The 'free look' provision on a newly issued annuity allows the owner to:
Explanation
The free look provision gives the annuity owner a set number of days after delivery to review the contract and, if unsatisfied, return it for a refund. It does not make earnings tax-free, does not by itself allow changing the annuitant, and does not double the premium. The free look is a consumer protection that lets buyers reconsider a purchase without penalty, which is especially important for products marketed to seniors.
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