What are my rights if I change my mind about a life insurance policy?

You can cancel a life insurance policy at any time. If you act within the cooling-off period, you get a full refund of the premiums you have paid, provided you have not made a claim. Under the Life Insurance Code of Practice, the cooling-off period must be at least 30 days, and all 9 insurers on our panel provide 30 days.

Your cooling-off rights

• The law sets a 14-day minimum, but the Life Insurance Code of Practice commits Australian life insurers to a cooling-off period of at least 30 days. Every insurer on the Insure Me For Life panel provides 30 days.
• The clock starts when the policy is issued; each insurer's PDS states the exact trigger date.
• You can cancel for any reason during cooling-off: you changed your mind, the premium came in higher than expected, or the cover no longer suits.
• Cancel by telling the insurer in writing and quoting your policy number. If your policy was placed through us, we can help you lodge the cancellation.
• If you have already made a claim, the cooling-off right generally falls away.

For the full mechanics, including where each panel insurer documents its 30-day period, see What is the cooling-off period and how does it work?

After cooling-off ends

You can still cancel at any time, in writing. Cover stops from cancellation, and premiums already used to provide cover are not refunded; term life cover has no surrender value. See Can I cancel my life insurance policy and get a refund? for the detail. If you are switching insurers, keep the existing policy in force until the replacement cover has been accepted and is on risk.

If something goes wrong

Raise the issue with the insurer first through its internal dispute resolution process. If it is not resolved, the Australian Financial Complaints Authority (AFCA, afca.org.au) is the free external scheme. We can also help you escalate an issue with any policy placed through us.

This is general information only and does not take your objectives, financial situation, or needs into account. Check the PDS for the exact cooling-off terms of any policy you are considering.