The free look period is a specified window of time when you can cancel your life insurance policy without penalty and receive a refund of the premiums you already paid. This period usually ends after 30 days, but can be as short as 10 days. The exact details of your free look period will be outlined in your life insurance policy documents.
To cancel your life insurance policy during the free look period, simply contact your insurer. Within the free look period, you can change your mind about the policy you bought for any reason. If you want to keep your life insurance coverage, all you have to do is continue to pay your premiums as normal.
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How the free look period works
The free look period is designed to support you as you’re purchasing an insurance policy. You can set up insurance coverage and have the confidence that you’ll be able to cancel the policy for a full refund if you need to.
“It’s rare for customers to cancel their policies during the free look period,” says Policygenius director of operations Matthew Burke. However, this window of time provides peace of mind, especially if there’s a possibility that you may want to cancel your policy.
You can cancel for any reason, but according to Burke, people may cancel because a new employer provides them with coverage or because their financial needs have changed. Once you’ve done your research, you have two options:
1. Cancel your policy
If you have a term life insurance policy, you can cancel your coverage anytime by discontinuing premium payments. But if you’re canceling within the free look period and want a refund, you’ll need to call your insurer.
If you decide to cancel after the free look period ends, you won’t be penalized, but you won’t get a refund on any of the money you’ve already paid.
To cancel a whole life insurance policy, call your insurer to cancel. Make sure to cancel during the free look period to avoid paying a penalty.
2. Keep your policy
If you like your policy as is, just continue paying your premiums on time to keep the policy active. If you find that your policy is too expensive, you may be able to make some adjustments after you’ve had it for a year or more.
For example, you can apply for a rate reconsideration if you’ve maintained significant health or lifestyle improvements that would lower the cost of your life insurance premiums. Your agent or broker can help you decide what’s best for your situation.
How long is the free look period?
The length of the free look period varies depending on your state and your life insurance company, but it’s usually between 10 and 30 days. Every state insurance department mandates a free look provision of at least 10 days for life insurance policies, though many require an even longer period.
Additionally, your contract may include a free look provision longer than the minimum requirement. Check your policy or ask your insurance agent to confirm when your policy’s free look period begins and ends.
How to cancel your policy after the free look period
After your policy’s free look period ends, you can still cancel your life insurance coverage by calling your insurer. You won’t be penalized if you cancel a policy after the free look period, but won’t be refunded any premiums either.
It’s important that you feel confident in the coverage that you buy. The free look period gives you the flexibility to cancel your policy for a full refund if you change your mind. .
Talk to your insurance agent about your options so you can make the best decision for your situation.
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