What is the free look period in life insurance?

The free look period for a life insurance policy is a window of time when you can cancel your coverage without penalty and get a refund of the premiums you’ve paid. It usually lasts for the first 10 to 30 days of the policy.

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Tory CrowleyAssociate Editor & Licensed Life Insurance AgentTory Crowley is an associate editor and a former licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations.&Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

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Antonio Ruiz-CamachoAntonio Ruiz-CamachoAssociate Content DirectorAntonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.
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Ian Bloom, CFP®, RLP®Ian Bloom, CFP®, RLP®Certified Financial PlannerIan Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.

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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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Key Takeaways

  • The free look period is a specified time frame after you activate a life insurance policy where you can cancel the policy without penalty and receive a refund on any payments you made. 

  • It lasts between 10 and 30 days. 

  • The details of your free look period will be clearly explained in your policy documents.

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.

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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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Frequently asked questions

What is the free look period for life insurance policies?

The free look period is a set time at the beginning of your policy, during which you can cancel your coverage without penalty and receive a refund of any premiums you’ve paid.

When does the free look period begin?

Your free look period could begin the day your policy becomes active, the day you receive the policy paperwork, or the day your insurer mails you the policy paperwork. The start date of your free look period depends on your insurance company and will be explicitly stated in your policy documents. 

How long is the free look period for life insurance?

The free look period ranges from 10 to 30 days. The exact timeline varies based on your state’s requirements and insurer.

Authors

Tory Crowley is an associate editor and a former licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations.

Katherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Editor

Antonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Expert reviewer

Ian Bloom, CFP®, RLP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, he was a financial advisor at MetLife and MassMutual.

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