Australia Life Insurance Code of Practice (CALI Life Code) 4.28-4.31: Cooling-off told, refunds within fifteen business days, no retention pressure and reinstatement options explained

What does 4.28-4.31 require?

The policy owner is told about the cooling-off period at purchase. Any refund owed on cancellation under the policy terms is paid within fifteen business days. Customers are not pressured to keep unwanted policies. Where a policy is cancelled for non-payment the owner is told whether reinstatement is available, and discretionary reinstatement may require extra information. Group policies are excluded.