Life Insurance Cooling Off Periods

A major component of consumer protection in relation to Hong Kong life insurance products is the ubiquitous application of a Cooling Off Period.

Simply put, a Cooling Off Period is the length of time after the purchase of a Hong Kong life insurance policy during which the policyholder is able to change their mind about the purchase of the plan.

A Cooling Off Period is designed to protection life insurance customers from aggressive sales tactics by enabling the consumer time to fully reflect on, and understand the impact of, their purchase.

Cold water running down the face


How Do Cooling Off Periods Operate?

Hong Kong life insurance plans will have a cooling off period which is no shorter than 21 days after the date of delivery of the policy, or policy issuance notice, to the policyholder. The plan can be returned, for a full refund on all premiums paid, if it is returned before the end of the cooling off period.

It is imperative that the insurance company notify the policyholder as soon as possible that the policy is in force, and the notification will normally be sent via registered mail to ensure that the policyholder has actually received the relevant documents.

In the notification provided to the policyholder regarding the issuance of their policy the insurance company will inform the policyholder about the cooling off period, its expiry date, and the rights that the policyholder has in reference to the period. In the event that this notification is provided with a policy issuance notice, rather than the actual life insurance policy, the notification will also remind the policyholder to contact the insurer if they have not received their policy within 9 days.


Free Life Insurance Advice in Hong Kong

If you would like to receive advice on a specific aspect of Hong Kong life insurance, or if you need help with a concern in relation to cooling off periods in Hong Kong, Contact Us and speak to an expert CCW Global Life Insurance Broker today, completely free of charge.


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