If you wish to redeem your contract earlier than the agreed time, then you should consider that:
- A period of time, usually 2 years, is determined in the contract where your money cannot be returned. That happens because the companies cover their operating costs and the salaries for insurance mediators.
- The company must refund your money within 30 days from the submitted application for the insurance policy redemption, as it is specified in the contract.
- Check the guaranteed return as it is specified in your contract
- Once per year, ask your insurance company to update you on the respective insurance redemption value
- If the insurance company does not refund your money within 30 days or if they do not pay you the full amount of money you are entitled to claim back, then you must complaint in order to receive your money and also have the company fined by the authorities.