what is the free look period 
the free look period is the required time period in which a new life insurance policy owner can terminate the policy without any penalties such as surrender charges a free look period often lasts 10 or more days depending on the insurer and state law during the free look period the contract holder can decide whether or not to keep the insurance policy if they are not satisfied and wish to cancel they can receive a full refund of their premium free look periods are most commonly associated with life insurance policies but can apply to other products as well like annuity contracts laws vary by state for example texas requires a free look period of at least 10 to 20 days 