--- title: Life Insurance in Maine: Quotes and State Rules | Coverfolk url: https://coverfolk.com/states/maine updated: 2026-10-08 --- # Life insurance in Maine Free quotes from licensed Maine agents, plus the state rules that protect you, in plain words. [Call free (888) 635-3511](tel:+18886353511)[Your rights](#rights) Calls are recorded and may be shared with a licensed agent. Updated October 8, 20265 sources[Fact checked](/editorial-standards) Maine The short answer 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 : [800-300-5000](tel:8003005000)Maine 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. **74.3%**of homes are lived in by the owner. Median value $296,600. **24.6%**of people are 65 or older **95,013**veterans live here **$74,733**median household income 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 **Mortgage protection** 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](/coverage/mortgage-protection) **Final expense** 24.6% of people here are 65 or older. A small policy keeps funeral costs off your family. [More on final expense](/coverage/final-expense) **Term life** The lowest price for the most coverage while the kids are young. [More on term life](/coverage/term-life) **Veterans** 95,013 veterans live in Maine. See what goes beyond VGLI. [More on veterans](/jobs/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](https://legislature.maine.gov/statutes/24-A/title24-Asec2515-A.html) 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](https://legislature.maine.gov/statutes/24-A/title24-Asec2505.html) 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](https://www.melifega.org/) · [NOLHGA: how you are protected](https://nolhga.com/policyholders/how-youre-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](https://www.maine.gov/pfr/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](https://www.maine.gov/pfr/insurance/) Are you a licensed agent? [Buy Maine insurance leads on Dial Haul](https://dialhaul.com/states/maine/). ## Sources 1. [Census ACS 2020-2024 5-year Data Profiles DP02, DP03, DP04: Maine](https://data.census.gov/table/ACSDP5Y2024.DP04?g=040XX00US23) 2. [NOLHGA: How You're Protected (coverage as of June 1, 2025)](https://nolhga.com/policyholders/how-youre-protected/) 3. [NOLHGA: Contact My Guaranty Association](https://nolhga.com/policyholders/contact-my-guaranty-association/) 4. [24-A M.R.S. 2505 Grace period](https://legislature.maine.gov/statutes/24-A/title24-Asec2505.html) 5. [24-A M.R.S. 2515-A Right to examine and return](https://legislature.maine.gov/statutes/24-A/title24-Asec2515-A.html) 6. [Maine Bureau of Insurance](https://www.maine.gov/pfr/insurance/) 7. [Maine Life & Health Insurance Guaranty Association](https://www.melifega.org/) 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. Questions? [Call free (888) 635-3511](tel:+18886353511). Answered 24/7. More for Maine ## More Maine guides [Final expense in Maine](/states/maine/final-expense)[Mortgage protection in Maine](/states/maine/mortgage-protection)[Funeral costs in Maine](/funeral-costs/maine)[En español](/es/estados/maine) Questions? [Call free (888) 635-3511](tel:+18886353511). Answered 24/7. 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