ERGO: Termination of a life insurance policy
In 2011, ERGO insurance had to admit that it had been giving customers notice to cancel for years Life insurance encouraged a new insurance product (accident insurance with premium refund) complete. However, these so-called re-coverage are only attractive for the insurer. The customer usually makes a loss.
The name ERGO is very important in the insurance business. Then when dubious practices in insurance companies, luxury travel and other forms of wasted money come to light, customers are rightly angry. Obviously, the insurer is not that careful with its customers' money. Some draw a line and terminate the collaboration.
ERGO life insurance - early termination is a loss-making business
- Many life insurance policies have been taken out in Germany for years. But every second one is also terminated prematurely. Most of the money paid in so far is mostly gone.
- In general, insurers want to avoid customers simply canceling their policies. Of course, this is especially true in the first few years. Because in these, as a customer, you pay off the commission for the representative with the contributions.
- A life insurance contract should last for at least three years. However, you hardly save. If you cancel, you will receive a surrender value that is less than your deposits.
Termination with one month's notice
- Terminating a Life insurance from ERGO and others is very easy. On your policy you will find the necessary data such as the address of the insurer and the contract number.
- You should have received corresponding account information from the insurer at the turn of the year, where the data is also listed. You cancel at the end of a payment period.
- In general, one month's notice is sufficient. There may be restrictions in that the end of the first year of insurance is stated as the earliest contract termination.
- Prepare an informal letter with all relevant personal and actuarial data. You can send this by rubbing in by post or by fax.
- You can also find pre-formulated ones on the Internet Letter of termination for life insurance.
In Germany, life insurance is one of the most popular options when it comes to ...
Keep away from black sheep on the secondary market
- You do not lose a lot of money if you cancel in the first few years of insurance. Even if you have paid in for many years, the insurer will often try to fob you off with a very low surrender value.
- Selling life insurance on the secondary market can be an alternative. You have to stay away from black sheep, however.
- Only sell if the policy buyer immediately pays more than the insurer. The payment should not take years, because you are taking too great a risk.
You can protect yourself from dubious buyers by contacting the federal Association Informing investments in the secondary market about him. If he's not a member, it's hands off. If necessary, you can ask advice from consumer advice centers.
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