Who regulates your policy in Kentucky
Insurance is regulated state by state, so your policy is governed by Kentucky law and overseen by the Kentucky Department of Insurance — not by a federal agency. It licenses the agent who sells to you and handles complaints if something goes wrong.
Two things worth doing before you sign: verify your agent's license is active in Kentucky, and keep the consumer line (800-595-6053) on hand. Both are free, and an agent not licensed in your state is a hard stop.
Your window to cancel in Kentucky
Ordinary individual life free look is not a single fixed number: KRS 304.15-050 requires a provision allowing return of the policy within a period of not less than ten (10) days after receipt (a statutory minimum floor, not a fixed day count). Does not apply to credit life or policies issued under tax-qualified pension plans.
Because the rule is not a single fixed number here, the period that applies to you is whatever your specific policy states. Find that clause in the contract before you sign, rather than assuming a standard period exists.
If a carrier fails in Kentucky
If your carrier became insolvent, the Kentucky Life & Health Insurance Guaranty Association is the backstop. In Kentucky it covers a death benefit up to $300,000 and cash surrender value up to $100,000. Those are separate ceilings, so an IUL's accumulated cash value is protected independently of the death benefit.
This protection is not a reason to skip carrier due diligence. It caps what you would recover, and a policy designed above that cap leaves the excess exposed.
What Kentucky adds to the cost
Kentucky levies a state premium tax of 1.5% on life insurance premiums. That sits below the 2% median of the 50 states covered here. You do not pay it as a separate line item — carriers price it into the premium, which is part of why the same policy design can cost differently across state lines.