The traditional life insurance is nearing bankruptcy: The so-called guaranteed interest rate to 1 January 2017, to less than one percent fall – strictly speaking, to 0.9 percent. Currently, he is still at 1.25 percent. Over many decades he moved but between three and four percent. But steadily falling interest rates on the capital markets brought some generous promises of yesteryear falter.
may not be broken up there, because policy and supervision are unanimous, but millions of customers have built their entire private retirement on the guarantee commitments of the past. For the new customers have to bleed and be satisfied perhaps with 0.9 percent. A proposal to have the Federal Ministry of Finance submitted, it said on Monday. The adjustment reflected the current market conditions. At the same time the reduction set under one per cent a clear signal that life insurers have to calculate their provisions even more cautious.
114 years ago, the guaranteed interest rate was first established. He saw to it that the life insurance for decades became the most popular financial product the Germans. Statistically, every German has more than one contract, more than 92 million policies are made. Only real estate and money market accounts were it still in touch with the life insurance.
Expensive commitments from the past
The principle is simple: the insurance industry collects the money it invests in capital markets and guarantees to the consumer who has to worry about anything, a minimum interest rate that is higher than inflation. This guaranteed interest rate is set by the Federal Ministry of Finance and is valid for any insurer.
While proving one or another provider when investing a geschickteres hands and was able to pay out a little more profit sharing to its customers. But consumers could no matter with whom he had signed, be sure that he out got more at the end than he had previously paid.
However, this guarantees from the past weigh like lead on the insurance industry. In order to gain more space pushing major suppliers such as Allianz, Axa and Ergo their customers in products with loosened promise. This relieves the insurer, since they must in future no longer secure the policies with as much private capital. And that in turn brings them more leeway in the investment, with the expectation of higher returns, which is enough power to serve the guarantees from the past can.
final word of power of the legislature
Other insurers sell, however, the traditional life insurance with a fixed guaranteed interest rate. All requests of financial supervision, to break new ground and to offer other products, faded. The reduction in the guaranteed interest rate under one percent of the legislature speaks virtually a final word of power, by very, makes this product very attractive.
According to panic also became the lobby association of insurance: “the asked for discussion by the BMF lowering of the maximum interest rate from 1.25 percent to 0.9 percent is too far,” said a spokesman for the general Association of German insurers. In industry average, life insurers achieved in the new plant in 2015 of an amount much greater than the maximum interest rate interest rate of more than two percent.
In addition, an adjustment would be 1 January 2017 to the short term as the company would have to calculate their products again. Last year was also a complete abolition of the guaranteed interest rate was considered, even this proposal, the industry had blocked.
-educational effect for savers
So sacred, as many do, the guaranteed interest rate is not more today. Many customers experience a rude awakening when they paid to get their life insurance. Often they get back less money than they have deposited. The combination of high administrative costs, elaborate insurance coverage and the low interest rates on the capital market
remains at the end often left less than promised. So the reduction in the guaranteed yield could even have an educational effect and encourage the Germans to trust himself more in retirement. You might choose, for example, for asset accumulation for cheap fund savings plan to use instead of the expensive life insurance as intransparent purpose weapon.
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