Start with your review deadline. Find the “free-look” or “right to examine” notice before putting the policy away. Then compare the policy you received with what you expected.
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Six things to confirm
Keep your policy beside you. Mark each item after you check it. Leave it unchecked if you are not sure.
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0 of 6 checked
1. Find your exact free-look deadline.
This is a short time to read a new policy and return it under its refund rules. Save proof of when you received it. Ask the insurer for the last date to act, what it must receive, and where to send it. Rules vary by policy and state. A website message does not cancel coverage or extend a deadline.
Source: Pennsylvania: Receiving a new policy.
2. Check who the policy names.
Confirm the insured person, policy owner, and beneficiaries. The insured is the person covered; the owner has the rights described in the contract. Beneficiaries receive the death benefit under its terms. Check names, contact details, and how much each person should receive.
Source: Guardian: Reading policy details.
3. Compare the coverage and payment.
Compare the policy with your quote. Check the amount it pays, the type of plan, how long it lasts, and any extras called riders. Read what it will not cover and any limits in the first years. Check the payment amount, due dates, and any future increases. If the plan builds cash value, ask which amounts are promised and which are estimates. Check what payments keep it active. Use our quote worksheet to spot differences.
Sources: Guardian: Coverage and riders; NAIC: Premiums and guarantees.
4. Confirm when coverage starts.
Ask the company to confirm the start date. Check that it has the first payment and that you have met all rules for starting coverage. An application or quote alone does not confirm active coverage. Ask if any signatures or steps are still needed. If you are replacing a policy, confirm that the new one is active before ending the old one.
Sources: Guardian: When coverage starts; NAIC: Existing coverage.
5. Resolve mistakes with the insurer.
Read the attached application, too. If a detail or answer is wrong, contact the company soon using its official phone number or website. Ask how to fix it and get written proof of the change. A conversation alone may not change the policy. Keep the insurer’s response.
Sources: NAIC: Accurate application information; Pennsylvania: Question unclear terms.
6. Make it findable for your family.
Keep the policy and company’s contact details in a safe place. Tell a beneficiary or trusted person where to find them when needed. Do not send documents through this website. Set a yearly reminder to check the people named to receive the money and their contact details. Review coverage when your family’s needs change.
Source: NAIC: Preparing your beneficiaries.
Checking a box does not activate or change a policy. Keep the insurer’s confirmations with your records.
Keep the good habit going.
Use the existing-policy checkup for later reviews. Find service guidance on our policy and claim help page, or look up an unfamiliar word in the plain-language glossary.
About this guide
Published by Legacy Financial Group with help from AI and links to insurance regulator and company sources. This guide is for learning. Your policy and state rules decide what applies. Check policy questions with the company.
Timmy helps families in WV, OH, KY, PA, SC, GA, and ME. Learn how Timmy works.