Australian life insurance policies issued to retail consumers come with a cooling-off period — typically 14 to 30 days from the policy commencement or from when you receive the Product Disclosure Statement (PDS), whichever is later. During cooling off you can cancel the policy in writing and receive a full refund of any premiums paid, with no questions asked, provided you have not made a claim. The exact period and process are stated in your PDS and policy schedule. Cooling-off rights are particularly valuable if you take out cover during a sales call or comparison process and want to read the policy thoroughly before committing — use the time to review the PDS, exclusions, and any waiting periods. To exercise the right, you typically need to write or email the insurer (not just stop paying). Some insurers also accept cancellations via a customer portal. After cooling off ends, the policy continues but you can still cancel later — you simply will not receive a refund for cover already provided. Cooling off does not restart if you make a change to the policy later (such as increasing the sum insured), unless that change is itself a new contract.