More and more people find themselves in an increasingly difficult financial situation. Rising costs of energy and living are a problem, as is the threat of job losses due to the crisis. Those affected are therefore looking for ways to reduce or eliminate unnecessary expenses. This includes insurance costs. However, canceling existing policies can cause more harm than good. “When you take out insurance it is for a very specific reason: you cannot or do not want to take a certain risk alone. So, before you cancel an existing insurance policy, you should be aware that this risk will be on your shoulders again from now on. The financial consequences can be enormous, especially with life or accident insurance, as in the event of an emergency, not only your own existence depends, but often that of your family as well, “explains Peter Eichler, head of personal insurance. on the Uniqa axis.
Termination can also have negative consequences in the health insurance industry. Because apart from the fact that private health services can no longer be used, the premiums – if the person wants to take out health insurance again at a later date – are likely to be significantly more expensive due to their age possibly. advanced. In addition, the health questions need to be answered again. “Therefore, any cancellation of an existing insurance policy should always be well thought out and be a last resort,” says Eichler.
For all insurance contracts There are alternatives to expensive termination, especially in the case of the endowment life insurance. Advice is important here. “It makes sense to get in touch with our consultants to analyze the situation and explore possible solutions. If possible, we recommend that you continue to pay premiums, because giving up always means losing your insurance coverage. We offer many individual solutions to overcome a problem. The best solution for the client can therefore be found in consulting “, explains Sonja Steßl, managing director of Wiener Städtische.
