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What Is a Free Look Period and How Does It Work?

A free look period is a time frame during which a policyholder can review their insurance policy and cancel it without incurring any penalties. The duration of the free look period varies depending on the insurer and state law, but it typically lasts for 10 to 30 days . If you decide to cancel your policy during this period, you will receive a full refund of your premium without any surrender charges .

For instance, let’s say you purchase a life insurance policy and later realize that it does not meet your expectations. You can cancel the policy within the free look period and receive a full refund of your premium .

I hope this explanation helps you understand what a free look period is and how it works.