Life insurance companies are regulated by state insurance departments. Each state has comprehensive laws and regulations governing company and agent licensing requirements, market conduct and financial examinations, and product approvals. Most state insurance departments have a toll-free consumer affairs phone number.
Many companies offer a free-look period following an insurance purchase. During this period (usually 10 days) the purchaser has the right to review the policy and return it if he or she has made the wrong choice. The company will cancel any policy returned within the free-look period. Rules vary from state to state and not all states offer a free-look option.