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LV revocation

LV revocation

Yves Remelius > Business consulting > LV revocation

Yves Remelius

LV revocation

Since a ruling by the European Court of Justice and subsequent rulings by the Federal Court of Justice, life and pension insurance policies can, after 01.01.1991 and for which the revocation instructions were inadequate can be reversed. This often offers financial advantages over termination.
Prolonged periods of low interest rates pose challenges for many life insurers, which can affect the profitability of insurance contracts and lead to reductions in "guaranteed" benefits, often preventing the tax advantages of these products from being realized.

The most important thing:

  • Whoever is between the 29.07.1994 and 31.12.2012 has taken out a life or pension insurance policy can often still surrender it. 
    From 2005 basic pensions (only Rürup pensions) can also be checked.
  • Many customers were not properly informed when the contract was concluded and can therefore object to the contract.
  • If your objection is successful, you will receive the premiums you have paid in addition to an average added value as compensation for use.
  • In addition, the 'perpetual right of objection' applies, i.e. even terminated or expired contracts can still be reversed years later.

Two years ago, Mr. H. Meier*, 58-year-old managing director of a medium-sized mechanical engineering company, had his life insurance policy with Aachener Münchner was paid out after regular expiry. The payout amounted to the considerable sum of €200,000.

 

However, due to the current legal situation, it is possible to review this process, reverse it if necessary and thus receive additional added value from 30% (these figures may vary depending on the insurance, term, etc.).

 

Mr. Meier contacts us to find out his options. In a detailed initial consultation we discuss together the Options for initiating the revocation of life insurance. As a next step, Mr. Meier will send us all relevant documents, which we will forward to our experienced cooperation partners for an initial assessment.

 

After careful examination of the documents by our experts, Mr. Meier receives a detailed offer from our cooperating lawyers. On the basis of this well-founded analysis, Mr. Meier can make an informed decision as to whether he wants to accept the offer and cancel his life insurance policy.

 

We stand by our customers throughout the entire process and support them in all the necessary steps. We are committed to ensuring that they receive the best possible solution for their individual situation and that their rights as policyholders are safeguarded.

 

(*Note: The names of the customers have been changed by the editors)

Dr. Sabine Erdmann*, 51-year-old head physician at a renowned clinic in the Rhine-Neckar region, has a life insurance policy with Heidelberger Leben that is currently still in force. The current surrender value is €120,000 and the term extends until 2035.

 

Due to the current legal situation, it is also possible to revoke this contract and thus receive additional added value of around 30% (these figures may vary depending on the insurance, term, etc.).
Dr. Erdmann gets in touch with us and In a detailed initial consultation, we will also discuss the options for initiating the revocation of your life insurance. The next step is for Dr. Erdmann to send us all the relevant documents, which we will forward to our experienced cooperation partners for an initial assessment.

 


After careful examination of the documents by our experts Dr. Erdmann receives a detailed offer from the lawyers. On the basis of this well-founded analysis, Dr. Erdmann can now make an informed decision as to whether she wants to accept the offer and revoke her life insurance policy.

 

(*Note: The names of the customers have been changed by the editors)

Here is a summary of the procedure for both cases:

  • Contact our team of experts for a free initial consultation
  • Sending all relevant life insurance documents to our team
  • Forwarding the documents to our experienced cooperation partners for an initial assessment
  • Careful examination of the documents by our experts
  • Preparation of a detailed offer by law firms
  • Customer decision on acceptance of the offer and implementation of the revocation
  • Continuous support and guidance from our team throughout the entire process
  • Commitment to the best possible solution and protection of policyholders' rights

 

If you have also taken out a life insurance policy and would like to find out about your revocation options, please do not hesitate to contact us. We offer you a free initial consultation and are at your side with our expertise.

 

PS: In the end, both customers opted for revocation and each received 30% more of their sum insured.

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