When does the Free Look provision in life insurance start?

The Free Look provision in life insurance is a consumer protection feature that allows policyholders a specific time frame to review their policy after it has been delivered. This period typically begins on the date the policy is delivered and the first premium is collected. During this time, the policyholder has the opportunity to evaluate the policy details, ensuring that it meets their needs and expectations. If they decide that the policy is not suitable, they can cancel it and receive a full refund of any premiums paid.

This provision is designed to enhance consumer confidence, allowing individuals to make informed decisions without immediate financial risk. It underscores the importance of transparency in the insurance industry, giving consumers a chance to reconsider their choices after they have the policy in hand.