Life insurance

Free Look Period in Life Insurance

What is the free look period in life insurance? 

The free look period is a period of time during which you are able to call off your life insurance policy for which you do not get penalized and also receive a refund of any premiums you already paid. 

Information about the free look period is included in the agreement of your life insurance policy. The free look period gives you an opportunity to reconsider your choice of life insurance policy. For example, if you do not need your policy anymore or make up your mind that you would like to purchase life insurance from a different life insurer.  

On the one hand, if you would like to cancel your life insurance policy, you need to contact your life insurer. On the other hand, if you would like to keep it, then make sure you pay your premiums as usual.   

What is the length of the free look period? 

The duration of the free look period varies from life insurer to life insurer.  

When does the free look period start? 

The beginning date of the free look period also varies by life insurer. It can start on the day your life insurance policy is in force (“effective date”), the day you obtain the policy documents (“issue date”) or even the day your life insurer sends you the policy documents. Be mindful of checking your policy’s end date with your insurance broker or insurer for confirmation. 

Options You Have When You Are in the Free Look Period 

Although life insurance clients’ cancellation of policies when they are in the free look period is a rarity, doing this in this period is the mere avenue to retrieve all of initial premium payments. 

You are free to cancel your life insurance policy for any reason. However, the majority of people carry on with their cancellation because their new employer offers them group life coverage or probably due to the fact that they change their financial decisions.  

During the free look period, you basically have two key choices: 

Stick with your existing policy  

If your life insurance policy corresponds with what you are looking for, you do not need to do anything. You only need to pay your premiums punctually so that your life insurance policy stays in force (effective).  

If you feel that your life insurance policy does not fit in with your requirements, you do have the choice to adjust it after you have possessed it for a year or more. For instance, you can adjust the death benefit or apply for a new round of underwriting if you have had a healthy lifestyle which can help you reduce your premiums.   

Call off your life insurance policy 

You can call off your life insurance policy following the end of the free look period. However, that means you will not retrieve any premiums back. Although it is true that you can have more than one life insurance policy at a time, it is best to wait and stay patient until the cancellation of your current life insurance policy prior to purchasing a new life policy.  


Keep in mind that making the right choice when purchasing life insurance is vital. The purpose of the free look period is to confirm that you have confidence in your life insurer and life coverage prior to your commitment and that you are protected if you don’t.