Can I cancel my insurance policy at any time?
December 18, 2022 | 30,00 EUR | answered by Katrin Sontheimer
Dear Insurance Lawyer,
My name is Tatiana Vollbrecht and I have a question regarding my insurance policy. Some time ago, I took out a life insurance policy and I would like to know if it is possible to cancel it at any time.
The current situation is as follows: I took out the life insurance policy several years ago when I was still in a permanent employment. Due to a career change, I am now self-employed and have realized that the premiums for the life insurance policy are a financial burden.
Currently, I am paying high monthly premiums that do not seem appropriate in my current life situation. I am concerned that I may not be able to sustain these premiums in the long term and wonder if there is a possibility to cancel the insurance policy prematurely.
My question to you is: Can I cancel my insurance policy at any time and if so, what are the consequences associated with it? Are there alternative solutions, such as a reduction in premiums or a modification of the contract?
I would be grateful if you could assist me in this matter and provide me with possible courses of action.
Sincerely,
Tatiana Vollbrecht
Dear Mrs. Vollbrecht,
Thank you for your inquiry regarding your life insurance. It is understandable that due to your professional changes and the associated financial burden, you see the need to review your life insurance.
In principle, it is possible to terminate a life insurance policy prematurely. However, this usually has financial consequences. With an early termination of a life insurance policy, you may lose part of the premiums paid or even end up with a loss from the insurance.
Therefore, it is advisable to first contact your insurance company and inquire about alternative solutions. One option could be to reduce or adjust the premiums for your life insurance. This could lead to a more manageable monthly burden for you without necessarily canceling the entire insurance policy.
Another option could be to switch the contract to a more affordable option or to remove additional benefits in order to lower the premiums. It is advisable to seek advice from an expert in insurance law to find the best solution for your individual situation.
In any case, it is important to inform yourself about the possible consequences and alternatives before terminating or adjusting the contract in order to avoid any financial disadvantages. I recommend that you promptly contact your insurance advisor or an insurance law attorney to work together on finding a solution.
Please do not hesitate to contact me again if you have any further questions or uncertainties. I am here to assist you in this matter.
Sincerely,
Katrin Sontheimer
Insurance Law Attorney
