A free-look period is the consumer's right to rescind a newly delivered policy within a set number of days and receive a premium refund. It enables final review of coverage terms, charges, riders, and illustrations before committing to a long-term contract. Free-look length is governed by state law and product type; replacements and senior sales often carry longer windows. Exercising free-look right cancels coverage retroactively to delivery. The provision reinforces informed consent and reduces pressure in complex life and annuity transactions.

Delivery packets highlight the free-look end date. Advisors encourage a thorough review and keep records of delivery and any returned policies. Using the period wisely reduces post-issue disputes and improves client satisfaction with long-term commitments.