Your rights as a policyholder in Cyprus: what you should know

Insurance is a contract between you and a company that knows far more about its product. That is why the law gives you rights at every stage. You do not need to remember them all: keep this page, and open the article you need when you need it.

Before you sign

• To know who is talking to you. Name, register, whether he or she advises you and for whom he or she acts. → What you are entitled to in writing · Checking the register
• To know how he or she is paid. The nature of the remuneration and, for savings plans, the total costs. → Costs and commissions
• To be asked first. Your needs are recorded before the proposal; for investment products, a suitability statement. → The advisor must ask first
• To have it in writing, free, clearly. In your language, before you sign. → Before you sign
• Not to be pressured or misled. False deadlines, “only with us”, pressure to sign are forbidden. → What is not allowed
• To choose your own policy for a mortgage. The bank accepts equivalent cover from another provider. → Mortgage and life cover

After signing

• 30 days to change your mind. On an individual life policy, with one written notice, and your money back. → Withdrawal
• Copies and updates. A copy of the application with the health answers, updates on changes to the terms, an annual statement on with-profits policies. → The health declaration
• Your personal data. You can ask what data they hold about you. → Medical data and privacy

While you pay

• A late payment does not mean immediate cancellation. Most life policies have a grace period; see how long it is in yours. → Grace period
• To change without losing out. Before cancelling for a new policy, a written comparison and the safe order of steps. → Replacing a policy · Changes to your policy

When something goes wrong

• To complain, and get an answer. First to the insurer or the intermediary, then to the Financial Ombudsman, free of charge. → Complaints and rights
• If you suspect fraud. Money to a personal account or a request for passwords is a warning sign. → How to check who you are dealing with

What you can do now

• Keep this page in your bookmarks.
• Find your policy and the application you signed; if you have no copy of the application, ask for it.
• Send the page to someone who is thinking of signing up for insurance.

General information, not legal advice. For your own case the text of the law and the terms of your policy apply; if something is unclear, ask for a written answer.

Every policy has its own terms. What we write here is general information, not advice; for your own case, what your policy says applies, and it is worth confirming it in writing with your insurer.

AVRASTRO is not an insurer.