Seniors in California: the 30-day free look and other protections
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Free look: 60+ at purchase = at least 30 days; under 60 = 10 to 30 days set by the insurer.
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Variable products: refund of premium unless the owner chose subaccounts (then account value).
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65+: duty of good faith (§785); in-home meeting notice 24 hours to 14 days ahead (§789.10).
Replacement: the California step-by-step
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Replacement includes borrowing more than 25% of the policy's loan value.
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Notice signed by applicant and agent at application; replacing insurer notifies existing insurer within 3 working days.
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Replacement policy: 30-day free look; insurer records kept at least 3 years.
Numbers cheat sheet: free look, replacement and record keeping
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Free look: under 60 = 10 to 30 days; 60+ = at least 30; replacement = 30.
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Replacement: 3 working days to notify; 20 days for a conservation summary; records 3 years.
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Annuity suitability/best interest records: 5 years.