State RegulationsIL specificDifficulty 1/5
Under Illinois law, what free-look period applies to a newly issued Medicare supplement policy?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Medicare supplement policies in Illinois carry a 30-day free look: the policyholder may return the policy within 30 days of delivery for a full refund of premium, though any application fee need not be refunded. This right is administered under the Illinois Medicare supplement framework of 215 ILCS 5/363 and described in Illinois SHIP guidance published with the Illinois Department of Insurance. The 30-day period is deliberately longer than the 10-day free look on newly issued individual life policies.
Why the other options are wrong
- A) 10 days is the free look for newly issued individual life policies, not Medicare supplement policies.
- B) 20 days is not the Medicare supplement free-look period; the Med supp free look runs 30 days.
- D) 45 days is the annual birthday open enrollment window between ages 65 and 75, not the free-look period.
Memory hook
Med supp gives you thirty to rethink it; life gives ten.