How many days is the free look period generally provided in a life insurance policy?

In Virginia, the free look period for life insurance policies is typically set at 10 days. This provision allows policyholders to review their new life insurance policy after purchase and decide whether it meets their needs and expectations. During this time, the policyholder can assess the coverage, terms, and any potential changes they might want to make. If they choose to cancel the policy within this period, they are entitled to a full refund of any premiums paid.

The rationale behind offering a 10-day free look period is to provide consumers with a safeguard against buyer's remorse and to ensure they have ample time to understand their policy without financial penalty. This practice aligns with consumer protection laws designed to promote transparency and informed decision-making in purchasing insurance products.