Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Sep 15, 2020

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Most states have a requirement that a life insurance policyholder can return a newly issued policy within a specified period and receive a complete refund of any premiums paid. This “free look” period allows the new policyholder an opportunity to review the policy in detail. Typically, the “free look” period will be 10 days for a new policy and 20 days for a replacement from the time you receive the policy. You should check with your own state to see what its provisions are.

Once accepted, the policyholder could still discontinue the policy by not paying premiums when due and thus allowing it to lapse. In this situation, the policyholder would not be eligible for a refund of premiums.