Why it matters
Use this time to read the policy and check that it matches what you were told. Check the coverage amount, the beneficiaries, any waiting period, and the premium. To cancel, send the written notice before the deadline. Some states give seniors or replacement buyers a longer window. The deadline is printed in the policy.
Source: investor.gov
Where we use this term
- How much does final expense insurance cost, and what sets the price?
- Fixed vs fixed index annuity: how do they work and who do they fit?
- Indexed universal life (IUL) explained: caps, floors, costs, and risks
- Life insurance chargebacks explained: how they work and how to protect your cash flow
- Can you still get life insurance over 70? Options that still work