What is a “free look” period with an annuity?

The best thing that the annuity industry has ever done is to implement a free look period that goes with every annuity sale.  Whoever the person was who had this initial idea, and actually convinced the annuity carriers to all agree to offer it, should get a meritorious service medal.  There should be a statue of this genius in the Annuity Hall of Fame (if there is one).  I’m serious!  The free look provision is the industry’s way to try to circumvent the largely unregulated annuity sales practices that dominate the current landscape.  That’s, at least, my take on it.

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