• fabianlau

14 Days Free-Look

Updated: Apr 8, 2020

Ever had an impulsed buy and regret after a few days?

When you checked the company policy *Pheww… There is a return policy with no questions ask. Totally love it isn’t it.

You might have heard or come across aggressive hard-sell insurance agents or sweet-talk bankers whom you just find it difficult to reject when they dangle attractive gifts and shopping vouchers just to entice you into signing a policy with them. You went home with a stack of fine prints, did a budgeting calculation and realised that you are not comfortable with the contribution amount for long term. What should you do?

Fred not! Here comes the powerful 14 Days Free Look Period.

This 14 Days Free Look or cooling-off period starts from the day you receive the official policy document (not the photocopy version). You are allowed to review and read through the documents and fine prints or even do your proper calculation under no pressure. This provision is meant to protect consumers from unethical sales representatives or pressure-sales circumstances.


14 Days Free Look period starts from the day

you receive the official policy document


Should you decide not to keep the policy or want to make any changes to the duration, benefit coverage or contribution amount, you are allowed to do so within these 14 days Free Look period. If you are shy to speak to the person who sold you the policy, no worried, you can do it yourself. Just write in to the insurer to cancel it or make the necessary adjustments.

For cancellation, the insurer will refund all the premiums paid, less any medical cost and other expenses incurred.

This Free Look provision is usually made available in life insurance, endowment insurance and investment plans (except travel, car, house and maid insurance), although certain investment policy’s free look may be 7 days and premium refund may fluctuate for investment plans due to market price changes. Don’t be upset over a slight cost incurred, you would rather pay a little fee than having your money lock-in for decades with no clear objective of having the policy.

Always check if the policy you are getting has a Free Look period given.

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