What is the start point of the mandatory 10-day free look period for a Life insurance policy?

The mandatory 10-day free look period for a life insurance policy begins when the policy is delivered to the policyholder. This provision allows the policyholder to review the policy and ensure it meets their needs and expectations. If, after this review, the policyholder decides they do not want the policy, they can cancel it within this 10-day period and receive a full refund of any premiums paid.

This feature is crucial in consumer protection, giving individuals an opportunity to reconsider their purchase without any financial loss if they find the policy unsuitable. The countdown for the free look period starts from the moment the policy is physically handed over, rather than from when the application is signed or any other point in the process. Understanding this timeline is important for both consumers and agents, as it impacts the policyholder's rights and the agent's responsibilities in explaining policy terms.