Glossary

Free-look period

Also called cooling off period, look-in period.

A window after receiving the policy document in which you can return it and cancel.

The free-look period runs from the date you receive the policy document. During it you may return the policy and have it cancelled, and the insurer refunds what you paid after deductions it is permitted to make.

Under the current regulations the period is thirty days from receipt, for all policies. Your own policy document states the period that governs your contract, and a policy issued under an earlier regime may state a shorter one.

Related terms

  • Surrender value What the insurer pays if you end a policy early, before maturity.
  • Policy document The contract itself. The only document that states what you have actually bought.

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