Since 1994
By the Termco teamLicensed life insurance agents since 1994Updated
Pennsylvania at a glance
- Insurance regulator: Pennsylvania Insurance Department
- Free look on new individual life policies: 10 days
- Free look when replacing a policy: 20 days
- State estate tax: no · Inheritance tax: yes
Who regulates life insurance in Pennsylvania
Life insurance is regulated state by state. In Pennsylvania, that's the Pennsylvania Insurance Department. Before you buy, you can use the regulator's website to confirm that both the insurer and the agent are licensed in Pennsylvania, read consumer guides, and file a complaint if something goes wrong. You can also look up an agent's licenses in every state through the NAIC's licensee lookup.
Pennsylvania's inheritance tax has no exemption threshold: the rate depends on who inherits (for example, a spouse versus a sibling), not on the size of the estate.
Your free-look period in Pennsylvania
In Pennsylvania, you have at least 10 days after an individual life insurance policy is delivered to review it and return it for a full refund of premium (40 P.S. § 510c, as summarized by the NAIC).
If your new policy replaces an existing life insurance policy or annuity, Pennsylvania gives you a longer review window: 20 days (31 Pa. Code § 81.6, as summarized by the NAIC).
Either way, don't cancel an existing policy until the new one is approved, delivered and in force, and the free look has passed.
Taxes
Pennsylvania has an inheritance tax, which some beneficiaries pay depending on their relationship to the person who died. Whether it reaches life insurance proceeds depends on how the policy is owned and who the beneficiary is, so it's worth a quick check with a tax professional when you set up beneficiaries.
If an insurer runs into trouble
Pennsylvania, like every state, has a life and health insurance guaranty association that protects policyholders, up to limits set by Pennsylvania law, if a licensed insurer fails. Limits differ from state to state; you can find Pennsylvania's association and its coverage limits through NOLHGA. Insurer failures are rare, and Termco only shows insurers rated A- or better by A.M. Best, but it's good to know the safety net exists.
Does living in Pennsylvania change the price?
Less than you might think. Age, health, nicotine, coverage amount, term length and the insurer you choose drive the price; your state mainly affects which products and riders are available. See how term life is priced.
Get term life estimates in Pennsylvania
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Frequently asked questions
Who regulates life insurance in Pennsylvania?
The Pennsylvania Insurance Department. It licenses insurers and agents and handles consumer complaints. You can verify any agent's license there before you buy.
How long is the free-look period for life insurance in Pennsylvania?
In Pennsylvania, you have at least 10 days after an individual life insurance policy is delivered to review it and return it for a full refund of premium (40 P.S. § 510c, as summarized by the NAIC). If your new policy replaces an existing life insurance policy or annuity, Pennsylvania gives you a longer review window: 20 days (31 Pa. Code § 81.6, as summarized by the NAIC).
Does Pennsylvania have an estate or inheritance tax?
Pennsylvania has an inheritance tax but no estate tax. The rate depends on the beneficiary's relationship to the person who died.
Can I buy term life insurance in Pennsylvania through Termco?
Yes. Termco offers coverage nationwide. Any policy for a resident of Pennsylvania is sold by a Termco agent licensed in Pennsylvania, and only insurers rated A- or better by A.M. Best appear in our quote tool.
Nearby states
New York · New Jersey · Delaware · Maryland · West Virginia · Ohio · All states
Sources
- Pennsylvania Insurance Department
- NAIC – Life Insurance Disclosure Provisions (state law chart, PDF)
- Tax Foundation – Estate and Inheritance Taxes by State, 2026
- NOLHGA – Contact your state's guaranty association
This page is general information, not legal or tax advice. State laws change; the free-look figures above come from the NAIC's summary of state law (state information last reviewed December 2023), and your policy is the final word on its own terms. Checked October 17, 2026.