The Free Look Period: Your Trip Insurance Refund Policy
Some trip insurance policies, but not all, come with a “free look period,” which is a 10- to 15-day period after purchasing a trip insurance plan in which you can review and return your insurance policy without any penalties or fees. The number of days you are given to review your policy varies and depends on the insurance company, but the period usually ranges from 10 to 15 days.
What You Should Do During the Free Look Period
After purchasing an insurance policy, use the free look period to determine whether or not the plan you have chosen will fit your needs. Verify the costs and coverage to decide if you should make any changes to your plan or cancel it. Follow these steps during your free look period:
- Check the dates. First and foremost, make sure that your policy covers the correct trip dates.
- Check the details. Make sure that all of the information you provided is correct. Check that the travelers’ ages and number of travelers on the policy are correct.
- Reread the coverage description. Review your trip insurance plan, paying close attention to the policy exclusions and restrictions.
- Review the costs. Make sure that the costs are correct.
- Call your travel medical insurance provider. If you have any questions or concerns regarding your policy or its coverage, it is best to call the insurance company directly.
Canceling or Making Changes to Your Insurance Policy
If you do decide to cancel your trip insurance plan or make any changes to it during the free look period, here is what you should know:
- Cancellation: With the free look period comes a money-back guarantee. If for any reason you wish to cancel your insurance policy, you will receive a full refund. However, a small processing fee may apply if you do decide to cancel.
- Changes: Instead of canceling, you can choose to make changes to your policy, such as changes in the travel dates, coverage, or trip cost.
After the Free Look Period
If you decide that you need to cancel your insurance policy after the free look period, cancellations can only be made for covered reasons stated in your policy. For travel medical plans, you can typically cancel prior to the effective date for a full refund. If cancellation is needed after the effective date, typically refunds are only provided on plans with no claims on file.
Once you have made any changes and finalized your trip insurance plan, keep the insurance company’s contact information. You can still contact your insurance company after the free look period. This information will be especially useful if you have any questions or concerns about your insurance policy during your trip.
Even if you feel confident in your choice of trip insurance plan, make use of the free look period. Essentially a money-back guarantee, the free look period gives you the opportunity to review your policy and verify the details in case you choose to make any changes, which can be very beneficial if your travel plans change. Taking a second look could save you from a denied claim.
However, keep in mind that not all trip insurance plans have a free look period, although many policies are refundable as long as you make your request for a refund before the effective date noted in the policy brochure.
