Find the applicable deadline
The review period can depend on state law, product type, replacement status and purchaser circumstances. The contract should state the number of days and when the period begins. NAIC disclosure materials show that state requirements differ. If another policy is involved, combine the review period with the safeguards for replacing a life insurance policy.
Do not assume a universal 10-day rule. Ask the insurer to confirm the delivery date in writing.
Compare the policy with the application
Check the insured, owner, beneficiaries, face amount, premium, rate class, riders, exclusions and effective date. Compare the declarations page with the final offer and signed application. Review any amendment made after underwriting.
For permanent coverage, separate guaranteed values from non-guaranteed illustration columns.
What this step can look like
The quote assumed a preferred class, but the delivered policy shows standard rates and a higher premium. The buyer uses the review period to request an explanation and decide whether to accept, modify or return the contract.
Cancel through the required channel
If returning the policy, follow the contract's address, form and delivery instructions. Retain the full policy copy, cancellation request and proof of timely delivery. Confirm whether the refund can reflect investment performance for variable coverage.
Stopping an automatic payment alone may not constitute a valid return.
Before moving on
- Record the delivery date.
- Read cancellation instructions immediately.
- Keep tracking and insurer confirmation.
- Do not cancel old coverage prematurely.
Handle replacement carefully
A new policy review period does not restore an old policy that was surrendered. Keep existing coverage in force until the new contract is issued, reviewed and accepted.
Replacement can restart contestability, surrender charges and acquisition costs. Compare both contracts using current documents before the old free-look or replacement deadlines pass. If returning the new policy, verify that the old premium schedule and automatic payment remain active.
Use the review period as a contract audit
Find the exact deadline, when the period begins and how cancellation must be delivered. State rules and policy terms can differ, so use the notice in the issued contract. Do not wait until the last day to ask whether an email, portal request or mailed notice is valid. Calendar an earlier internal deadline so there is time to resolve delivery problems.
Compare the issued schedule with the application and illustration. Check premium, death benefit, owner, insured person, beneficiaries, riders, underwriting class, exclusions, guarantees and payment mode. For permanent insurance, separate guaranteed and non guaranteed values. Ask for corrected documents when something is wrong and keep proof of any cancellation request.
Before moving on
- Record the deadline and accepted delivery method.
- Check every name, amount and policy date.
- Reconcile riders with the issued schedule.
- Save delivery and cancellation evidence.
What this step can look like
Audit example: If the delivered policy omits a rider shown in the application, raise it during the review period. A sales conversation is not a substitute for correcting or explaining the issued contract.
Sources for this process
The process can vary by insurer and state. Use the sources below, written insurer instructions and the issued contract to confirm the required steps. Use the life insurance glossary for plain-English contract definitions.