Before purchasing a life insurance policy, policy buyers are advised to read through the terms and conditions of the policy in order to make sure that the policy coverage is suitable for them. However, in case you have already purchased a life insurance policy for yourself, and then find the terms and conditions of the policy to be dissatisfactory, you can return the policy to the insurance provider during the free-look period.
The free-look period is a certain number of days that is provided to policy buyers to review the terms and conditions of the policy that was purchased by them. If the policy is returned during the free-look period, the insurance provider will return the premium paid to the policy buyer after deducting a nominal charge. No other penalties or charges will be levied if the policy buyer cancels the policy during this period. The terms and conditions that govern the free-look clause in life insurance policies are listed below:
Purchasing a life insurance policy is a significant financial decision. Thus, you should only continue with your policy if you are sure that it meets your coverage needs. In case you are not fully satisfied with your policy, you can always return it during the free-look period and purchase another life insurance policy that is better suited to your requirements and the needs of your dependents.
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