Don’t Just Cancel Life Insurance. Customers continue to have the opportunity to reverse endowment and annuity insurance. That is much more lucrative than a termination because under certain conditions you will get a lot more money back.
Many experts take a clear stance when it comes to dealing with unpopular endowment and pension insurance: “Please do not terminate your life insurance contract, even if the results are very modest. If you cancel, you lose a lot of money that you have already invested in the contract. There are much better solution to get rid of unprofitable life and pension insurance policies and at the same time to achieve noticeable financial added value!” This is the saying again and again – and one can only agree to this well-meant appeal.
Why? It’s easy to explain: Many endowment and annuity insurance policies can be reversed. This applies to contracts that were concluded between 1994 and 2007, as the Federal Court of Justice has ruled. These regularly contain incorrect cancellation instructions, which means that these contracts can still be cancelled today. Revocation and reversal of the contract are also possible under other conditions. In this way, customers get the opportunity not only to get back all deposited funds but also all fees and interest for the use of the assets by the relevant company. In short: if you pull this withdrawal joker, you can get a lot more money out of your contract than you paid in. This even applies to contracts that have already been terminated.
It is important to only work with a recognized reverse processor who uses complex software to analyze and calculate the customer’s claims and then enforce them against the insurance companies with the help of specialized lawyers. Practice shows time and again that insurance companies and banks are of course not willing to give in to an application for reversal too quickly. Therefore, the road for customers is very rocky and usually not manageable alone.
Holders of such policies should not hesitate to speak to them. The examination with a reputable provider is free of charge, only if it is successful is a fee due, which is usually based on the added value compared to normal termination. Speaking of added value: According to the experience of certain partners for the reversal, these amount to an average of around 12,000 euros compared to the termination. So reversing is a great way to gain financial benefits and get rid of unwanted contracts. The money can then be used for other purposes, such as a flexible and long-term profitable capital investment or start-up financing for a real estate investment.
By the way: An incredible number of contracts could be affected: According to Allianz Insurance, up to 100 million endowment and annuity insurance contracts on the market that were concluded between 1994 and 2007 are defective.
Don’t Just Cancel Life Insurance.