When you buy a life insurance policy, you generally have what is called a free look period. This time period can range between 15 to 30 days and during this time, you have the option of returning your policy without penalty. Upon return, this policy will terminate immediately, and all rights, benefits, and interests under the policy will cease immediately. Refund includes the premiums received after deducting the proportionate risk premium for the period of cover, stamp duty charges paid and expenses incurred on medical examination of the life insured, if any. This works to your benefit, as it gives you some additional time to review your life insurance policy in detail and discuss the same with your financial advisor or a company representative if you are in doubt.
As a life insurance policy is an important decision for both you and your family, you need to have the confidence that the policy is going to meet your needs. Spend time to read your new policy carefully, and ask your agent or company representative to explain anything that you don’t understand. The free look period plays a beneficial role as you can take the time to be certain about your decision and cancel your policy, if you are still not convinced.
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