FAQ about participating in the VKI collection campaign for impermissible life insurance costs - all important information for policyholders.

FAQ about participating in the VKI collection campaign for impermissible life insurance costs - all important information for policyholders.

According to a report by consumerlaw.at, Some consumers may be faced with the question of whether they can participate in a life insurance collection campaign. The action aims to reclaim inadmissible cost deductions from insurance companies. Many questions arise as to whether certain types of life insurance or contract periods are eligible for participation.

In principle, premium-priced future provisions and classic life insurance are eligible for the campaign. On the other hand, pure death and pension insurance, life insurance before 1997 and contracts concluded after 2006 are not eligible to participate. It should be noted that the impermissible cost deductions are roughly estimated to be between 7 and 13 percent of the premium amount paid, which can mean significant financial damage for consumers.

There is a risk of significant financial loss, particularly in the case of early repurchases of classic life insurance policies, which is why early termination due to participation in the campaign is not recommended. It should also be noted that for contracts before 1997 or after 2006 there is no legal basis for argumentation for participation in the campaign.

Overall, it is expected that the class action will have an impact on the insurance market and the insurance companies affected, particularly with regard to transparency and the nature of cost deductions. Consumers could benefit from possible financial compensation, while insurance companies could face clawbacks. So it remains to be seen how the situation will develop and to what extent the collection campaign will influence the industry.