Asked by: Hernani Serdioasked in category: General Last Updated: 31st January, 2020
What is the free look period of life insurance?
Similarly, what is a 30 day free look period?
You have 30 days from the day you receive the policy to examine and return it to the insurance company. You can return it for any reason. The insurance company will refund the full amount paid for the policy within 30 days of return.
Also, how long will free look in period or cooling off period lasts? 15 days
Similarly, you may ask, what is the primary purpose of the free look period?
The free look period allows a policy owner to review their contract after it is delivered, without having to make an unchangeable financial commitment. If an owner wants to return the policy after reviewing the contract, he/she may do so for a full refund of all money given to the insurance company.
How do I cancel my free look period?
The freelook period is for 15 days from the date of receipt of the hard copy. You should submit a written application for cancellation to the insurer within the freelook period. The insurer would require you to fill a cancellation form, and return the original policy copy.