What is the free look period during which an existing insurance policy can be returned for a full refund?

In New Jersey, the free look period for most insurance policies is typically 30 days. This provision allows policyholders to review the terms and conditions of their new insurance policy and determine whether it meets their needs. If the policyholder decides they are not satisfied, they can return the policy within this 30-day window and receive a full refund of any premiums paid.

This period is essential as it provides consumers with the opportunity to reassess their decision without any financial penalty or obligation, thereby promoting consumer protection and satisfaction. Other durations, such as 14, 21, or 60 days, do not align with the standard practices regulated by New Jersey law regarding the free look period for most insurance products.