There is a limited amount of time to change your mind and cancel a life insurance policy without risk. In this case, the risk you face after the time has expired is the risk of losing the premiums you have already paid into the policy. After this period of time has expired, anything you have paid into the policy will be lost if you cancel it, so give the subject careful consideration.
The length of time you have before you will lose your premiums for canceling the policy will vary based on the state where you live and the insurance company you are dealing with. Most companies give you a 30 day "free look" where you can examine the policy in detail and then decide to cancel, but some companies have much shorter trial periods. The minimum trial period you can be given is 10 days, and the maximum could be as much as 90, but most companies have settled on the 30 day period as a suitable length of time for you to make an informed decision.
After the trial period expires, you may be able to get back some of the money you have paid into the policy, based on the terms of the policy, the company you are dealing with, and the type of life insurance. Term life, for example, will not refund any portion of your premiums after the trial period is over, while some permanent insurance policies will return your premiums minus the costs of setting up the policy and administering it during the initial period. If you have a term life policy and the 30 day period is over, your choices will be to lose your premiums or keep the policy.
To protect yourself, investigate the policy fully before you sign up. If you have questions, ask your agent, and if your agent does not know the answer, give her time to find out before you take out the policy. Even though most states do have laws in place to protect your initial investment for a limited time, the best solution is to know what you are getting and that it is the policy for you before any money ever changes hands.
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