When you purchase a life insurance policy through Ethos, you'll have 30 days to review the terms so you can be sure it meets your needs. In the life insurance business, this period is called a "free look period." The free look is essentially a 30-day return policy that eliminates the financial risk of buying life insurance. It applies to both term and whole life insurance policies. Show
If you change your mind at any time during the first 30 days following the purchase of your life insurance, you can cancel your policy and receive a full refund of any premiums paid. There are no fees, surrender charges, or hidden costs. It's simple and easy, just like getting life insurance through Ethos. When does the free look period begin?The Ethos free look period begins on the day you purchase your policy and ends thirty days later. During this period, you'll have plenty of time to review the policy details, ask any questions that may arise, or simply reconsider your decision. Whether it's a shirt, a computer, or even a new car, we're accustomed to being able to return an unwanted purchase. Most companies accept returns and provide full refunds of the amount paid. Getting life insurance through Ethos is no different, even though your purchase may not seem as tangible as other things you buy. A life insurance policy is a legal contract between you and the carrier, and the free look provision offers you the same protection as a retail return policy. It's a money-back guarantee designed to protect you and give you time to consider whether the life insurance policy meets your needs. How long is a typical free look period for life insurance?Every state in the US and the District of Columbia requires life insurance policies to include a free look period. Regulations vary from state to state, as does the required length of the free look period. However, there's always a minimum 10-day free look period and a max life insurance free look period of 30 days. Ethos is a licensed producer and third-party administrator for several of the most well-respected life insurance companies in the United States. We work with top-rated carriers, including Legal & General America, TruStage, and Ameritas Life Insurance Corp, which carry at least an A rating from A.M. Best for financial stability. Although the duration of the free look period may vary by carrier, every policy purchased through Ethos is backed by a 30-day money-back guarantee. How do I cancel my policy during the free look period?If you decide to cancel your policy during the free look period, simply email or call us at (415) 322-2037 to request a surrender form. Customer service representatives are available Monday through Friday from 8 am to 6 pm central time. We'll process your request immediately and issue a refund for the total amount paid. If you decide to cancel your term life insurance policy after the 30-day free look period expires, you may either request a surrender form or stop paying your premiums, which will cause the policy to lapse. For whole life insurance policies where cash value has accrued, be sure to complete and submit the surrender form. You don't have to worry about any cancellation fees after the free look insurance review period ends. Learn more and apply todayA life insurance policy free look period provides you with the confidence to protect your loved ones today even if you don't have time to study all of the policy's details. With 30 days to review, you can consult your attorney, financial advisor, or any other trusted resource regarding the insurance company and Ethos's free look provision. Learn more about online life insurance and how much coverage you should have to secure your family's financial stability in our Life Insurance 101 overview. When you're ready, get a fast, free quote on our website. It is nearly impossible for you to review the actual insurance contract language without a free look period. Here, the purpose of a free look period in insurance is to provide you enough time to assess the policy wordings before you commit to paying the premiums. Home inspection before purchase is a good analogy to understand free look period. To buy insurance without a free look period is like buying a new home without inspecting it beforehand. Although the insurers outline every benefit and limitations of an insurance policy, you can only check the finer nuances once you receive the physical policy document. Although India's insurance industry follows a highly ethical approach in this regard, you, as a policy buyer, have a right to review the insurance contract before making a final decision. The free look period gives you the time you need for policy assessment.  It is nearly impossible for you to review the actual insurance contract language without a free look period. Here, the purpose of a free look period in insurance is to provide you enough time to assess the policy wordings before you commit to paying the premiums. Home inspection before purchase is a good analogy to understand free look period. To buy insurance without a free look period is like buying a new home without inspecting it beforehand. Although the insurers outline every benefit and limitations of an insurance policy, you can only check the finer nuances once you receive the physical policy document. Although India's insurance industry follows a highly ethical approach in this regard, you, as a policy buyer, have a right to review the insurance contract before making a final decision. The free look period gives you the time you need for policy assessment. · In reality, many people trust the local insurance agents blindly and opt for an insurance policy they suggest without going into the details. In some cases, the insurance agents may try to convince people to buy an insurance policy that does not fit their needs well. You should also consider free look period to get some ‘cool-off’ time away from an insurance agent or financial advisor. It is the time when you can look into the details of the policy from your perspective. At Max Life Insurance, we educate the policy buyers first to help them choose the best insurance policy that matches their financial needs and life goals. By putting valuable information in their hands, we help them avoid the policy purchase's stress, thus ensuring utmost satisfaction. You can check the insurance premium online using our life insurance premium calculators. How Does Free Look Period Work?Being a legal contract, an insurance policy grants certain rights and responsibilities to both the policy buyers and insurance companies. In simple words, you get the insurance benefits defined in the policy contract after paying the premiums as expected. However, if the policy’s terms and conditions do not match as what you have agreed with insurer, you can choose to cancel the policy during the free look period. Furthermore, you should know that different insurers follow their pre-defined criteria to equate the amount paid back. The premium repayment is then done accordingly. You can also utilize the free look period in insurance by clarifying your doubts and asking questions to the insurer you have selected. This can be done to understand the policy contract better, eliminating the need to terminate the policy. If you still feel dissatisfied with the policy, cancel the policy . Also, the free look period for life insurance begins after you receive the policy's physical contract. If you plan to cancel the policy during the free look period, you need to notify the insurance company or agent you have bought it from. However, if the policy’s terms and conditions do not match as what you have agreed with insurer, you can choose to cancel the policy during the free look period. Furthermore, you should know that different insurers follow their pre-defined criteria to equate the amount paid back. The premium repayment is then done accordingly. You can also utilize the free look period in insurance by clarifying your doubts and asking questions to the insurer you have selected. This can be done to understand the policy contract better, eliminating the need to terminate the policy. If you still feel dissatisfied with the policy, cancel the policy . Also, the free look period for life insurance begins after you receive the policy's physical contract. If you plan to cancel the policy during the free look period, you need to notify the insurance company or agent you have bought it from. Essential Details Related to Free Look PeriodGiven below are some crucial details that you should know about free look period as per IRDAI:
Also Read: What is ULIP? How Does it Work? Frequently Asked Questions (FAQs)Q. Do I need to state the reason to cancel a policy during the free look period?A. Yes. It is crucial to state the reason for policy termination while placing the cancellation request in writing. The insurer will get in touch to provide possible solutions. If you still wish to continue policy termination, you will get a refund. Also Read: Term Insurance Medical Test What is the free look period and when does it begin?A free look period starts when you receive your policy and typically lasts for 10 days, but that number can vary by state. States often set their own limits, which can differ greatly. Free look periods benefit the consumer by providing this opportunity to return the policy for a full refund.
How many days is the free look period?The free look period is a required period of time, typically 10 days or more, in which a new life insurance policy owner can terminate the policy without penalties, such as surrender charges.
Which of the following is true about the 10 day free look period in life insurance policy?Which of the following is TRUE about the 10-day free-look period in a Life Insurance policy? It begins when the policy is delivered. If an insured continually uses the automatic premium loan option to pay the policy premium, The policy will terminate when the cash value is reduced to nothing.
What is the return policy for free look period?The law allows the policyholder 15 days as free-look period from the date of receipt of the policy document. Policyholder is allowed to cancel the policy during this period and get a refund. Free-look period is available only for life insurance policies.
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