Understanding Singapore's 14‑Day Free‑Look Period for New Life Insurance Policies

Free‑look period and refund entitlement

In Singapore, policyholders have a statutory 14‑day free‑look period to cancel a newly purchased life insurance policy and receive a full refund of premiums paid, provided no claims have been made.

How the free‑look period works

The 14‑day window starts on the day you receive the policy document, not the date you signed the application. During this time you can review the terms, compare with other products, and decide whether the coverage meets your needs.

Key conditions for a refund

• The policy must be cancelled in writing within the 14‑day period.
• All premiums paid must be returned, less any administrative fees that the insurer is permitted to charge (usually a nominal amount).
• No claims or benefits may have been claimed during the free‑look period.

Steps to cancel and claim a refund

1. Draft a cancellation letter stating your intent to exercise the free‑look right and include your policy number.2. Send the letter via registered mail or email to the insurer's designated address.3. Keep a copy of the communication and any receipt as proof of timing.4. The insurer must process the refund within a reasonable time, typically 30 days from receipt of the cancellation.

Exceptions and special cases

Some policies, such as those with a non‑standard underwriting process or group life plans, may have different free‑look terms stipulated in the contract. Always read the policy brochure for any variations.

Comparison of free‑look periods in the region