Health Insurance Learning Hub
What is an insurance cooling-off period?
The cooling-off period for life insurance is set by the Insurance Authority as an industry guideline and is not mandated by law.
According to the latest amendments from the Hong Kong Federation of Insurers as of February 1, 2010, the details of the cooling-off period are as follows:
The cooling-off period lasts for 21 days from the delivery of the policy to the policyholder.
Alternatively, it can be 21 days from the issuance of the notification letter to the policyholder.
The earlier of the two dates applies.
If the policy contract has not been received within 9 days of the notification letter's issuance, the customer should contact the insurance company directly.
Is the cooling-off period a legal requirement?
The cooling-off period for life insurance is set by the Insurance Authority as an industry guideline and is not mandated by law.
Does the cooling-off period apply to health insurance and voluntary health insurance?
Many health insurance or voluntary health insurance products offered by insurance companies also include a cooling-off period. However, this is an agreement between the insurance company and the policyholder, not a statutory requirement.
How long is the cooling-off period?
As mentioned, the standard cooling-off period is generally 21 days, although some local products may have a 30-day cooling-off period. If the policyholder changes their mind, they can cancel the policy within 30 days of receiving the policy or the cooling-off notification and receive a full refund.
How can I exercise my cooling-off rights?
To exercise the right to cancel the policy, the policyholder must sign a written notice and deliver it directly to the insurance company within the cooling-off period. This is a general practice, so specific procedures may vary by insurance company. Additionally, if a claim has been made on the policy, the premium is typically non-refundable.
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