Buying a life insurance policy isn’t exactly simple because there are so many different types to choose from. In the state of New York, however, you’re allowed something called a "free look" period. This can save you from being stuck with a policy that doesn’t fit your needs. This period allows you to cancel the policy while not having to pay any penalties or forfeit a huge premium payment. It’s crucial that you know you have this right, especially if you’re new to New York state. The Bryan Insurance Agency LLC in New Windsor, NY, can help you cancel an unwanted policy and find a better one.

A 10- to 30-Day Cancellation Window

New York state requires a "free look" period of between 10 and 30 days for insurance policies. (30 days are required for policies sold through the mail.) If you buy an insurance policy and decide you don’t want to keep it, or maybe you realize you got one that wasn’t exactly what you were looking for, this period lets you cancel it without having to pay fees to get out. This ensures that you’re not stuck with a policy; insurance companies can’t refuse to cancel the policy if you’re still in this period.

However, you must be aware of how much time you have. One insurance company might offer a free-look period of 10 days, while another may offer 21. If you try to cancel once the period has passed, you’ll be subject to whatever penalties normally apply.

It’s always best if you can find the right policy from the start, of course. Contact Bryan Insurance Agency LLC, serving New Windsor, NY, to discuss your needs.