Life Insurance and Annuities

20 4. An agent or insurer may not recommend replacement or certain changes to a policy using materially inaccurate presentations or comparisons of an existing contract’s premiums and benefits or dividends and values, if any, or recommends that an insured 65 years of age or older purchase an unnecessary replacement annuity. CIC 10509.8. 5. A life insurer shall provide to all prospective insureds a buyer’s guide prior to accepting the applicant’s initial premium or premium deposit. However, if the policy for which application is made contains an unconditional refund provision of at least 10 days, the buyer’s guide shall be delivered with the policy or prior to delivery of the policy. CIC 10509.975. 6. Every policy of individual life insurance shall have a notice stating that after receipt of the policy by the owner, the policy may be returned by the owner for cancellation by delivering it or mailing it to the insurer or to the agent through whom it was purchased. This period shall not be less than 10 days nor more than 30 days. CIC 10127.9. Senior citizens must be given a notice printed on or attached to the policy indicating a period of no less than 30 days for an individual life insurance and individual annuity contract after receipt of the policy by the owner, the policy may be returned by the owner for cancellation and a full refund. CIC 10127.10. (a). Discuss the free look period with your agent or insurer before purchasing a life insurance policy. If the transaction involves a replacement policy the replacing insurer shall provide in its policy or in a separate written notice which is delivered with the policy that the applicant has a right to an unconditional refund of all premiums paid within a period of 30 days commencing from the date of delivery of the policy. CIC 10509.6. (d).