What Is A Freelook Period For Life Insurance

Shawn Plummer

CEO, The Annuity Expert

When you buy a life insurance policy, there is usually a free look period of 10 or 30 days. This means you can cancel the policy and receive a full refund if you are unhappy with it. This guide will discuss the free look period in more detail and explain why it is so important.

How Does A Freelook Period Work?

The free look period is a trial period that allows you to cancel your life insurance policy within a certain number of days and receive a full refund.

This period usually lasts ten days, but some insurers offer a more extended free look period of up to 30 days. During this time, you can review your policy and ensure it is the right fit. If you decide it is not, you can cancel it and receive a full refund.

The Benefits

There are many benefits to taking advantage of the free look period. First, it allows you to try out a life insurance policy without commitment. Then, if you decide it is unsuitable, you can cancel it and get your money back.

Additionally, the free look period gives you time to fully understand your policy and ensure it meets your needs.

The Drawbacks

There are a few drawbacks to the free look period as well. First, you will need to cancel your policy within the specified time frame to get a refund.

Additionally, some insurers may charge a cancellation fee. Finally, if you have already started to make claims on your policy, you will not be eligible for a refund.

The Best Plans For A Freelook Period

Next Steps

The free look period is a time frame where you can cancel your life insurance policy for a full refund. This window typically lasts around ten days, and during this time, you are allowed to review your policy and decide if it’s right for you. If you have questions about the free look period or want to learn more about canceling your policy, don’t hesitate to contact us. Our team of experts would be happy to help!

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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