Under 50 Ill. Adm. Code 917, what is the minimum free-look (right-to-return) period that must be provided on a life insurance or annuity policy issued as part of a replacement transaction in Illinois?

Why this is the answer

While non-replacement individual life policies in Illinois carry a 10-day free-look, Part 917 doubles this period to 20 days whenever the transaction is a replacement of an existing life policy or annuity. The longer window gives the applicant additional time to compare the new contract against the existing one and unwind the replacement if the new policy is unsuitable. The premium must be refunded in full if the applicant returns the contract within the 20-day window.