Can I cancel my occupational disability insurance retroactively?
January 7, 2024 | 40,00 EUR | answered by Sophia Evers
Dear insurance lawyer,
I am reaching out to you with a question regarding my disability insurance. Several years ago, I took out such insurance because I was worried about my professional future at the time. However, my professional situation has since changed and I am considering whether it is possible to cancel my disability insurance retroactively.
I am currently working in a different field and my job is significantly different from the one I was insured for back then. As a result, I no longer see the need for the insurance and am considering whether it would be wise to save on the premiums or find a different insurance solution.
I am concerned that I do not know if a retroactive cancellation is even possible and what consequences would be involved. I do not want to risk any legal problems or financial losses, so it is important for me to have clarity about my options.
Therefore, my specific question to you is: Is it legally possible to cancel my disability insurance retroactively, and if so, what steps would I need to take to do so? Are there alternative solutions that could be considered for me?
Thank you in advance for your support and advice.
Sincerely,
Gerald Eder
Dear Mr. Eder,
Thank you for your inquiry regarding your disability insurance. It is understandable that your professional situation has changed over time and that you are considering the possibility of canceling your insurance. I am happy to provide you with a detailed answer to your question.
In general, it is possible to cancel disability insurance retroactively. However, certain conditions and deadlines must be met. Typically, contracts can be canceled with a notice period of 3 months at the end of the insurance year. It is important that you review the exact terms of your insurance policy to ensure that you meet the cancellation deadline.
If you decide to cancel your disability insurance, you should do so in writing to your insurance company. It is advisable to do this by registered mail to ensure that your cancellation actually reaches the insurer. After canceling, you should request confirmation from the insurance company to ensure that the contract has been properly terminated.
However, there are also alternative solutions that you could consider. One option would be to adjust the insurance policy to cover a different profession that matches your current job. This way, you could still use the insurance to be protected in case of disability.
It is important to seek detailed advice before canceling or changing your contract to assess possible consequences and alternatives. I am available in my online consultation hours to further discuss your questions and support you in the decision-making process.
I hope my answer was helpful to you and I am happy to assist you with any further questions.
Best regards,
Sophia Evers
Insurance Lawyer
