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You are making a good call looking out for yourself like that. Way too many people would feel like they had to follow through. You may not get away with it without burning a bridge or two no matter how you word it, though. Short and sweet is the way to go. "Unfortunately, I don't feel that this position aligns with my career goals and I will not be able to move forward with the role."
If it is nothing that can be discussed, you are probably better off getting out now than wasting time with something irreconcilable.
The only way to do this without burning a bridge is to say you got another offer or your current employer countered with a stellar offer to keep you. I'd go with the latter unless you lambasted your current employer during the interview process (and if you did, nothing to be done about it now, but I wouldn't do it again in the future). Under no uncertain circumstances do you tell them the truth about your withdrawal - short and sweet, a little white lie if you get pressed for why, thanks, but I'm moving forward with a different opportunity (the flip side of "we're going with a different candidate").
It’s tough to back out after accepting, but honesty is the best way. Just thank them sincerely for the offer, explain that after some thought, you realized the role doesn’t align with your career goals, and that you don’t want to waste their time. Keep it polite and professional, and they’ll understand.
While it’s tough, telling them honestly that you no longer feel like it’s the best fit would be the best way to approach. Insurance is a small world so you might run into someone from that company again and it’s better to be known as someone that took the better path for themselves than waste both your time and the company’s time.