The free look period is a window of time after you purchase an annuity during which you can cancel the contract and receive a full refund of your premium with no penalties. It is a consumer protection required by state insurance regulations.
How Long Is the Free Look Period?
The length varies by state, typically ranging from 10 to 30 days after you receive the contract. Some states require longer free look periods for buyers over a certain age (commonly age 60 or 65). During this window, you can review the full contract and cancel for any reason.
Why It Matters
The free look period gives you a risk-free opportunity to verify that the MYGA or fixed annuity matches what was described during the sales process. You can confirm the credited rate, surrender schedule, withdrawal provisions, and all other contract terms. If anything does not match your expectations, you return the contract and get your money back. For details on our process, see how to buy an annuity.