Why is insurance non-refundable after the cooling-off period?

Insurance becomes non-refundable after the cooling-off period due to the immediate benefits provided by the policy.

The cooling-off period refers to a specific timeframe after the insurance purchase during which the policyholder has the option to cancel and receive a refund. However, once this period elapses, the insurance becomes non-refundable.

The reason behind this policy is that certain benefits of the insurance coverage take effect immediately upon purchase. These benefits may include coverage for trip cancelation, trip interruption, or other unforeseen events that could occur before or during the trip. As a result, once the cooling-off period ends, the insurance is considered active and non-refundable.

It is important to carefully review the terms and conditions of the insurance policy, including the cooling-off period, to understand the coverage and refund policies before making a purchase decision.