What is the duration of the Minimum Free Look Period?

The Minimum Free Look Period is a specified duration during which a policyholder can review their newly purchased insurance policy and determine if it meets their needs. If the policyholder is not satisfied, they have the right to cancel the policy and receive a full refund of any premiums paid.

In Illinois, the law establishes a ten-day free look period for accident and health insurance policies. This allows individuals adequate time to read through and understand the terms of the policy, with the option to return it for a refund if it does not align with their expectations or needs. Providing this period helps ensure that consumers are informed and can make confident decisions regarding their insurance coverage.

The other timeframes listed do not align with Illinois regulations for the minimum free look period for health insurance policies, which is why the correct duration is ten days.