Budgets and Money

Life Insurance Policy: The “Free Look” Period

This article covers the free look period that is usually offered after you purchase a life insurance policy. This period allows you time to make changes or to cancel your policy altogether.

When you buy a life insurance policy, you generally have what is called a free look period. During this time period, you have the option of canceling your policy without penalty within a set time period. Depending on the insurance company and the state you reside in, the free look period can be 10-days or even longer.

The free look period is to your benefit, as it gives you some additional time to review your life insurance policy in-depth, and have your agent or company representative review your policy's terms and conditions with you. It also allows you to cancel or to switch to another policy altogether.

From the time you, the policy holder, are in receipt of your life insurance policy, the free look period begins. If you decide that you need to cancel the policy, you must notify your agent or company representative with your request(s).

Because the purchase of a life insurance policy is an important decision for both you and your family, you need to be sure that the policy you receive is going to meet your needs. Take the time to read your new policy carefully, and ask your agent or company representative to explain anything that you don't understand. The free look period is in place so that you can take the time to be certain about your decision and cancel your policy, if desired, without being penalized.

Remember, it's your policy. Take full advantage of the free look provision.

For more information on free look laws in your state, contact your state insurance commissioner.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Free Look Period

Buying a life insurance policy is an important decision. For this reason, you need to be comfortable with your life insurance purchase. The “free look” period is generally included with most life insurance policies, and gives you the time you need to review your coverage. It also gives you the right to cancel the policy altogether without being penalized. For more information, visit our learning center.

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