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Free Look Period | Meaning & Cancellation Rules

The free look period is the initial time period, typically 15 or 30 days, which is available to the policyholder to review the insurance policy. If the new policyholder is not satisfied with the terms of the policy, he can ask the insurance company to cancel his policy.

If a policyholder cancels his policy within the free look period, there are no charges or penalties. The insurance company refunds the premium in full, and no further questions are asked. 

The free look period is for the benefit of the policyholder as it safeguards the policyholder’s interest in case he does not like the terms and conditions of the policy.

 

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