What is the free-look period for a newly issued life insurance policy?

• A. Ten days from the date the policy is delivered to the insured
• B. Thirty days from policy issue
• C. Twenty days from delivery
• D. Fifteen days from policy issue

Answer: (A)

The free-look period is the buyer’s guaranteed window to review a newly issued life policy and cancel if it doesn’t meet their needs. It begins when the policy is delivered to the insured, not when it’s issued, and in Minnesota this period lasts ten days. During this time, you can return the policy for a full refund of any premiums paid, and the contract is void from the start. This protects the purchaser from being locked into coverage they haven’t had a chance to fully review. The other options don’t fit Minnesota rules because the period is not measured from issue and it isn’t longer than ten days here.