There is a cancellation fee charged by Collingwood, the intermediary which will be charged if you cancel the policy. You have to cancel the policy if and when the student passes. I called and it was not made clear that the policy couldn't just lapse. So in effect, when you pass they change you £40 for the privilege, and if this in in the last few months of the policy, they also keep 100% of the premium. It's a complete con. When asked for a breakdown of how the £40 they are charging is made up to cover the costs, the advisor refused to provide one. They state everything is clear - just look around for reviews, which, by their number clearly show this is not true.