Below we have compiled our top 10 most important questions for you. Is your question not included? Do not hesitate to contact us!
1. From what date should or can the contract be in order to have a right of withdrawal? The decisions of the Federal Court of Justice and the European Court of Justice relate to the legal situation of § 5 VVG old version This applies to contracts that were concluded in the period from 1995 to 2007. Contracts concluded later can also be revoked. In this context, the provisions of the VVG, revised as of 01.01.2008, on the required quality of the cancellation policy must be observed. Experience has shown that the probability of having a right of withdrawal is lower from 01.01.2008 than before.
2. Does it matter if my adviser instructed me orally in connection with the conclusion of the contract? No, it only depends on the textual version of the instruction in written form. Verbal agreements are not sufficient and will not be considered.
3. Does the life insurance contract still have to be in effect, or can it be non-contributory/cancelled? In its judgment of May 5th, 2014 - IV ZR 76/11-, the Federal Court of Justice ruled, with reference to its judgment of November 24th, 2009, that life insurance policies that have already been terminated can also be reversed if the insurance contract was not terminated before January 1st, 2003 . The contract must therefore not have been terminated or canceled on January 1, 2003. Conversely, this means that all insurance contracts that ended after January 2nd, 2003 can be revoked and subsequently reversed.
4. Do I also get interest reimbursed for the reversal? yes you get Only the amount of interest has not yet been finally clarified. With the decision of the Federal Court of Justice of July 25th, 2015, it stated that the parties have to reimburse the mutual benefits. This also includes “interest” on the capital. According to the BGH, however, the legal starting point is not § 284 BGB (statutory interest rate with 4% pa) or § 288 I BGB (default interest rate with 5 percentage points above the base rate), but § 818 I BGB (surrender of benefits drawn), thus actually that of the insurer achieved “interest” on your capital.
5. Do I get my full payments refunded in the reverse transaction? Yes and no, because when the contract is reversed, the mutual services must be reimbursed. If the insurer has provided benefits for you, you must return them to the insurer. If you have received an assumption of risk (life insurance policies regularly cover part of the risk of death), this must be valued in euros and taken into account in the settlement. This means that the insurer can require you to reimburse you for the value of their insurance benefit, and this value will therefore be deducted from your payment rates. What exactly the insurer may be reimbursed by you has been clarified for the reason, e.g. not the distribution costs or an administration fee.
6. Does my right of objection expire (after one year) if I have paid an instalment? No, not for the contracts in the relevant period from 07/29/1994 to 12/31/2007. The regulation of § 5 II 4 VVG old originally said that the right of withdrawal and depending on the question of whether proper instruction has taken place ends no later than 1 year after the first payment of the premium by the policyholder. In its judgment of December 19, 2013 -C-20912-, the ECJ decided that this legal regulation does not conform to European law and is therefore ineffective.
7. Are contracts concluded according to the policy model valid? Probably yes at the moment. In the most recent decision of the Federal Court of Justice of July 16, 2014, it still takes the view that the policy model does not fundamentally violate the statutory provisions. On the other hand, there is weighty criticism of this legal view in case law and literature. The Federal Constitutional Court recently requested a higher regional court to have this legal issue clarified by the European Court of Justice. It therefore remains to be seen how things will develop further.
8. When do claims from the revocation / rescission of contracts expire? Since the judgment of the Federal Court of Justice of May 7th, 2014 -IV ZR 76/11- it has been established that the provisions of Section 7 II VerbrKrG and Section 2 I 4 HWiG are only applicable to contracts that were terminated by December 31st, 2002 . The above regulations no longer apply to contracts terminated after January 1st, 2003, so that a forfeiture no longer occurs.
9. When do my claims for reversal become statute-barred after revocation? The right to withdraw is a design right. As long as it is not exercised, there are no secondary claims, e.g. for reversal. The right to withdraw does not become time-barred, but could at best be forfeited (see question 8). Only with the revocation does a new (performance) right to reverse the contract arise. This right is subject to the statute of limitations. The 3-year period begins at the end of the calendar year in which the revocation was declared (effective) and therefore runs at the end of December 31st. of the third year following the revocation.
10. What are the differences between pension insurance and life insurance? Annuity insurance does not include life insurance (in contrast to life insurance). As a rule, you will therefore receive back all installments paid if you revoke a pension insurance policy, or the benefit installments paid less the value of the insurance cover if you revoke a life insurance policy.
11. How high is life insurance to be rated? This depends on the age, the sum insured and the risk factors of the insured person. As a rough estimate, you can expect about 5-8% of the benefit rate in death benefit costs.
12. What do I have to consider with fund policies? Basically, unit-linked life and annuity insurance should be evaluated according to the same principles as classic products. However, it has not been decided by the highest court whether the costs of investing or managing the assets of the deposit and investment amount in the insured person's special assets in the case of unit-linked insurance are to be assessed as a benefit of the insurer in the event of reversal, similar to an insurance benefit to cover the event of death. Taking into account the decision of the Federal Court of Justice of 07/25/2015 (in terms of content, a classic life insurance was to be assessed), it can be assumed that the costs of the investment cannot be deducted by the insurer.
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