When does the Free Look Period typically begin for a life insurance policy?

The Free Look Period typically begins when the policy is delivered to the insured. This period allows the policyholder to review the terms and conditions of the insurance policy after they have received it. If the policyholder decides that they do not want the policy for any reason, they are usually allowed to cancel it during this timeframe without any penalties, and they can receive a full refund of any premiums paid.

Starting the Free Look Period upon the delivery of the policy ensures that the insured has the opportunity to examine the coverage options and ensure that it meets their needs and expectations, as this is when they officially take possession of the policy documents. Other options, such as the initial payment of the premium or the submission of the application, do not mark the beginning of this critical review period since these actions do not signify that the insured has the official documentation and has accepted the terms of the policy.