Wednesday, August 11, 2010

I bought a life insurance policy recently. What can I do if I regretted the decision?

How to cancel a life insurance policy bought recently if I feel I made a mistake?

For life insurance plans bought in Singapore, all local insurance companies provide what is known as a "14-day free look period". The 14 days start only from the day you receive your insurance policy documents and not the policy start date (which will be earlier than the day you receive the policy documents).

Upon receiving your policy documents, you should review it again to determine if it meets your needs. If for any reason you would like to cancel the policy, such as it does not meet your needs or you felt pressurized to make the purchase, all you have to do is to give the life insurance company a simple written notice of cancellation.

The insurer is supposed to terminate the policy and give you a refund, no questions asked. 

Note that the refund provided may be less fees such as medical examinations and investment losses if the price of units fall for investment-linked products.

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