Who regulates your policy in New Mexico
Insurance is regulated state by state, so your policy is governed by New Mexico law and overseen by the New Mexico Office of the Superintendent 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 New Mexico, and keep the consumer line (855-427-5674) on hand. Both are free, and an agent not licensed in your state is a hard stop.
Your window to cancel in New Mexico
No single fixed statutory free-look period for ordinary individual life policies was confirmed. 13.9.5.9 NMAC only treats a policy with an unconditional refund of at least 10 days as a condition for when the buyer's guide may be delivered with the policy; it does not mandate a free look for all life policies.
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 New Mexico
If your carrier became insolvent, the New Mexico Life Insurance Guaranty Association is the backstop. In New Mexico 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 New Mexico adds to the cost
New Mexico levies a state premium tax of 3.003% on life insurance premiums. That sits above 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.