The financial crisis has so far been largely spared the owners of capital-forming life insurance. Nevertheless, the policies are put to the test: If the returns higher than the cost of credit? If not, you have to act quickly, Financial Advisor Volker Lohmann recommends.
The financial crisis has had an impact not only on bonds and stocks, but also to real estate and insurance. The provider of open real estate funds has suspended the redemption of its shares. In the insurance industry is calm before the storm. The repurchase of capital policies still remains limited, although the unit-linked contracts have been similarly battered as the equity funds.
The banks are in panic
If the owners get their statements at the end of the year, there should be no holding back in some cases, and the Hüpferei of an investment in the next investment will experience highs. With reason everything but has nothing to do with panic there is no cure.
Of these, not only investors, but also lenders are concerned. Banks fear in many cases to their debts and make life difficult for the debtors. They call records of documents to get bad loans on the track, and they require collateral on securities because they are afraid to stand one day in the rain. This leads in some cases, remarkable reactions.
In the dispute with the bank
A lawyer is 57 years old and stands at his local bank with 790 000 euros in debt. Of this, 510 000 euros to the owner-occupied villa and 280,000 euros on an apartment building in Cologne. The ratio of the two parties has cooled in recent years, and it is pointless to debate about who is to blame.
The lawyer has a financial point of difficult years. Therefore, he has paid his rates are not always on time, and occasionally he has covered the private account without notice. That’s pushed sour the bank, and they took revenge in their own way. She has raised interest rates, and it annoys the lawyers with petty demands. At the moment the mood is near freezing because the bank refuses to grant new fixed interest rates for the loans.
The financing of a home is made up of two loans. The mortgage is currently at 320 000 euros and the interest rate of 4.8 per cent is due to expire in the summer of this year. The other type of credit is currently at 190 000 euros and the interest rate of 4 percent applies to 2013.
Zank there in the first place through the first contract. The Bank expects the debt currently at 8.5 percent, and that is the investor belonging to the nerves. He has held several discussions with the customer service, but the credit man is a stubborn head. First, he wants the last tax bills of the freelancer, secondly, it calls for additional collateral, and third, it would be like to actually when the lawyer pack up and go to the competition would. Therefore, he has made the customer the proposal, a large endowment insurance, which has been assigned to the bank as collateral to cancel and reduce the cash surrender value of the debt.
Savings contract terminate, reduce debt
The proposal has arrived not good for the lawyers. The man is indeed a master of cut definition, but with numbers is the customer on a war footing. Therefore, it is no wonder that he can not follow the reasoning of the merchant that the cost of a new fixed-rate mortgage than the yield of the Police BE REDUCED.
Instead, he suspects that the bank wants to enrich the sale of the policy, which runs for 30 years and 2016 will be due in any way. But this is not the case, as the analysis of insurance proves. It makes sense, in fact, to terminate the contract savings and reduce debt.
Insurance is only a savings contract.