Life Insurance Guarantee
Also known as the "Free Look Period"
All life insurance policies issued in America come with a form of money-back guarantee referred to as the "Free Look" Period.
What is a "Free Look" Period?
The free look period means that once you own a life insurance policy (meaning – you have applied for, been accepted and paid your first premium), you have a certain number of days from the beginning of the policy to cancel your policy and get all of your money back.
Usually, the free look period for a life insurance policy is 30 days.
Sometimes it’s 10 days, or even 31 days, depending on the insurance company.
How Does It Work?
For example, let’s say you bought a life insurance policy online, paid your first month’s premium with your credit card on March 1st, and printed out the policy. The life insurance policy has a 30 day free look period. You have 30 days from March 1st to cancel your policy and ask for a full refund of all premiums paid.
If you notify the life insurance company (usually required to be in writing) by March 31st that you want your money back, they will cancel the policy and refund all premiums paid.
Can I Change My Mind After I Purchase My Policy?
Yes, you can. That’s where the free look period comes in. Remember, depending on the terms stated in your life insurance policy, you have between 10 and 30 days (usually), after you receive your life insurance policy, if you are not satisfied and want to get a full refund of your money.
Where Do I Find The Free Look Period?
The "free look" period is required to be displayed on the Cover Page of your life insurance policy.
What Do I Do With The Free Look Period?
Review your policy carefully during this period. If there is something in your life insurance policy you don’t understand, contact your life insurance agent or insurance company for a complete explanation. And, if you’re not satisfied with the policy, you can request a full refund.
Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
Highly Recommended – Globe Life Insurance
$1* Buys $100,000 Globe Life Insurance
- Coverage for Adults or Children
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Buy Direct. Monthly Rates as low as $3.49 for Adults/$2.17 for Children.
Highly Recommended – United of Omaha
United of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $3,000 up to $25,000 of coverage. Rates start as low as $8.80 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
Life Insurance Resources:
If you are just starting to learn about term life insurance, please read the article on how term life insurance works.
Not sure how much life insurance you need? Use the quick and easy life insurance calculator to find out.
Or, you can review a list of the 10 best life insurance companies and request your free quotes.
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