Author Bowtie Team
Updated on 2025-06-11
Disclaimer: This article is translated with the assistance of AI.
Life insurance and VHIS policies come with a mandatory 21-day cooling-off period. Ever wonder if other insurances have this? Dive into how Bowtie calculates it and the simple steps to cancel if you change your mind—let’s break it down!
What is a Cooling-off Period?
The cooling-off period is a timeframe that gives consumers the right to cancel their order or service and get back all fees they’ve paid, protecting their interests. This applies to specified insurance products, beauty, and health services. From an insurance perspective, you can get a full refund of the premiums paid if you cancel the policy during the cooling-off period.
However, for “investment-linked policies” or policies with a savings component, the refund amount might differ from what you’ve paid. For these types of policies, if the premiums have been used to purchase investments, the insurer will liquidate the investments first before refunding, and any difference in value will be borne by the policyholder. The insurer also has the right to deduct any market value adjustments from the premiums paid.
How Long is the Insurance Cooling-off Period? Is it Legally Required?
Since 1996, life insurance policies have included a cooling-off period, typically 21 calendar days. This is stipulated by the Insurance Authority (IA) as part of the Related industry guidelines , but it’s not a legal requirement.
Additionally, Voluntary Health Insurance (VHIS) requires a minimum cooling-off period of 21 days, and all VHIS products approved by the Food and Health Bureau must comply with this. In the past, traditional medical insurance often had cooling-off periods set by insurers, commonly 15 days.
For other insurance products, such as critical illness insurance, accident insurance, outpatient insurance, or general insurance like travel insurance and motor insurance, the cooling-off period isn’t standardized and depends on the specific policy terms.
Does Bowtie Offer a Cooling-off Period for All Insurance Products? How Long Is It?
To enhance flexibility and allow customers to carefully consider their coverage needs, all Bowtie insurance products come with a 21-day cooling-off period. The table below lists the various insurance products offered by Bowtie:
| Bowtie Insurance Products | Cooling-off Period |
| Bowtie VHIS Series | 21 days |
| Bowtie Touch Wood Protector | |
| Bowtie Term Life | |
| Bowtie Term CI | |
| Bowtie Cancer Insurance |
How is the Cooling-off Period Actually Calculated?
Taking Bowtie as an example, the cooling-off period for all insurance products is set to start 21 days after the policyholder receives the policy / policy notification* and the cooling-off period notification, whichever comes first. If you haven’t received the policy within 9 days after the notification issuance date, you should contact the insurance company immediately for follow-up.
Bowtie does not count the day the policy* and cooling-off period notification are delivered as part of the 21 days. Additionally, if the 21st day falls on a non-working day, the next working day will be included. If you successfully cancel the policy during the cooling-off period, you will get a full refund of all premiums paid, including any levy on premiums.
- * meaning the policy wording and coverage, and the policy information page
What are the Procedures for Cancelling a Policy During the Cooling-off Period?
To cancel a policy during the cooling-off period, customers need to contact the insurance intermediary or insurance company directly , and the policyholder can get back all or most of the premiums paid.
For Bowtie customers, simply Login to the Bowtie personal platform , select “Cancel Policy,” and submit a signed letter or notification. We’ll handle the application and refund the premiums as soon as possible.
2 Situations Where the Cooling-off Period Doesn’t Apply
Keep in mind, for Bowtie insurance policies, the cooling-off period doesn’t apply in the following situations:
- The insured has already received or will receive compensation under the policy
- At the time of renewal
Cancelling After the Cooling-off Period
Generally, customers need to contact the insurance intermediary or insurance company in advance , but you won’t get back the premiums paid.
For Bowtie insurance products, if you want to cancel after the cooling-off period ends, you must notify Bowtie at least 30 working days in advance. Here’s how:
- Login to the Bowtie personal platform
- Go to “My Coverages,” and view “Policies and Plans”
- Select the policy you want to cancel and click “Policy Details”
- Click “Modify Policy,” then “Cancel Policy.” Once you confirm, the policy will officially end on the next premium due date.
Bowtie Products: NO Saving Elements, Pure Protection!
Bowtie understands that as people reach different life stages, their protection needs might change, so it’s only natural to adjust your insurance mix.
In the current insurance market, many products come with a savings element, meaning you might have to pay premiums for over 10 years right from the start, and you can’t stop midway—or you risk losing money. When buying these types of products, it’s wise to take full advantage of the cooling-off period; miss it, and you could be stuck for at least a decade.
However, Bowtie only offers pure protection products, so you won’t be swayed by return factors. Instead, you can freely select coverage that fits your age and life stage. Check out all Bowtie products right away.
| Bowtie Insurance Products | Bowtie VHIS Series | Touch Wood Protector | Bowtie Term Life | Term CI | Bowtie Cancer Fighter |
| Main Coverage Scope | Specified diagnostic imaging tests, doctor fees, surgery fees, and other inpatient medical insurance | Treatment due to accidental injury | Death compensation | Specified early critical illnesses and severe critical illnesses + 4 additional coverages | Medical services required due to covered cancer |
| Compensation Method | Actual reimbursement of inpatient-related expenses | Actual reimbursement, lump-sum compensation | If the insured passes away, a lump-sum death benefit will be paid to the policy beneficiary | Lump-sum compensation of the sum assured | Actual reimbursement |
| Sum Assured |
| HK$420,000/year | HK$200,000 to 20,000,000 | HK$100,000 to 4,000,000 | HK$1,000,000 – 4,000,000 |
Bowtie Has No Lock-In: Annual Renewal Lets You Adjust Policies as Needed
Unlike Bowtie’s annual renewal approach, many insurance companies only offer renewal every few years. This means if you need to change your coverage, you’re stuck waiting until the renewal period (which could be years away), so you’d better think it through during the cooling-off period.
But with Bowtie’s annual renewal, you can cancel your policy anytime based on your needs, with no lock-in clauses or extra fees, so there’s no rush to decide within the 21-day cooling-off period.
Get a Quick 1-Minute Check on Your Eligibility for Bowtie VHIS!
Thinking about switching to Bowtie, but unsure if your current health condition qualifies for Bowtie VHIS? To help, we’ve compiled the most common underwriting results for 26 types of diseases, so you can complete a preliminary underwriting test yourself. In just 1 minute, you can get a quick idea if your health status can be covered!
Click here to take the Bowtie VHIS preliminary underwriting test
Please note:
- This assessment is only for a single health condition and is a preliminary result, not the final underwriting decision or guarantee.
- If you have more than one health condition and wish to apply for our VHIS plan, we recommend you complete a health questionnaire for a detailed assessment.
- The final underwriting decision will be based on the complete health declaration.
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