What is the duration of the Free Look Period for a non-replacement life insurance policy?

The Free Look Period for a non-replacement life insurance policy is typically 10 days. This period allows the policyholder to review the policy after purchase and decide whether to keep it or return it for a full refund of the premium paid. This timeframe is designed to ensure that consumers have sufficient time to understand their policy, evaluate its terms, and consider its benefits in the context of their personal financial situation without feeling rushed or pressured.

In the state of Ohio, the regulation mandates this 10-day Free Look Period specifically for non-replacement policies, which is crucial for consumer protection. If the policyholder chooses to cancel within this period, they can do so without any penalties. This reflects the importance of giving clients the opportunity to reconsider their decision shortly after making a significant financial commitment, reinforcing trust in the life insurance process.

In contrast, longer durations such as 30 days, 15 days, or 60 days typically apply to other types of insurance or specific scenarios, but for standard non-replacement life insurance policies, the Free Look Period is set at 10 days.