A life insurance policyowner is allowed how many days upon policy delivery to return the policy for a full premium refund?

In Maryland, a life insurance policyowner has a right to return the policy for a full premium refund within a specified period after delivery. The period allowed for this return, commonly referred to as the "free look" period, is 10 days. This provision exists to protect consumers, giving them the opportunity to review the terms of the insurance policy and ensure that it meets their needs without any immediate financial risk. If they decide within 10 days that the policy does not suit them, they can return it and receive a full refund of any premiums paid. This clarifies that the consumer has adequate time to reconsider their purchase decision and is a standard practice across many states, including Maryland.