If you regret a personal insurance policy of one year or more, cancel it within the cooling-off period (犹豫期), and nearly all the premium comes back
- High value
- Evidence A
- Saves money
- Free
- Takes minutes
- No willpower
In plain words
Personal insurance of one year or more has a cooling-off period. For policies bought at a bank, it is 15 days after you receive the policy, and canceling in that period costs at most a 10 CNY processing fee. If you cancel after the cooling-off period, you get back only the cash value stated in the policy, often less than you paid. When the insurer calls to ask whether you understood, don't say you understood if you didn't.
Mentioned in
Translated from the Chinese original. Original book, section 5, tip 41. This section is about money and spending. It is general information, not financial or investment advice. Content may be out of date and rules differ by place. When you actually deal with an agency, a doctor or a court, follow what local officials, doctors and lawyers tell you. Disclaimer