Cooling-off period

The cooling-off period exists so that you are not locked into a product you agreed to under pressure or without fully understanding it. Within the window — commonly a set number of days from receiving the policy documents — you can cancel the contract, and any premium paid is refunded, less a small charge for the days you were actually on cover, provided no benefit has been paid or claimed.

It applies to new policies rather than renewals, and the clock generally runs from when you receive the full terms, not from the sales call. It is most useful when, on reading the schedule properly, you find the cover does not match what you were told, or you spot a materially better option elsewhere.

Cooling off is different from ordinary cancellation later in the policy, which follows the notice terms in your contract. If something feels wrong immediately after taking out cover, the cooling-off window is the clean, penalty-light way out — but act within it, because it is short.