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Depending on your policy's terms, you can typically receive a full refund of the premium you've paid if you cancel your coverage during the free look period. More complex policies like variable life insurance might also refund any policy fees and account values, but this will depend on the insurer and policy terms.

During this period, you are free to terminate your contract without paying any surrender charges and you will receive a refund for the amount you paid. The "free look" period is a time for you to continue to ask questions so that you understand the variable annuity and are sure that it is right for you.

FLC Protected Policy means a "Transferred Policy", "Existing ASL Policy" or an "Excluded Policy" under the FLC 2001 Scheme, in each case under which any liability remains unsatisfied at the relevant time; Sample 1Sample 2.

The free look period is a period of time, typically 10 to 30 days, in which a new life insurance policy owner can terminate the policy and have their premium refunded. Canceling during the free look period will incur no penalties, such as surrender charges.

FLCs create financial awareness on various financial products including deposit, loan, insurance, and digital products which enables general public to have better financial planning and help them inculcate the habit of financial prudence.

The free look period for a life insurance policy is the first 10 to 30 days in the policy when you can cancel your coverage without penalty and get a refund of the premiums you've paid.

If you cancel your life insurance policy, you'll no longer have coverage. Since you paid for coverage previously, you won't get your money back – similar to other types of insurance like health insurance and car insurance.

To cancel your policy during the free look period, contact your insurer or the financial representative who helped you purchase your policy and let them know you want to cancel.