Can I cancel an insurance policy I have just taken out?

Question

José Manuel Alburquerque · Accepted Answer

It depends on the policy and how it was taken out. With an individual life policy lasting more than six months, you have 30 days from receiving the policy to cancel it without giving reasons. If you took it out at a distance, online or by phone, as a consumer, you have 14 calendar days for most types of insurance and 30 for life insurance. Outside those cases there is no general right to change your mind. What you can do is give notice that you do not want to renew. Life insurance 30 days from when the insurer gives you the policy or the cover note. You must give notice before the period ends, on paper or by electronic means that leave a record and can be kept. Cover ends on the day the notice is sent and you get the premium back, except for the part relating to the time the policy was in force, within 30 days of the insurer receiving your notice. It does not apply to policies in which you bear the investment risk. Policies taken out at a distance 14 calendar days from taking out the policy for most types of insurance. For life insurance, 30. If the policy terms reach you later, the period starts when you receive them. It does not apply to travel or baggage insurance lasting less than a month, or to insurance taken out to comply with a legal obligation, such as compulsory motor insurance. You only pay for the time the policy was in force. The refund must be made within 30 days at the most. In all other cases If you took out home, car or private medical insurance at an office or through an agent, you cannot simply cancel it. You can give written notice, at least one month before the renewal date, that you do not want to renew it. And if the policy you receive does not match what you were offered, you have one month to ask for it to be corrected.