The Free Look provision in life insurance begins on which date?

The Free Look provision in life insurance allows policyholders to review their policy after it has been delivered. This right to reassess the policy begins on the policy delivery date, which means that once the insured receives their policy documents, they have a specified period—typically anywhere from 10 to 30 days, depending on state regulations—to examine the terms and conditions. During this time, the policyholder can decide whether to keep the policy or cancel it for a full refund of any premiums paid.

Selecting the delivery date is crucial because it signifies the moment the policyholder has all the information they need about the policy's benefits, exclusions, and obligations. Any other date, such as the application date or initial premium payment date, does not provide the insured with the complete details necessary to make an informed choice about retaining the policy. The date of approval is also misleading, as it does not indicate when the policyholder actually has possession of the policy and can fully evaluate the terms under which they will be covered. Thus, the policy delivery date is the definitive point at which the Free Look period commences.