Indiana draws a clear line between two kinds of end-of-life purchases. A preneed funeral contract becomes irrevocable after a short cancellation window, while a final expense policy is life insurance with its own review period and a cash benefit.
The Indiana Department of Insurance licenses life insurance agents and carriers and handles consumer complaints. Its website also explains how to check an agent's license before you buy.
Indiana law requires individual life policies to give you 10 days after delivery to return the policy for a refund of premium. When a new policy replaces existing coverage, ask the agent for the replacement notice, which explains your rights in more detail.
The Indiana State Board of Funeral and Cemetery Service regulates preneed funeral contracts. You can cancel a preneed contract within 30 days of signing; after that it generally becomes irrevocable. Final expense insurance works differently: it pays cash to your beneficiary instead of committing funds to one provider.
Yes, within 30 days of signing. After that, Indiana preneed contracts generally become irrevocable. A final expense policy has its own 10-day free-look period.
The Indiana Department of Insurance. Preneed funeral contracts are regulated by the State Board of Funeral and Cemetery Service.