Calculate the surrender value for the pension insurance
If you would like to terminate a private pension insurance, the question naturally arises as to what amount of money you will get back from the insurer. The amount of money that the pension insurer will pay you is called the surrender value. Without special actuarial knowledge, it will hardly be possible for you to calculate the surrender value or to check it afterwards.
If you have a private pension insurance cancel, the insurer must pay you the capital saved. If you think you have to calculate the payout amount, all you have to do is add your savings interest charges add up, then you are mistaken.
Acquisition costs and running costs burden the surrender value of the pension insurance
- The insurer incurs certain costs before, during and after the conclusion of the contract, which he charges you. So it happens that when you pay the first monthly installment to the pension insurer, you are already in the red with a few hundred euros. This minus only decreases with the following contribution payments. In the first few years, therefore, only a small amount of your contributions are left for saving with interest gains.
- Insurers in the field Life insurance do not show themselves to be very courteous towards their customers in the event of premature contract termination. The Federal Court of Justice has already had to deal with consumer-unfriendly contractual clauses on surrender value and cancellation deduction as well as exemption from contributions and demand changes a number of times. Nevertheless, the calculation of the surrender value for insurance customers remains very opaque.
Entitlement to statutory minimum surrender value
Consumer advocates repeatedly refer to incorrect and inadequate calculations for the surrender value of life and pension insurance.
- Insurance companies only pay out a low surrender value even after years of premium payments. You can express your disagreement with your insurer regarding the amount of the repurchase sum. But you won't achieve much with it due to the actuarial opacity.
- If you question the legality of the surrender value, you must have an insurance specialist examine it. He can also advise you whether it makes sense to file a lawsuit against your private pension insurance.
- At the time of termination, your pension insurance must have been subject to contributions for at least three years. The surrender value of your pension insurance will only increase very slowly over the next few years. Nevertheless, you are entitled to a certain minimum surrender value, which the insurer may unfortunately - depending on the contractual arrangement - reduce.
- However, when calculating the surrender value, your insurer may not include the acquisition costs all at once, but only spread over several years.
In the case of financial problems, the temptation to terminate the pension insurance is often ...
In general, the surrender value is made up of the contributions you have paid plus interest earned and profit sharing minus acquisition costs, ongoing costs of the insurer as well as special expenses for insurance losses.
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