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Free-Look Period

A free-look period is the short window of time after purchasing a health or dental insurance policy during which you can review the plan and cancel it for a full refund if you are not satisfied. This consumer protection feature allows you to read the policy in detail and ensure it meets your needs before committing long-term.

The period usually lasts 10 to 30 days, depending on the insurer. Cancellation within this timeframe results in a full premium refund, provided no claims have been made.

Example:

If you buy a plan on April 1 and the insurer offers a 20-day free-look period, you may cancel by April 21 for a full refund if no claims were submitted.

What to Watch For:

Mark your calendar when new coverage begins. If you cancel after the free-look period, standard cancellation policies and partial refunds apply.

Related Terms

Financial Needs Analysis

A financial needs analysis (FNA) is a detailed assessment used by financial advisors and insurance professionals to evaluate an individual’s or family’s current financial situation and determine the level of protection or investment required to meet their goals. It examines income, expenses, debts, assets, savings, and existing insurance coverage to identify gaps and recommend suitable financial strategies.

Fracture Benefit

A fracture benefit is a lump-sum payment provided under certain accident or supplemental health insurance plans when you sustain a broken bone as a result of an accidental injury. This benefit is designed to help cover unexpected costs associated with recovery, such as lost income, medical equipment, transportation, or rehabilitation expenses.

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