Will free look laws let me back out of insurance purchases?

Many consumers have experienced buyer's remorse at one time or another. After a purchase, many of these consumers then ask themselves whether it was a smart purchase and whether the have spend the money wisely.

Sometimes, people also wish that they could get their money back after a certain purchase. As a matter of fact, you will be able to get your money back after an unarranged purchase.

After buying a policy, "free look" laws will allow you to examine a policy. If you don't like what you see, you will be able to return the policy for a full refund and pretend as if you didn't purchase the policy in the first place. There are some states who allow these kinds of "free looks" and some that don't. It is important to know that some federal law require certain time periods in which you can overlook your policy purchase. Some offer 10 days and other plans offer 30. Here are the states that offer these "free looks":

• Alabama

• Alaska

• Arizona

• Arkansas

• California

• Colorado

• Connecticut

• Delaware

• District of Columbia

• Florida

• Georgia

• Hawaii