Free Look Period: Your 14-Day Right to Cancel a New Insurance Policy
The free look period is a mandatory 14-day window in Singapore, starting from the date you receive your policy document, during which you can cancel a new life or health insurance policy and receive a refund, minus any medical examination costs already incurred.
Not financial advice. All figures for educational reference only. Data as at July 2026. Last updated: July 2026.
Key Takeaways
- All licensed life and health insurers in Singapore must offer a 14-day free look period on new individual life and accident & health policies.
- The clock starts from the date you (or your representative) receive the physical or digital policy document, not the date you signed the application.
- Cancelling within the free look period entitles you to a refund of premiums paid, less any medical exam fees the insurer already incurred.
- For investment-linked policies (ILPs), the refund may be adjusted for any fall in the unit price between purchase and cancellation, so a full refund is not guaranteed.
- Cancellation must be submitted in writing to the insurer — a verbal request or lapsing on non-payment does not count as exercising the free look period.
What Is the Free Look Period?
The free look period is a consumer-protection safeguard built into the Singapore insurance framework and reinforced by the Life Insurance Association (LIA) Singapore’s industry guidelines. It exists because life and health insurance are long-term, often complex financial commitments, frequently sold through a face-to-face advisory process. Regulators want to give buyers a genuine cooling-off window to review the actual policy contract — not just the sales pitch — before being locked in.
During this period, you can read the full policy wording, benefit illustration, and exclusions at your own pace, and compare it against what was verbally explained during the sales process. If anything doesn’t match your expectations or needs, you can walk away with your money back, subject to limited deductions.
This applies to individual life insurance, whole life, endowment, critical illness, and investment-linked policies sold in Singapore. It typically does not apply to group insurance policies (such as employer-provided group term life), which are governed by the master policy terms instead.
How Does the Free Look Period Work in Singapore?
The 14-day period begins from the date you receive the policy document, which insurers usually send within 1–2 weeks of your application being approved — not from the date you signed the proposal form. This distinction matters because it gives you the full 14 days to actually read a completed contract, rather than a countdown that starts before you have the document in hand.
| Step | What Happens |
|---|---|
| 1. Application approved | Insurer issues the policy and sends the policy document/contract |
| 2. Free look clock starts | 14 calendar days begin from the date of receipt of the policy document |
| 3. Review period | Policyholder reviews benefits, exclusions, and premium schedule |
| 4. Decision | Keep the policy, or submit written cancellation before day 14 lapses |
| 5. Refund processed | Insurer refunds premiums paid, less medical exam costs (and unit price adjustment for ILPs) |
To cancel, you must notify the insurer in writing (email or signed letter is standard) within the 14-day window. Simply not paying the next premium, or verbally telling your adviser you’ve changed your mind, does not formally exercise your free look right and can leave the policy technically in force.
Source: Life Insurance Association (LIA) Singapore consumer guidance; individual insurer policy contract terms, 2026.
Free Look Period Example
A policyholder applies for a S$300,000 term life plan on 3 July 2026. The insurer approves the application and posts the policy document, which she receives on 10 July 2026. Her 14-day free look period therefore runs from 10 July to 24 July 2026 — not from the original 3 July application date.
On reviewing the contract, she notices the policy excludes a pre-existing condition she disclosed but had assumed would be covered with a loading rather than excluded. She writes to the insurer on 20 July 2026, within the window, to cancel. Since she paid an initial annual premium of S$600 and underwent a standard medical check-up costing the insurer S$80, she receives a refund of S$520.
Had this been an investment-linked policy instead, and the underlying fund units had fallen 3% in value between purchase and cancellation, her refund would also be reduced by that investment loss on top of the medical exam deduction.
Advantages of the Free Look Period
Genuine cooling-off protection. It gives buyers real time to review the actual contract, not just the sales presentation, before being financially committed.
Applies across insurers. Because it is a standard industry practice enforced across all licensed Singapore insurers, you don’t need to negotiate for it — it is included by default.
Mostly refundable. Outside of investment-linked policies, most of your premium is returned, with only medical exam costs deducted.
Catches mis-selling early. If a policy doesn’t match what was verbally promised, the free look period is the cleanest, fastest way to exit without long-term consequences.
Risks and Limitations
Short window. Fourteen days is not long, especially if the policy document arrives by post and takes time to reach you — read it as soon as it arrives.
ILP refunds are not guaranteed to be full. If markets fall during the free look period, your refund on an investment-linked policy can be less than what you paid in.
Must be in writing. A missed formal notification means you could lose the right to a straightforward refund and instead have to surrender the policy under normal (often less favourable) surrender terms.
Medical costs are non-refundable. If you underwent paid medical tests as part of underwriting, that cost is typically deducted from your refund regardless of when you cancel.
The Bottom Line
For Singapore policyholders, the 14-day free look period is a real, regulator-recognised safety net — but it only works if you read your policy document promptly and cancel in writing before the window closes. Treat the day you receive your policy contract as the true start of your decision clock, not the day you applied.
Frequently Asked Questions
What is the free look period for insurance in Singapore?
It is a mandatory 14-day window, starting from when you receive your policy document, during which you can cancel a new life or health insurance policy for a refund minus medical exam costs.
When does the 14-day free look period start?
It starts from the date you receive the actual policy document from the insurer, not from the date you applied or signed the proposal form.
Will I get a full refund if I cancel during the free look period?
You’ll generally get back the premiums you paid, minus any medical examination costs the insurer incurred. For investment-linked policies, the refund can also be reduced if unit prices fell.
Do I need to cancel in writing during the free look period?
Yes. Insurers require formal written notice (letter or email) within the 14-day window. Simply stopping premium payments does not count as exercising your free look right.
Does the free look period apply to group insurance policies?
Typically no. The 14-day free look period applies to individual life and health policies; group policies, such as employer-provided group term life, are governed by the master policy terms instead.