What is a 'Replacement Policy'?

A replacement policy is a new policy you take out to replace an existing one that may have become more expensive or no longer meets your needs.

What is a 'Waiting Period'?

This is the time that must pass before certain benefits can be claimed. For example, suicide is often excluded within the first 24 months of the policy. 

What is a 'Cooling Off Period'?

By law, you have 31 calendar days from when you accepted the policy to cancel. This period is called the cooling-off period. 

Of course, when you cancel your policy within this cooling-off period, you will receive a full refund of the premiums you've paid. But, if anything happens to you thereafter, you have no claim.

If you cancel your policy during the cooling-off period and later decide you want to be covered again, you will need to go through the application process again. 

If you cancel your policy after the cooling-off period has lapsed, the premiums paid will not be refunded.