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Insurance cooling-off period


"Cooling-off period” refers to the agreed number of days after the policyholder receives the insurance policy during which they may return the policy to the insurance company and request a cancellation of the policy if they disagree with the contents of the policy. During this period, the insurance company must agree to the policyholder's request, cancel the policy, and refund all premiums collected. This period of time is commonly known as the "cooling-off period". Generally, a small processing fee is required to cancel the policy during the cooling-off period, but some insurance companies may waive the fee depending on the situation.

Occurrence scenarios

Generally, long-term insurance products have a cooling-off period, such as critical illness insurance, long-term health insurance, and others. Short-term insurance policies, due to their short coverage period and low premiums, often do not have a cooling-off period.


Client A purchased an insurance product with a cooling-off period of 15 days, received the written contract three days later, signed it, and sent it back. After carefully reading the contract, the client thought the product was not good enough and applied for a refund two days later. As the cooling-off period had not ended, the insurance company deducted the handling fee and processed the refund for the client.

key points

If you want to cancel your insurance policy during the cooling-off period, you need to pay attention to the following points: First, if you cannot receive the policy in a timely manner due to special circumstances, it is best to notify the insurance company in advance. Second, after receiving the insurance policy, you must personally fill out the policy return receipt and indicate the date. Usually, the insurance company calculates the cooling-off period from the date of the return receipt. Third, the policyholder must carefully read the insurance terms. If there is any content that is not well understood or has deviations in understanding, it is necessary to promptly ask the agent to avoid mistakes.

When purchasing insurance products, it is important to carefully review the insurance terms. After the cooling-off period, applying for a refund often only allows the policyholder to receive the cash value of the policy.

If you would like to learn more, please feel free to consult with our insurance advisors.

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