Do All Life Insurance Policies Allow You 30 Days to Change Your Mind?

When you sign the policy delivery receipt, you begin your free look.

If you purchase a life insurance policy one evening and find you have buyer's remorse the next day, you still can cancel the policy. You can cancel anytime before the representative delivers the policy.

Function

Every state gives the consumer time after policy delivery to return life insurance and receive a refund of the initial premium paid.

Name

The term "free-look" describes the period during which you can return the policy after delivery and still receive a refund.

Time Frame

The minimum amount of time for a "free look," no matter where you live, is 10 days.

Replacement Insurance

In most states, if you replace an old policy with a new one, you have longer to return the policy than if you purchase a new policy with no replacement.

Potential

The state mandates the minimum "free look" period but insurance companies can offer you a longer one -- but never less than the state mandated time.

Your State

Look for your state's Department of Insurance website or find your state on the Insure.com chart. Follow the link in the reference area called "Free Look" to see how long you have to return a new or replacement life insurance policy.

References

• NAIC: State Web Map
• Maine Bureau of Insurance:Life Insurance Information for Military Personnel
• Arizona Department of Insurance: New Protection for Life Insurance and Annuity Shoppers

Resources

• Insure.com: Free Look Chart