Insurance

Use the withdrawal joker and get a lot of money from your life insurance

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Use the withdrawal joker and get a lot of money from your life insurance. Entrepreneurs can recall contracts concluded between 1994 and 2007 for endowment or pension insurance under certain conditions. That frees up a lot of money for professional new investment.

Entrepreneurs in Germany enjoy many rights, but also obligations. Because they generally have no claims from the statutory pension insurance, they are dependent on private provision for old age. To do this, they often use banking and insurance products, so-called capital life and pension insurance. They want to build up a fortune to secure their retirement financially.

Germany is a country of life insurance

Current figures show the importance of this concept. At the end of 2016, there were 89.3 million contracts with life insurance companies, pension funds and pension funds. Pension insurance is of great importance, with around 40 million contracts. And in 2016, German life insurers invested more than one trillion euros for their customers for the first time. This emerges from the publication “The German Life Insurance in Figures 2017” published by the German Insurance Association (GDV) in Berlin. Accordingly, the investment portfolio grew by 4.3 percent to 923 billion euros in the past year (previous year: 885 billion euros). In addition, there were around 102 billion euros (previous year: 96 billion euros; plus 5.9 percent) in investments for unit-linked policies.


Germany, so you can see, is a country of life insurance. The self-employed and smaller companies, in particular, are now dependent on a well-structured and functioning private pension scheme. In contrast to upper medium-sized companies, they usually cannot rely on generating a large amount of money by selling their company, from which they can then live adequately in old age. Insurance contracts must therefore meet the highest standards: they must be profitable, flexible and inexpensive.

Callback under certain conditions

However, practice shows that by far, not all insurance contracts are really cheap for the insured. And quite a few entrepreneurs would like to get out of these policies but are concerned that it will cost them a lot of money. There is a solution for that. The Federal Court of Justice has allowed revoking contracts concluded between 1994 and 2007 under certain conditions. In this way, customers are given 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. This also applies to contracts that have already been terminated, from which entrepreneurs can draw additional money. Above all, this relates to incorrect cancellation instructions in the contracts.

In the past, a number of these were wrong, so the withdrawal period runs indefinitely – and can therefore be drawn at any time.

So you can get your money back from life and pension insurance under certain conditions.

The decisive factor here is not to use the money for happy consumption, but to quickly find a profitable, inexpensive and flexible new investment. After all, it is a matter of securing professional retirement in order not to risk any gaps in financial provision.


Manuel Wiegmann is a financial expert and consultant from the complex network of experts with offices and sales staff throughout Germany. His focus is the comprehensive personal protection of his clients. As part of the revocation, he works with an internationally renowned company.

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