Cooling-off rights give consumers a statutory period, typically 14-30 days, to cancel a new insurance policy and receive a full premium refund without needing to provide a reason.
Cooling-off rights let consumers cancel a new insurance contract within a set period after purchase and receive a full premium refund, provided no claim has been made.
These rights apply regardless of how the insurance was purchased: online, through a broker, over the phone, or in person.
You retain general cancellation rights afterwards. These may attract fees or short-term premium charges, and the PDS sets the specific terms.
Cooling-off rights are a standard consumer protection. Using them does not negatively affect your insurance history.
A consumer purchased income protection online, then found a better policy two weeks later; they cancelled within the cooling-off period and received a full refund of premiums
A policyholder bought life insurance but changed their mind after reviewing the PDS more carefully; they cancelled within 30 days and received their full premium back
An applicant purchased trauma insurance effective immediately, lodged an early-stage diagnosis claim 10 days later, and discovered they couldn't use cooling-off rights because they'd made a claim within the cooling-off window
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