Reviews Less warranty in life insurance
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The youth of interest in life insurance accelerates itself. According to a draft Regulation of the Federal Ministry of Finance, life insurers are to be allowed to promise their customers from January 1, 2022 for new contracts a maximum of 0.25 percent annual interest rate.
Currently, the guarantee rate is 0.9 percent. A reduction would have particularly serious consequences for new Riester contracts. The industry therefore calls for a reform. Consumer protectors criticize those from their view to high costs.
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paid own contributions and government allowances must be 100 percent guaranteed at the Riester model. This is required by law. The problem is the cost. The interest rate refers only to the savings share after deduction of closing and administrative costs as well as the contribution for death protection. Only this sum will be interest. If the guarantee of new contracts is 0.25 percent, but because of the costs, there is hardly any insurer to guarantee that future Riester savers will get the paid contributions to 100 percent.
The Federal Ministry of Finance wants to send the draft regulation that the German Press Agency is sent to the departments on this Thursday.
Old contracts are not affected by a reduction in the guaranteed interest - in the technical language of the high-performance interest rate - not affected. The warranty interest rate is part of the interest rate of life insurance, which has dropped in total for some time. He should prevent assistance with warranty promises. They are allowed to offer new customers less, but no longer offer.
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«When the maximum calculation interest rate is lowered and at the same time the 100 percent contribution guarantee is maintained, there are major problems from 2022, which would lead to a defacto funeral of the Riester pension," said the main manager of the German Insurance Association (GDV) , Jörg Asmussen on Wednesday. Necessary is at least one partial reform still in this legislative period. The association has for some time a reduction of the contribution guarantee to 80 percent.
From the point of view of consumer protector Dorothea Mohn, the planned reduction of the guarantee rate «Again clearly, how little insurance is suitable for private pensions." A reduction in the contribution maintenance warranty at the Riester pension refuses poppy. "Thus, consumers would lose twice," said the head of the financial market team at the Consumer Center Bundesverband (VZBV). "If the maximum calculation interest rate drops, then the providers of the products would have to reduce their costs. But they are not ready for that. »
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According to the assessment of the insurance mathematicians of the German actuarial association (DAV), however, most companies will have to retire from business without reform. "Already today, banks do not offer Riester products, the fund companies are increasingly increasing, and according to data from the rating agency Assekurata also offer 40 percent of the life insurers no longer a Riester pension," said DAV CEO Guido Bader.
In view of the interest rates, insurers are becoming increasingly difficult to generate the high commitments of the past on the capital market. Many insurance courses offer no contracts with a classic warranty interest rate.
Because for owners with lucrative old contracts does not change anything in this point, there is still up to 4 percent. The interest rate refers only to the savings share after deduction of closing and administrative costs as well as the contribution for death protection.
First assistance courses have now adopted by the full warranty of the paid contributions. Since the beginning of 2021, new contracts have been a guarantee of less than 100 percent. There are only there, where she has previously prescribed or agreed by law: at the Riester pension and the company pension.
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