Iowa is one of the few states where the same regulator oversees both life insurance and preneed funeral sales. The Iowa Insurance Division licenses insurance agents and preneed sellers alike, so you have one place to verify either kind of seller.
The Iowa Insurance Division, part of the Iowa Department of Insurance and Financial Services since July 2023, licenses life insurance agents and carriers and handles consumer complaints.
Iowa rules give you 10 days to review a new individual life policy and return it for a refund. If the new policy replaces coverage you already have, the period is 30 days, so you have time to make sure the switch makes sense before your old policy lapses.
Preneed funeral and cemetery sales in Iowa fall under Iowa Code chapter 523A, which the Insurance Commissioner enforces. Preneed sellers and their sales agents must be licensed by the Insurance Division. A preneed contract pays a provider for specific goods and services. A final expense policy pays cash to the beneficiary you choose.
Yes. A policy that replaces existing life insurance comes with a 30-day free-look period in Iowa, compared with 10 days for other individual life policies.
The Iowa Insurance Division, the same office that licenses life insurance agents, under Iowa Code chapter 523A.