What is a Free Look Period?
The Free Look Period is a set timeframe, often 10 to 30 days depending on state regulations, during which a policyholder can review their new life insurance policy and cancel it for a full refund if they are not satisfied. This period allows the policyholder to carefully review terms, conditions, and coverage details to ensure they align with their financial goals.
The Free Look Period provides consumer protection by allowing for a risk-free review of the policy. If the policyholder finds that the policy doesn’t meet their needs, they can cancel it without incurring penalties or losing premiums paid.