Savings Life Insuranceis a long-term contract that binds the insured and the insurer with specific conditions.However, life often requires changes – from the need for liquidity to the adaptation of coverages according to new priorities.In this article, you will learn the steps to cancel or change the policy, what losses can occur and what are the options to transfer to another plan.

Policy termination procedure

Termination of the insurance is carried out according to an approved administrative procedure:

Submitting a written applicationto the insurer - in an office or online;
Presentation of an identity documentand the insurance policy;
Waiting for an administrative deadline, usually between 14 and 30 days;
Payment of the accumulated amount, if redeemable.

Important:Complete termination may be irreversible and result in financial loss.

спестовна живот застраховка прекратяване

Possible early termination losses

Early termination of the savings policy is often associated with significant losses:

Loss of accrued income– especially in the first 2-5 years of the contract;
Early Termination Fees– according to the terms of the policy;
Lower redemption value- some funds are not refundable.

Example:When a policy is terminated in the 3rd year, only 40-60% of the deposit can be refunded.

✅Tip:Consider whether, instead of termination, it is better to temporarily freeze payments (so-called premium vacation).

How to add or remove overlays?

Changing the coverage in the policy is possible within the contract, through an annex:

Adding new risks– accident, critical illness, disability;
Removal of excess coatings– reduces the premium, but also the protection;
Change of sum insured– according to your needs;
Indexation of amounts– automatic increase according to inflation.

Important:In the event of a significant change in coverage, the insurer may request a reassessment of the health status.

прекратяване живот на спестовна застраховка

🔁 Options to transfer to another plan

If the insurance no longer meets your needs, it is possible to transfer it:

Conversion to another insurance product– e.g.from savings to risk insurance;
Using the accumulated funds for a new policy– according to current conditions;
Transfer between funds(atinvestment insurance);
Negotiating new parameterswith the current insurer in lieu of termination.

💡Tip:Always require written confirmation of the new terms and a simulation of the expected value.

Terminating or changing savings life insurance is an important step that requires careful consideration.It is important to know the terms of the contract, assess the possible losses and explore the alternatives.In many cases, the flexibility of the product allows for adaptation instead of complete discontinuation.Consulting with an insurance advisor can save you time, money and future complications.

Action	What does it include?	Possible consequences
Termination of the contract	Submitting an application, returning documentation, waiting for a deadline.	Loss of yield, sale value below expectation.
Early termination	Early termination of the contract.	Fees, partial capital loss.
Add/remove overlays	Through an annex to the contract, possible health reassessment.	Change in premium, impact on protection.
Switch to another plan	New contract, transfer of accumulated funds, transfer between funds.	New fees, new terms, potential tax effects.

How to cancel or change the terms of a Savings Life Insurance?

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