Right to cancel immediately after taking out the contract

General rule

Please note: There are options to cancel the contract immediately after taking it out, but they do not apply to contracts lasting less than 30 days.

• Policyholder's right to cancel (Art. 57, §3)
  • The policyholder has the right to cancel the contract within a period of:
    • 30 days in the case of a life insurance policy;
    • 14 days for other contracts drawn up via a pre-signed policy or application for insurance (i.e. not in the case of an insurance proposal).
  • The cancellation period begins to run from the commencement of the contract;
  • The cancellation puts into effect immediately upon notification thereof;
  • The option to cancel must be expressly mentioned in the policy conditions.
• Insurer's right to cancel (Art. 57, §4)
  • The insurer may cancel any insurance contract drawn up via a pre-signed policy or an application for insurance, within 30 days in the case of life insurance and 14 days for other insurance contracts;
  • The cancellation period begins to run from the date of receipt of the pre-signed policy or application for insurance;
  • the cancellation only puts into effect eight days after notification thereof.

Rule applicable only in the case of distance selling (Art. 57, §5)

Keep in mind that distance contracts (CEL, Art. I.8, 15°) are concluded without the simultaneous physical presence of the insurer and the policyholder. The contract will be deemed to be concluded at the time the insurer receives the policyholder's acceptance.

For this type of contract, both the policyholder and the insurer have the option of cancelling the contract within a period of:

• 30 days in the case of a life insurance contract;
• 14 days for other contracts.

The period begins to run:

• for a life insurance contract, at the time when the policyholder is informed by the insurer that the life insurance contract has been concluded;
• for other contracts, from the day the contract is taken out;
• or from the day on which the policyholder receives the contractual conditions and all additional information, if that latter day is later than those referred to in the first two indents.

Cancellation puts into effect:

• immediately, if it is on the part of the policyholder;
• 8 days following notification thereof, if it is on the part of the insurer.

Please note!

• The right of cancellation does not apply to travel or baggage insurance policies or similar short-term insurance policies with a term of less than one month, or to life insurance policies linked to an investment fund.
• In the context of a distance contract, the general rule may also be invoked.