Life Insurance Free Look Period

Life Insurance Free Look Period. Do not overpay for life insurance: compare the whole market and save up to 40% on your life insurance

If you are planning to buy a life insurance policy, you have to know that there is what we call a "Life Insurance Free Look Period". Learning about this and why it is important can help you come up with a sound financial decision. Buying a life insurance policy can be one of the biggest steps you will ever make to secure your future so it won't hurt if you study the policy very carefully.

Life insurance free look period allows you to have a few days or weeks to examine and re-examine the terms and conditions of a certain insurance policy. The period can be 10 days or even 15 days. During this time, you as a policyholder get the chance to decide whether to pursue the policy, or choose another one, or turn it down completely. And when you do so, you can get a refund.

Every company that offers life insurance is required to have this free look period for their potential policyholders and you have to be aware of that. However, the duration of this period is not the same for all companies. It's actually up to the company to choose how long this free-look period will last. This period commences on the day you get your policy, and must not be confused with the date the policy was issued. But be sure to present the proof of receipt that shows the date you received the policy.

If you finally decided to cancel the policy, the premium you paid will be refunded and the amount is based on the total amount after some deductions, which may include the amount spent on medical examinations, stamp duty and the charges made on the service itself.

Everything should be in black and white, which means that the cancellation of the purchase of the policy should be made in writing and this contract must be submitted to the life insurance company before the free-look period ends.

So if you found yourself wanting to cancel the policy, you must advise the company directly. Avoid transacting with an insurance agent because there is possibility that your request for cancellation might not reach the right people who can process this.

In case you are not informed about this free look period, there is a proper venue to lodge a complaint against the company. This only shows that consumers are well protected when they are buying life insurance policies.