Termination
About cancellation
All insurances
Life insurance
Information about cancellation
When can I cancel my insurance?
- At least three months before expiry of the contract
- 14 days after payout in the event of a loss
- In the event of a premium increase by Zurich
- In the event of a vehicle change (see Frequently asked questions)
- When moving abroad
How can I cancel my insurance?
- Using the cancellation form, by email or in writing by mail (not registered)
- Please note the policy number and the effective date
- Important: It is not the date of dispatch but the date of receipt that is decisive
Further information on cancellation provisions can be found in the General Conditions of Insurance (GCI) and in some cases in the Special Conditions that you received with your insurance policy.
Frequently asked questions
My premium is too high. Do I have to cancel or is there another option?
Get in touch with us so that we can find a solution together, for example by adjusting your contract.
What happens if I fail to comply with the cancellation deadline?
If you cancel too late, the contract will in most cases automatically be renewed for one year.
I have changed my vehicle. Can I cancel my insurance outside the cancellation period?
Yes, if you change vehicles, you have the option of taking out a new insurance contract for your new vehicle. You will receive a refund for the premium not used.
I am moving. Can I cancel my insurance outside the cancellation period?
Moving house does not constitute grounds for cancellation. But there is one exception: If you are moving abroad, you can cancel your insurance outside the cancellation period (the date on which you inform your municipality that you are leaving is key). Provide us with your leaving confirmation when canceling.
I am moving abroad. When can I cancel?
If you are moving abroad, you can cancel your insurance outside the cancellation period (the date on which you inform your municipality that you are leaving is key). Provide us with your leaving confirmation when canceling.
Do I always get my premium back on a pro rata basis after cancellation?
Normally, yes. But there are two exceptions: In the event of a claim in the first insurance year or a total loss, no refund is provided.
What should I do if I want to switch to Zurich?
Calculate your quote online and conclude the contract. Or call us (0800 80 80 80). We will be happy to help you.
Alternatives to cancellation
- Do you have a problem with payment? No problem – take a premium break, reduce the savings contribution or convert your life insurance into a paid-up insurance.
- Do you need money? Make a partial surrender and continue your life insurance with the reduced sum insured at the same conditions.
- Or you can apply for a policy loan from your 3b policy at the attractive interest rate of 2.0% and continue your policy unchanged. This is not possible with policies of the restricted pension plan 3a.
- Do you need additional security? If you pledge your life insurance policy to your mortgage bank, you will reduce the loss incurred at the time of repurchase and defer the Pillar 3a capital outpayment tax until later.
- Think you don't need a third pillar anymore? Find out if this is the case – with our free retirement provision check. You can do this online or contact us by phone.
- No longer entitled to Pillar 3a? Easily convert your policy into a Pillar 3b unrestricted pension plan and continue to benefit from the previous conditions.
More details
Benefit from a premium break
Pause the savings component for a maximum of three years and still retain risk coverage. Your risk premium is debited directly from your contract balance (if at least CHF 5,000 is available).
Take advantage of a premium reduction
If your budget becomes smaller, you can also adjust your premium. However, if you make smaller deposits, your payout at the end of the insurance will also be reduced.
Make your insurance premium-free
In the case of a paid-up conversion, your existing savings capital continues to earn interest until the insurance expires, but without insurance coverage in the event of disability.
Withdraw some of the money
In principle, a partial withdrawal of at least CHF 5,000 is always possible under Pillar 3b. In pillar 3a, the partial withdrawal must be used for owner-occupied residential property or for a purchase within your occupational retirement provision.
Take advantage of the policy loan
If you decide to take out a loan on your life insurance policy, the policy remains unchanged in the background and remains invested or continues to actively earn interest. Consequently, interest incurred on the loan is payable to Zurich.
Pledge your insurance
A pledge is an elegant solution, for example, when buying a home, that provides the mortgage lender with additional security.
Carry out the retirement provision check
The retirement provision check tells you how well you and your loved ones are covered in case you or your partner should experience a long period of illness, have an accident or die. Zurich offers this service free of charge.
Change from 3a to 3b
We open a second policy in Pillar 3b and distribute the currently guaranteed maturity benefit proportionally between the two policies. There is no disadvantage for you and the conditions (interest and costs) remain unchanged.
What are the tax consequences? Withdrawing from Pillar 3a results in taxation on income.
What do I have to consider when canceling?
Here you find useful information concerning termination of your life insurance.
When a 3a insurance policy can be terminated
The statutory reasons for canceling Pillar 3a in accordance with the BVV3 law.
Exercise caution when surrendering life annuities
Current life annuities are taxable as income at the time of redemption and can therefore trigger a massive tax progression.
Choose the right time for the payout of the single premium
Pillar 3b capital-forming life insurance policies that were financed with a single premium only have a tax privilege on the investment income if payout takes place after the 60th birthday and the contract has lasted at least five years for classic capital-forming and at least 10 years for unit-linked insurance policies. The policyholder must also be an insured person.
Losses are possible if redemption takes place too early
Capital-forming life insurance has what is known as a surrender value, which is not always the same as the savings deposits made. The costs of concluding and managing the policy are incurred primarily in the first few years after the policy commences. A surrender can result in high losses then.
The retirement provision check shows you what's what
Are you sure that you are actually sufficiently insured via your employer in case of illness, accident or death? These cases are rather rare – therefore we recommend our free retirement provision check. You can do this online or contact us by phone.
Limitations on pledging
If you have pledged your policy, the pledgee must agree to any contractual adjustment or cancellation of a contract and must provide us with written confirmation.
Questions and answers
How can I cancel my life insurance?
It depends entirely on your individual situation; completely different documents may be required depending on the contract. The best thing is to give us a quick call or fill out the contact form. We will be happy to provide you with information on your options and work with you to find the best solution for you.
In principle, however, the life insurance can be canceled by sending a written order to Zürich Lebensversicherungs-Gesellschaft AG, Postfach, 8085 Zurich.
What do I have to consider when canceling?
The legal grounds for canceling Pillar 3a in accordance with the BVV3 regulation, but also a possible loss on surrender, because in the first few years after taking out the policy, the acquisition and administration costs often cannot not yet be amortized with the income and surpluses.
What must be taken into account when buying a home?
If you would like to use the capital you have saved to finance your home ownership, we recommend that you contact us: There are often alternatives to cancellation that are more advantageous for you: Surrendering the life insurance policy can result in losses. Particularly if you are buying your own home, you can also make a partial withdrawal from Pillar 3a or pledge your policy – this allows you to retain unlimited risk protection.
What happens to the term life insurance policies included upon cancellation and what must be taken into account when buying a home?
If you do not explicitly indicate otherwise, the term life insurance policies will also be canceled. In most cases, however, you can keep them at the main tariff.
We recommend that you first check your situation through a free retirement provision checkup. You can do this online or contact us by phone.
Does it make sense to change life insurance provider?
Always check critically whether it makes sense to change insurance: If you cancel your contract in the first few years after signing, you may incur high losses because the signing and administration costs are incurred mainly at the beginning. The new contract will probably also incur costs again – so you would lose out twice. Also check whether your existing life insurance policy performs better than the new one. Another important thing: If you took out your policy before January 01, 2016, you will still receive a higher guaranteed technical interest rate on this policy than today.
What can I do if I am experiencing a financial bottleneck or will experience one soon?
If you are experiencing a financial bottleneck, we will be happy to help you. In such situations, you can apply for a deferral of payment, take a premium break for certain policies, arrange for a reduction of the premium or apply for a partial withdrawal, a policy loan (pillar 3b) or the paid-up conversion of your life insurance. The premium break may last up to three years. In the meantime, you have full risk cover, which is financed directly from the contract balance. At the end of the break, the contract is continued under the original conditions. Do you have any questions? Give us a call. We will be happy to assist you.