In what cases can you get your insurance money back?
Posted: Wed Feb 19, 2025 5:38 am
If the policy has already been issued, the borrower has the right to return the insurance premium - partially or in full. For contracts concluded after the adoption of amendments to a number of laws in 2020, updated rules apply. For example, in case of early repayment of a loan, borrowers can return part of the funds spent on financial protection. Money was returned before, but not always: much depended on the terms of a specific contract. In addition, banks now have the opportunity to raise the rate after the conclusion of the contract if the client refused financial protection or did not pay for the policy within 30 calendar days.
Refund of loan insurance is possible if the following conditions are met simultaneously:
the insurance contract was slovenia mobile database concluded voluntarily;
the insured event under the contract did not occur;
the policy was issued before September 1, 2020.
The last condition applies to those cases when the return is issued after early repayment of the loan.
In general, the possibility of returning insurance depends on when the client applies for money: within 14 days from the date of purchase of the policy, in case of early repayment of the debt or after the loan is closed.
If less than 14 days have passed since the purchase of the policy
When applying for voluntary insurance, bank clients have the opportunity to withdraw money within 14 days from the date of the policy's commencement. This period is also called the "cooling-off period". Before its expiration, the borrower has the right to receive the full amount of the paid insurance premium.
Refund of loan insurance is possible if the following conditions are met simultaneously:
the insurance contract was slovenia mobile database concluded voluntarily;
the insured event under the contract did not occur;
the policy was issued before September 1, 2020.
The last condition applies to those cases when the return is issued after early repayment of the loan.
In general, the possibility of returning insurance depends on when the client applies for money: within 14 days from the date of purchase of the policy, in case of early repayment of the debt or after the loan is closed.
If less than 14 days have passed since the purchase of the policy
When applying for voluntary insurance, bank clients have the opportunity to withdraw money within 14 days from the date of the policy's commencement. This period is also called the "cooling-off period". Before its expiration, the borrower has the right to receive the full amount of the paid insurance premium.