Does My Policy Have a Free Look Period?


What is a free look period for life insurance? Surely you know the concept, ‘try before you buy’ … A free look period is the life insurance version of this concept.

There are many reasons a person may not be satisfied with a life insurance policy from finding something better after signing on the dotted line, to customer service failures and more.


What is a Free Look Period for life insurance?

In a buyer’s market, it’s a typical occurrence to purchase something only to find you’re not satisfied, or to learn later on the product doesn’t meet your needs. Fortunately, with insurance plans, built-in protections allow consumers to review policies and make decisions about whether or not they’d like to change their minds, even after signing on the dotted line. This is what’s called a free look period.

The free look period is a contracted window of time that allows the policyholder to decide they’d like to cancel the policy if they are not satisfied. The complete premium amount you’ve paid will be returned upon exercise of the free look, allowing you to explore better options and find the right fit.

How long is the Free Look period?

The time frame for a refund and the actual period vary based on the plan. Your time frame begins at the time you receive the policy, and you have a set period of time to review the policy, pay premiums and decide whether or not your selection is right for you. This also gives you time to change, adjust or add additional benefits or riders as you feel they are needed.

The free look period is typically a minimum of 10 days and up to 30 days with most life insurance policies.


Does my life insurance have a Free Look period?

Since it is required in all 50 states, it is very likely your policy has some type of free look period. Many people elect to discuss the life insurance policy terms and conditions with their lawyer or family upon receipt, and this is the time they decide the policy is not right for them.


Your agent can help you cancel your policy and find something that is a better fit should you decide to take advantage of a free look period. We’ve done these hundreds of times throughout the life of Insurance Geek – working with policyholders to ensure they’ve made the best decisions for their families. You have an opportunity to adjust your policy to meet your needs after your review. We’d love to help you make that adjustment!