Final answer:
The free-look period for life insurance policyowners age 60 or older being 30 days is generally false as this period commonly ranges from 10 to 30 days for policyholders of any age, which allows them to cancel the policy without penalty during this time.
Step-by-step explanation:
The statement that the free-look period for life insurance policyowners age 60 or older is 30 days is generally false. Insurance regulations can vary by state; however, most states have a free-look period of 10 to 30 days regardless of the policyowner’s age. During the free-look period, the policyholder has the right to cancel the policy without any penalties and receive a full refund of any premiums paid. This period allows policyowners to review their policies and decide if they want to keep the insurance without incurring any risk.