Definition and Example
A free look period is a specified timeframe in which an insurance buyer can cancel the deal without any penalties and without having to provide a reason. Each state specifies the length of the period. The free look period gives you time to disentangle yourself from the insurance purchase without any penalties and without needing to state a reason. Each state specifies the length of the period.
How the Free Look Period Works
The free look period starts when the insurance document is delivered to you. Some companies may require you to sign a physical delivery receipt, but the countdown begins as soon as you receive the document. The days are counted based on calendar days, not business days, so Saturdays and Sundays are included.
Upon receipt of the document, it is best to call the insurance company to check how the insurance works and confirm any promises made during the sales process. Do not contact the sales agent; call the insurance company directly. There should be a toll-free number for the company on the document, so if you find that the guarantees do not match the promotional offer, you can execute the free look policy during that call.
The best part of the free look system is that you do not have to explain why you want a full refund. You will never have to talk to a sales agent. There may be a form to sign (depending on the company), but customer service representatives may not attempt to convince you otherwise. As long as you follow the timeline rules, you will get your money back.
What It Means for Your Retirement
Many people experience buyer’s remorse after purchasing a financial product.
Insurance is a significant financial commitment. It can be an excellent retirement solution for some people; for others, it may not be the best solution. The free look period is your state government’s way of giving you time to think about it and ensure you are not exploited by commission-based sales tactics.
Key Takeaways
The free look period provides an opportunity for insurance buyers to opt-out without penalty.
It typically lasts from 10 to 30 days, depending on your state’s laws.
You do not have to provide a reason to get your money back.
This policy balances sometimes aggressive sales tactics.
Source: https://www.thebalancemoney.com/what-is-a-free-look-period-with-an-annuity-145999
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