Compensation Glossary

Ten-Day Free Look

Most state insurance departments require insurance companies to provide a "free-look" period after the purchase of a policy. It is typically a 10-day time span in which you can pull out of the contract and obtain a refund based on contract terms or state law. This time-frame should be used to review the policy, ask your insurance agent or stockbroker any additional questions you may have, and make a final decision as to whether the annuity you selected was right for you.