Final answer:
A life insurance policy can be canceled for a full refund within the free look period, which is usually 10 to 30 days after the policy is issued, varying by state law and insurance company policy.
Step-by-step explanation:
A life insurance policy may be returned for cancellation and a full refund if it is returned no later than the end of the free look period. This period typically spans 10 to 30 days depending on the laws of the state in which the policy was issued and company policy. It is important to review your policy and understand the specific details of this period to ensure you make an informed decision. Returning the policy within this timeframe allows the policyholder to get a full refund of any premiums paid.