Each policy has a 30-day free look period. This means that you are eligible for a full refund if you cancel within the first 30 days after purchasing. If you ever can’t afford to make a premium payment, your coverage will continue through a “grace period” (60 days) from the date of your last payment. As long as your premium is paid during the grace period, coverage remains uninterrupted. Any missed premiums throughout the term are deducted from the death benefit in the event of a claim.