What is the duration of the free look period in life insurance policies?

The duration of the free look period in life insurance policies is 10 days. This period allows policyholders to review the terms of their new life insurance policy and decide if they want to keep it or cancel it for a full refund of their premium.

The free look provision is a consumer protection mechanism designed to give individuals a chance to fully understand their coverage without the pressure of having committed to the policy outright. During this time, the policyholder can assess the policy's terms, benefits, and any limitations or exclusions that may not have been clear at the time of purchase.

In Indiana, this 10-day window is standard for most life insurance policies, ensuring that consumers have adequate time to consider their purchase and make informed decisions about their financial commitments. If a policyholder chooses to cancel within this time frame, they are entitled to a full refund, without penalty.