The Cooling-Off Period

Although there is an obligation on insures and other financial services providers to clearly explain the characteristics of the products they are selling at application stage, there can still be issues which may remain unclear even after the contract is signed. That is why, in regard to some financial products, the consumer is allowed some time to go through his decision and given the opportunity to withdraw from the contract at no expense. This is referred to as the "cooling-off period”.

  • How does the cooling off period work?

  • Which insurance policies have a cooling off period?

  • When does the cooling off period start running?

  • How long is the cooling off period?

  • Would I be refunded all the monies I spent when purchasing the product?