Who hasn't experienced buyer's remorse at one time or another? Immediately after a purchase, you wonder if you've spent your money wisely, sometimes wishing you could get your money back. With some insurance purchases, you can do just that.

"Free look" laws, as they are generally known, allow you to examine an insurance policy after you've bought it. If you don't like what you see, you can return it for a full refund — as if you never bought the policy in the first place. Which policies you can do this with vary by state, as does the amount of time you have to back out.

"It gives you time to really read a policy. People should know that the law exists so that they can take advantage of it if need be," says Jack Dolan, spokesperson for the American Council of Life Insurers. "It's a good piece of consumer protection."

The laws below apply to life insurance and annuity contracts. "Replacement life" refers to new life insurance policies that are purchased to replace existing policies. Your state may also have "free look" laws for health insurance and long term care insurance; contact your state's department of insurance for information.

"Free look" laws