Life Insurance

Misinformed customers can also revoke insurance late

The Federal Court of Justice (BGH) has further strengthened the rights of consumers in a current ruling on the revocation of life insurance: If the customers were not properly informed about their right of objection when taking out life or pension insurance, the one-year limitation period does not apply Years was common (Az .: IV ZR 76/119).

In the specific case, a man had taken out a pension insurance with Allianz in 1998 without having been informed about his right to object. He only received the relevant information with the insurance policy. In 2008, the man wanted to revoke his contract – and this revocation is legal according to the BGH. However, those affected are not entitled to full reimbursement of the premiums and interest they have paid, because they enjoyed the appropriate insurance cover during this time. How much money the plaintiff gets reimbursed in the specific case, the BGH did not decide, but referred the case back to the lower court (here: the higher regional court Stuttgart).

According to estimates, several of the current BGH judgment could Thousands of customers benefit who took out life or pension insurance between 1994 and 2007. However, the German Insurance Association (GDV) emphasizes that not all insurance contracts concluded during this period are automatically affected. On the contrary, the GDV assumes that these are rather exceptional cases and that the large majority have been properly and fully instructed about their right to object.

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