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Free Look Provision

What is a Free Look Provision?

A free look provision is a stipulation within a contract that determines a set amount of time — usually a month or less — after a life insurance policy is issued during which the policy owner can review the coverage more closely and cancel the policy without penalty. Some insurance companies also call it a free look period or a free examination provision/period.

Using a free look provision

This provision exists to benefit life insurance policy owners. It gives them a way to put coverage in place, then double-check that the policy aligns with their needs.

During the free look provision, take the time to read through your policy documents in their entirety. You want to be aware of all terms and conditions, including any clauses that could impact your coverage.

You may also want to have a lawyer or an insurance professional that you trust review the policy during the free-look provision.

If you unearth anything concerning during the provisionary period, you have the option to cancel your policy penalty-free. Generally, that means you won’t be subject to any surrender charges and the insurance company will return any premiums you’ve paid to you.

Free look provision duration

The amount of time you’ll get for your free look depends on the insurance company you chose and the state in which you live. Most free look provisions last somewhere between 10 and 30 days and the clock starts ticking as soon as you sign your policy acceptance documents.

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