Free Look Period
A free look period lets the owner review a newly received insurance contract and return it within the applicable period. The deadline and refund calculation depend on the product, policy and state law.
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Exam Tip
Free look = policy review and timely return. Identify the product, state, receipt date, deadline and refund provision; distinguish it from grace periods and later surrender.
What Is a Free Look Period?
Free look is the right to examine a newly delivered policy and return it within the specified period. It differs from a grace period for paying an overdue premium and from surrendering a policy after the return period.
Product and State Matter
| Product or situation | What to check |
|---|---|
| Individual life insurance | State law and the policy notice; 10-30 days is a common range, not a national rule |
| Annuity | State, age, replacement rules and the contract's refund provision |
| Long-term care | Applicable state right-to-return rule; Georgia provides 30 days |
| Medigap | 30-day free look; when switching, premiums for both policies may be due during that period |
| Other health coverage | The product's specific law and contract; do not assume life-insurance rules apply |
Receipt and Return
The period generally runs from receipt or delivery, not the application date. Record the delivery date, read the return instructions, and retain proof that the return was timely. Electronic-delivery timing depends on applicable law and the delivery arrangement; there is no universal rule that it starts only when a document is downloaded.
Refunds
A timely life-policy return commonly requires the premium to be refunded. For example, Georgia's individual-life replacement notice states a ten-day receipt-based right to return the policy for that refund. Check the actual refund provision for the product, especially variable contracts; do not extend one state's life-policy rule to every annuity or health plan.
Senior and Replacement Protections
Some states provide longer periods for certain older purchasers or replacements. Verify the age threshold, product and jurisdiction. A free look does not by itself establish when coverage first took effect; confirm the policy's effective-date and premium conditions.
Sources: Georgia replacement rule, California insurance guide, and Medicare switching guidance.
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Premium (Insurance)
An insurance premium is the amount paid by the policyholder to the insurance company for coverage, typically paid monthly, quarterly, or annually.
Grace Period
A grace period is a set time after the premium due date during which a policy remains in force even if the premium hasn't been paid, typically 30-31 days for life insurance.
Annuity
An annuity is an insurance contract that provides a stream of income payments, typically for retirement, in exchange for an initial lump sum or series of payments.
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