Who regulates your policy in Pennsylvania
Insurance is regulated state by state, so your policy is governed by Pennsylvania law and overseen by the Pennsylvania Insurance Department — 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 Pennsylvania, and keep the consumer line (1-877-881-6388) on hand. Both are free, and an agent not licensed in your state is a hard stop.
Your window to cancel in Pennsylvania
Free look for ordinary individual fixed-dollar life/endowment policies is not a single fixed number: statute requires the policyholder be permitted to return the policy within at least 10 days of delivery (full premium refund if unsatisfied). Replacement policies have higher minima: at least 45 days if replacing with the same insurer/group, and at least 20 days if replacing with a different insurer/group. Parallel rules apply to individual variable life.
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 Pennsylvania
If your carrier became insolvent, the Pennsylvania Life & Health Insurance Guaranty Association is the backstop. In Pennsylvania 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 Pennsylvania adds to the cost
Pennsylvania levies a state premium tax of 2% on life insurance premiums. That is right at the 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.