The New York State Insurance Department is reminding consumers of an important right they have after purchasing life insurance— a minimum 10-day, “free look" period after buying the policy.
“It's always best to shop for insurance and to understand all the details of a policy before buying it,” said Insurance Superintendent James Wrynn. “However, an important consumer protection is the right of the policyholder to return the policy during the free-look period. The free-look period allows a consumer to cancel a life policy without penalty within a set timeframe if the consumer reconsiders a decision to buy a policy.”
New York law requires insurance companies to give consumers a minimum free-look period of 10 days and a maximum of 30 days, depending on the policy. A 30-day free-look period is required for any policy offered through the mail and a 60-day period is required if another policy is being replaced. The length of that period is listed on the policy’s face page.