If you have just purchased a life insurance policy and then changed your mind about it, express this right away to your agent as you may be in your “free to look” period. During this period, you are allowed no less than 10 days from the date a life insurance policy was delivered to review and evaluate the policy. A policy sold by mail order must provide a 30-day review period. Should you elect to return the policy for any reason during the “free to look” period, the insurance company must refund any premium you paid. 

Simply put, accident insurance is a form of insurance policy that offers a payout when people experience injury or death due to an accident. This type of insurance does not usually cover negligence, acts of God, or natural disasters, and the policy may include restrictions such as caps on total payouts or restrictions on payouts for activities deemed risky. Many insurance companies sell accident insurance, which can be purchased as a standalone policy or bundled into an existing insurance policy.

It’s always important to make sure you understand what a company is actually offering when they make these advertisements. Such ads are for “guaranteed issue” policies that ask no health history questions. The company knows it is taking a risk because people with bad health could buy their policies. The company balances the risk by charging higher premiums or by limiting the amount of insurance you can buy. The premiums can be almost as much as the insurance! After a few years, you could pay more to the insurance company than it will have to pay to your beneficiary. Such policies may offer only the return of your premiums if you die within the first couple of years after you buy the policy. So once again, it is very important that you understand what is covered and what is not, and how much it will cost you before signing on to any policy.