In Virginia, you get at least 10 days to return a new life policy for a refund, a 31 day grace period if you miss a payment, and up to $300,000 of protection if your insurance company fails.
Your rights in Virginia
- Free look
- 10 daysReturn a new policy for a full refund.
- Grace period
- 31 daysCoverage stays on while you catch up.
- Safety net
- $300,000Death benefit protection. Cash value: $100,000.
- State help line
- 1-800-552-7945Virginia State Corporation Commission, Bureau of Insurance
10 days from delivery. Return the policy with a written request to cancel and it is void from the start, with any premium refunded. Insurers may give longer (Va. Code 38.2-3301).
At least 31 days, starting on the premium due date. The insurer may charge interest of up to 6% a year for the days used (Va. Code 38.2-3303).
- If you die during the grace period, the policy still pays. The insurer can take the overdue premium through the month of death, with interest, out of the benefit (Va. Code 38.2-3303).
Who lives in Virginia
About 8.9 million people live in Virginia. We help people in Virginia Beach, Chesapeake, Richmond 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 Virginia look for
With 67.3% of homes owned and a median value of $383,700, a lot of families want the house covered. More on mortgage protection
18.4% 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
629,500 veterans live in Virginia. See what goes beyond VGLI. More on veterans
Common questions in Virginia
What is the free look period for life insurance in Virginia?
Virginia gives you at least 10 days to review a new individual life policy and return it for a refund. 10 days from delivery. Return the policy with a written request to cancel and it is void from the start, with any premium refunded. Insurers may give longer (Va. Code 38.2-3301).
Source: Virginia free look law
What happens if I miss a payment in Virginia?
Virginia law gives at least a 31 day grace period. At least 31 days, starting on the premium due date. The insurer may charge interest of up to 6% a year for the days used (Va. Code 38.2-3303).
Source: Virginia grace period law
What if my life insurance company goes out of business in Virginia?
The Virginia Life, Accident & Sickness 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: Virginia Life, Accident & Sickness Insurance Guaranty Association · NOLHGA: how you are protected
Who regulates life insurance in Virginia?
The Virginia State Corporation Commission, Bureau of Insurance. You can call its consumer help line at 1-800-552-7945 or visit www.scc.virginia.gov/pages/Bureau-of-Insurance to check an agent's license or file a complaint.
Source: Virginia State Corporation Commission, Bureau of Insurance
Can I get a life insurance quote online in Virginia?
Yes. Coverfolk works with licensed agents in Virginia. Answer a few questions, confirm your phone with a text code, and an agent shows you real prices. It is free.
Source: Virginia State Corporation Commission, Bureau of Insurance
Are you a licensed agent? Buy Virginia insurance leads on Dial Haul.
Sources
- Census data.census.gov ACS 2020-2024 profile tables, Virginia
- NOLHGA: How You're Protected (coverage as of June 1, 2025)
- NOLHGA: Contact My Guaranty Association
- Va. Code 38.2-3301 ten day right to examine
- Va. Code 38.2-3303 grace period
- Virginia Bureau of Insurance
- Virginia Life, Accident & Sickness Insurance Guaranty Association
This is a plain summary of state rules, not legal advice. Your policy and the law control. Call the Virginia State Corporation Commission, Bureau of Insurance if you have a problem with a company or agent.
