you get 20 days. The free-look notice appears on the policy.
The Illinois State Comptroller licenses funeral homes and cemeteries that sell preneed funeral goods and services, and it runs a preneed consumer protection fund. Its PLACE hotline (877-203-3401) answers questions about preneed contracts. A final expense policy is a life insurance contract that pays your beneficiary in cash.
20 days. Other new individual life policies in Illinois carry a 10-day free-look period.
The Illinois State Comptroller's PLACE hotline at 877-203-3401. Life insurance questions go to the Illinois Department of Insurance.