What is the duration of the Free Look Clause for policies sold to the elderly?

The Free Look Clause allows policyholders to review their insurance policy after purchase and to cancel it within a specified period without penalty. For policies sold to the elderly, the duration of this clause in Washington State is set at 30 days. This extended period is designed to provide additional consumer protection, considering that elderly individuals may take more time to fully understand the terms of their policies or may wish to consult family members or financial advisors before committing.

The 30-day timeframe ensures that older policyholders have ample opportunity to evaluate the policy and ensure it meets their needs, helping to safeguard their financial interests and promote informed decision-making in the insurance market.