{"id":100708,"date":"2026-08-11T11:42:12","date_gmt":"2026-08-11T09:42:12","guid":{"rendered":"https:\/\/ru.law\/?p=100708"},"modified":"2026-08-11T11:42:14","modified_gmt":"2026-08-11T09:42:14","slug":"ueckkaufswert-rentenversicherung-zu-niedrig","status":"publish","type":"post","link":"https:\/\/ru.law\/en\/ueckkaufswert-rentenversicherung-zu-niedrig\/","title":{"rendered":"Surrender value too low \u2013 Termination, revocation and rescission of the pension insurance"},"content":{"rendered":"

Why cancellation often results in wasted money and when a revocation with reversal of the transaction is significantly more beneficial.<\/strong><\/h2>\n\n\n\n

You want to terminate your pension insurance, but the offered surrender value is far below the contributions paid in? Termination is rarely the only option, and often not the best one. In many cases, a cancellation followed by a reversal of the contract is more financially advantageous. Rogert & Ulbrich will review your contract and show you which path is right for you.<\/p>\n\n\n\n

Why the buyback value is often so low<\/strong><\/h2>\n\n\n\n

Anyone who cancels a pension insurance policy receives the surrender value. According to Section 169 of the German Insurance Contract Act (VVG), the insurer owes this amount, but especially in the first few years, it often falls significantly short of the total premiums paid. The main reason for this is the initial setup and distribution costs, which are deducted from the premiums at the start of the contract.<\/p>\n\n\n\n

A cancellation fee is often added. However, such a fee is only permissible if it is effectively agreed upon and reasonable. The reimbursement of closing costs is also subject to limits.<\/p>\n\n\n\n

The courts have repeatedly criticized opaque clauses regarding cost allocation and cancellation fees, and have recognized a minimum surrender value for certain contract years. Therefore, whether the amount offered to you is calculated correctly is often a question of... Contract interpretation and breaches of duty<\/a>.<\/p>\n\n\n\n

Does the surrender value seem too low to you? Have the calculation checked before you sign anything.<\/p>\n\n\n\n

Termination: quick, but usually with a loss<\/strong><\/h2>\n\n\n\n

Termination is the most common way to get out of a pension insurance policy. According to Section 168 of the German Insurance Contract Act (VVG), you can terminate the contract with proper notice and then receive the surrender value. The advantage is the quick availability of the money; the disadvantage is the often considerable loss.<\/p>\n\n\n\n

Before you cancel, it's worth considering an alternative: a premium waiver according to \u00a7 165 of the German Insurance Contract Act (VVG). With this option, the contract remains in effect, but you no longer pay premiums. The accumulated capital is preserved and later paid out as a reduced pension. This way, you avoid the immediate loss due to a low surrender value if you simply want to eliminate the premium burden.<\/p>\n\n\n\n

Therefore, cancellation should never be the first, but rather the last step considered. Beforehand, it's essential to determine whether a revocation or a contribution waiver is more advantageous.<\/p>\n\n\n\n

Are you considering resigning? First, have it checked whether there is a more financially viable alternative.<\/p>\n\n\n\n

The right of withdrawal and the perpetual right of withdrawal<\/strong><\/h2>\n\n\n\n

The second option is cancellation. Life and pension insurance policies have a right of cancellation (\u00a7 152 VVG). However, the cancellation period only begins if you have been properly informed about your right of cancellation and have received all the necessary contract documents.<\/p>\n\n\n\n

If the cancellation policy was incorrect, the right of cancellation can remain in effect for years after the contract was concluded. In practice, this is referred to as a perpetual right of cancellation. Many contracts from the years of the so-called policy model contain incorrect cancellation policies. However, there are limits: In certain cases, the right of cancellation may be forfeited. Whether cancellation is still possible in your case therefore depends on the specific cancellation policy and the circumstances.<\/p>\n\n\n\n

We have been successfully pursuing this consumer protection policy for years, including in the banking and capital market law<\/a>, where defective cancellation policies are a familiar issue. The same principles can be applied to life and pension insurance policies.<\/p>\n\n\n\n

Do you suspect a faulty cancellation policy? Have your documents checked to see if a cancellation is still pending.<\/p>\n\n\n\n

Reversal of the transaction: what you will get back<\/strong><\/h2>\n\n\n\n

Unlike a simple cancellation, a valid revocation doesn't just give you the surrender value; the contract is reversed. You then generally receive your paid premiums back, less a portion for the insurance coverage you actually received, plus any profits the insurer made from your money.<\/p>\n\n\n\n

This usage-based portion can make all the difference. Over many years, it accumulates, so that the cost of reversing the contract can be significantly higher than the repurchase value. However, revocation is not a universally advantageous option. For short contract durations or low usage, the difference may be minimal.<\/p>\n\n\n\n

Therefore, before making any decision, it's worth doing a comparative calculation: What are the benefits of the buyback value, and what are the benefits of reversing the transaction? Only then can you assess which option is better for you.<\/p>\n\n\n\n

Want to know which is more profitable? Compare the buyback value and the reversal of the transaction.<\/p>\n\n\n\n

Cancel or revoke? The comparison<\/strong><\/h2>\n\n\n\n

Which path is the right one depends on the individual case. This guide will help:<\/p>\n\n\n\n