Can I claim my private pension plan early?
October 24, 2023 | 40,00 EUR | answered by Sophia Evers
Dear Insurance Law Attorney,
I hope you can help me with my concern. My current situation is as follows: Several years ago, I took out a private pension insurance to provide for my future. Unfortunately, due to health reasons, I am no longer able to work in my profession and am faced with the question of whether it is possible to access my private pension insurance prematurely.
I am worried because I urgently need financial support due to my illness. Since I can no longer work, I lack the income to support myself. For this reason, I rely on the payout of my pension insurance to cover my ongoing expenses.
Can you please inform me if it is legally possible to access my private pension insurance prematurely? Are there specific requirements I need to meet in order to benefit from an early payout? What steps do I need to take to initiate this process?
I thank you in advance for your help and look forward to your support in this important matter.
Sincerely,
Konrad Jensen
Dear Mr. Jensen,
Thank you for your inquiry regarding the early withdrawal of your private pension insurance due to your health situation. I am sorry to hear that you are unable to work due to health reasons and are in need of urgent financial support.
In principle, it is possible to access a private pension insurance prematurely. However, this depends on the exact terms and conditions of your insurance policy. Usually, there are certain requirements that need to be met in order to benefit from an early payout. These requirements may vary depending on the insurance company and the contract.
A common requirement for the early withdrawal of a private pension insurance is a documented occupational disability. Since you have stated that you are unable to work due to your illness, this could be a possible basis for the early payout of your pension insurance. In this case, you would typically need to provide medical records and reports confirming your occupational disability.
To initiate the process of early withdrawal of your pension insurance, I recommend contacting your insurance company first. There, you can inquire about the specific conditions and necessary steps. It is important to carefully compile all required documents and evidence to correctly process the application for early payout.
Please note that the early withdrawal of a pension insurance may also have tax implications. Therefore, it is advisable to seek professional advice on this matter as well, to avoid unpleasant surprises.
I hope this information is helpful to you and wish you success in applying for the early payout of your private pension insurance.
Sincerely,
Sophia Evers
Insurance Law Attorney
