Virginia gives preneed funeral buyers 30 days to cancel after signing. Final expense insurance has its own, separate free-look period and is regulated by a different agency, the State Corporation Commission's Bureau of Insurance.
Life insurance in Virginia is regulated by the Bureau of Insurance of the State Corporation Commission. The Bureau licenses agents and insurers and handles consumer complaints.
Virginia law gives you 10 days to review a new individual life policy and return it for a refund of premium. The notice is printed on the policy.
The Virginia Board of Funeral Directors and Embalmers regulates preneed funeral contracts. You can cancel within 30 days of signing, and for a trust-funded contract you get all of your money back plus interest. A final expense policy pays cash to your beneficiary rather than funding one provider's services.
Yes, within 30 days of signing. For a trust-funded contract, you receive all of your money back plus interest.
The Bureau of Insurance of the Virginia State Corporation Commission.