We generally distinguish between two types of life insurance:
Here you pay a contribution and the company bears the risk if something happens to the insured person. This money is lost, which means you will not get it again.
Example: Securing a debt, such as: Mortgages or loans.
In this variant, the contribution is used to save a certain amount, which will be paid after the deadline.
Example: Saving for an apartment or a house, pensions, dues for the children such as. B. Study costs, etc.
We recommend that you do not mix these two types together. It leads to the confusion of the products and brings you no advantages whatsoever.
You pay a certain sum for a certain amount of risk for as long as the risk exists. (Term of the mortgage). If you want, you can also cancel them early (e.g after an inheritance).
With the savings contract you can also see exactly what amount you have already saved and what you will receive later. Again, you can make changes or terminate the contract prematurely. Always assume that the companies use statistics and compile their products accordingly.
It has been proven that life insurance is most frequently terminated after 13 years (in Germany). So the companies offer products that run for 16 years and continue their contributions from the 13th year onwards. So you do not have to pay more for the remaining three years. This is financed from the profit sharing. But if you quit after thirteen years, the funds expire for the remaining three years. Unfortunately, you did not know this before you signed a contract for the next twenty years.
We'll help you with the fine print, so that you can make the right decision.
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