After purchasing a life insurance policy, is there a period of time during which I can change my mind and have my money refunded?

 Yes, the Insurance Law requires a period of not less than ten days nor more than 30 days from the date the policy is delivered to you. A policy sold by mail order must provide for a 30 day period. The insurer must refund to you any premium paid, including any policy fees or charges.

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Before You Buy Life Insurance
Comprehensive information about life insurance from the Insurance Department's Life Insurance Resource Center
URL: http://www.dfs.ny.gov/insurance/consumer/life/cli_befbu.htm