In Maine, you get at least 10 days to return a new life policy for a refund, a 30 day grace period if you miss a payment, and up to $300,000 of protection if your insurance company fails.
Your rights in Maine
- Free look
- 10 daysReturn a new policy for a full refund.
- Grace period
- 30 daysCoverage stays on while you catch up.
- Safety net
- $300,000Death benefit protection. Cash value: $100,000.
- State help line
- 800-300-5000Maine Bureau of Insurance
10 days after delivery for a full premium refund (24-A M.R.S. 2515-A).
30 days, or one month of not less than 30 days (24-A M.R.S. 2505). The insurer may charge up to 6% a year interest for the days used.
- A life policy returned within Maine's 10 day free look is void from the start, as if it was never issued (24-A M.R.S. 2515-A).
- If a claim arises during the grace period, the overdue premium can be deducted from the payout (24-A M.R.S. 2505).
Who lives in Maine
About 1.4 million people live in Maine. We help people in Portland, Lewiston, Bangor and the towns in between.
Census QuickFacts, American Community Survey 2020 to 2024. The 65 and over share is a Census population estimate for July 1, 2025.
What people in Maine look for
With 74.3% of homes owned and a median value of $296,600, a lot of families want the house covered. More on mortgage protection
24.6% of people here are 65 or older. A small policy keeps funeral costs off your family. More on final expense
The lowest price for the most coverage while the kids are young. More on term life
95,013 veterans live in Maine. See what goes beyond VGLI. More on veterans
Common questions in Maine
What is the free look period for life insurance in Maine?
Maine gives you at least 10 days to review a new individual life policy and return it for a refund. 10 days after delivery for a full premium refund (24-A M.R.S. 2515-A).
Source: Maine free look law
What happens if I miss a payment in Maine?
Maine law gives at least a 30 day grace period. 30 days, or one month of not less than 30 days (24-A M.R.S. 2505). The insurer may charge up to 6% a year interest for the days used.
Source: Maine grace period law
What if my life insurance company goes out of business in Maine?
The Maine Life & Health Insurance Guaranty Association steps in. It protects up to $300,000 in death benefits and $100,000 in cash value, per insured person, as of June 2025.
Source: Maine Life & Health Insurance Guaranty Association · NOLHGA: how you are protected
Who regulates life insurance in Maine?
The Maine Bureau of Insurance. You can call its consumer help line at 800-300-5000 or visit www.maine.gov/pfr/insurance/ to check an agent's license or file a complaint.
Source: Maine Bureau of Insurance
Can I get a life insurance quote online in Maine?
Yes. Coverfolk works with licensed agents in Maine. Answer a few questions, confirm your phone with a text code, and an agent shows you real prices. It is free.
Source: Maine Bureau of Insurance
Are you a licensed agent? Buy Maine insurance leads on Dial Haul.
Sources
- Census ACS 2020-2024 5-year Data Profiles DP02, DP03, DP04: Maine
- NOLHGA: How You're Protected (coverage as of June 1, 2025)
- NOLHGA: Contact My Guaranty Association
- 24-A M.R.S. 2505 Grace period
- 24-A M.R.S. 2515-A Right to examine and return
- Maine Bureau of Insurance
- Maine Life & Health Insurance Guaranty Association
This is a plain summary of state rules, not legal advice. Your policy and the law control. Call the Maine Bureau of Insurance if you have a problem with a company or agent.
