YOU ASK:

What is the definition of Free-Look period?

WE ANSWER:

A Free-Look period is a time given to the policyholder or annuitant owner to review the policy or annuitant and cancel it at any time with no penalty. The policyholder or annuitant does not have to give a reason as to why he decided to cancel. The company will refund premiums or initial payments.

The Free-Look Period may vary from company to company and from state to state. The purpose of this period is to provide transparency for the client to make him feel that the product is really something he really needs and not just something that he was talked into.

The length of this period may be from 10 days to 30 days. This is the time for the policy or annuity owner to go over the fine print of the contract.

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