27
SECOND THOUGHTS
6
There is a "satisfaction-or-your-money-back" guarantee on most life insurance
policies. It's called a rescission right.
Exactly as stated, you merely return your policy to the insurance company within
10 days of receiving it. Premiums paid will be refunded.
If your policy has been in force for a long time before you receive the policy, say,
a couple of years, an insurance company might turn down your request to rescind
the policy. This is because you have been covered and the company would have
paid a claim if you had died during that period. So, make sure your policy is
delivered soon after you buy, and that you review it promptly.
If you change your mind, after all - the 10-day free look
At some point you may decide, or someone may urge you, to consider replacing
your existing life insurance policies.
One key piece of advice: Proceed with caution. Certainly, there are some
occasions when a replacement is in your best interests. And just as certainly,
there are occasions when it is not. Think through the reasons for wanting to make
a change. Review your needs and objectives and what different policies can do for
you. Remember that it may be possible to alter your existing policies to meet your
current needs at lower cost. Here are some tips to help you decide what's in your
best interests.
What about replacing policies?
