Representative Survey on Life Insurance Policies:
Two-Thirds of Policyholders Not Sure What They Should Do
Nearly 80 percent of all Germans have little to no confidence in their life insurance policy and believe they have been poorly advised. We’re here to help – with our free and non-binding initial assessment, we cut through the confusion surrounding consumers’ insurance policies.
For many years, life insurance policies were one of the most popular methods to save for retirement, with German residents taking out more than 80 million life insurance policies.
Yet the guaranteed interest rates and yields have been declining for years and the insurance companies want to get rid of their old policies sooner rather than later. As a representative survey conducted in February on our behalf shows, this is reflected in a massive loss of confidence in life insurance policies on the part of consumers.
Loss of Confidence in Life Insurance Policies
As such, 79 percent of those surveyed reported that they have little to no confidence in life insurance policies and are holding the insurance companies accountable. A total of 62 percent believe that they have been deceived and poorly advised by the insurance companies and their sales promises. In light of the ever-increasing number of negative reports in the media, many policyholders – particularly elderly policyholders – feel completely abandoned and unsettled.
Consumers Feel Deceived by Life Insurance Companies
Nearly two-thirds of respondents (63 percent) are currently unsure of how they should respond to the developments related to life insurance policies and do not know who can help. A total of 30 percent would even be willing to sell their life insurance policy at a loss.
This demonstrates that there is significant demand for free consulting services, because consumers have a variety of options available when it comes to how to respond to the current crisis affecting their life insurance policy. This particularly applies to policies that were taken out in the years between 1995 and 2007. In this case, a ruling by the European Court of Justice in 2014 gives these policyholders the ability to rescind their policy and still participate in the insurers’ profits from this time.
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“The results of the study show just how much consumers feel abandoned by their life insurance companies,” said Fabian Keller, CEO of FACTO Financial Services AG: “This is why we here at FACTO are helping consumers assert their rights and showing them within the scope of a free initial assessment just what doors are open to them when it comes to rescinding their policy.”