Free Look Period

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Definition of 'Free Look Period'

A free look period is a period of time, typically 30 days, during which you can cancel a financial product and receive a full refund. This is a common feature of life insurance policies, but it can also be found with other types of products, such as annuities and mutual funds.

The free look period is designed to give you time to review the product and make sure that it's right for you. If you decide that you don't want the product, you can simply cancel it and get your money back.

It's important to note that the free look period only applies to new policies. If you cancel a policy after the free look period has expired, you may not be entitled to a refund.

Here are some additional things to keep in mind about free look periods:

* The free look period typically starts on the date that you sign the contract for the product.
* You may have to pay a fee to cancel the policy during the free look period.
* The free look period doesn't apply to any premiums that you've already paid.
* If you cancel the policy during the free look period, you may have to pay back any dividends or other earnings that you've received.

If you're considering purchasing a financial product, be sure to ask about the free look period. This can give you peace of mind knowing that you have some time to make sure that the product is right for you.

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