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Understanding the Free Look Period in Insurance

In the realm of insurance, the free look period holds immense significance for policyholders.

This provision, typically included in life insurance policies and certain other types of insurance contracts, grants individuals a specific timeframe to thoroughly examine their policy, assess its merits, and make an informed decision about its suitability.

The 14-Day Free Look Period in Singapore

In Singapore, insurance companies adhere to the practice of providing a generous “14-day free look period” to policyholders. This period begins upon the receipt of the policy document and allows policyholders ample time to review the terms, conditions, and coverage of their insurance policy in detail.

Exercising the Right to Cancel

During the free look period, policyholders have the freedom to terminate the policy if it fails to meet their requirements or preferences. To initiate the cancellation process, policyholders must notify the insurance company in writing about their intent. Upon receiving the cancellation notice, the insurance company promptly terminates the policy and proceeds with the necessary arrangements for a refund.

Refund Process and Considerations

The refund issued during the cancellation process typically includes the premiums paid by the policyholder. Insurance companies are expected to process this refund within a reasonable timeframe, ensuring prompt reimbursement for the policyholder’s financial contributions. However, certain expenses, such as medical examination fees or potential investment losses in investment-linked plans, may still apply.

Importance of the Free Look Period

The free look period serves as a protective measure for consumers, providing them with a valuable “cooling-off” period to assess their insurance policy thoroughly. During this time, policyholders are encouraged to invest the necessary effort in comprehensively reviewing the policy’s terms, coverage details, and exclusions to make an informed decision.

Regulatory Mandate and Consumer Rights

Insurance regulations in Singapore mandate the inclusion of a free look period in life policies and accident and health policies issued by licensed insurers. This regulatory provision ensures that policyholders are uniformly afforded certain rights and protections when entering into insurance contracts, emphasizing consumer rights and interests.

Tips for Utilizing the Free Look Period

To make the most of the 14-day free look period, policyholders are advised to:

  • Read the policy carefully before signing it to understand the coverage and exclusions.
  • Seek clarification from the insurer if any aspects of the policy are unclear.
  • Take their time to evaluate the policy and not feel pressured into making a hasty decision.
  • Contact the insurance company within 14 days of receiving the policy if they decide not to keep it.


Awareness of the 14-day free look period empowers individuals to make informed decisions when purchasing insurance policies. By providing policyholders with a grace period for evaluation, Singapore’s insurance regulations prioritize consumer protection and transparency, ensuring that policyholders have the opportunity to assess their insurance coverage thoroughly.

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