Sorry for the vague title, in case location matters this is done in Europe, Austria. And all of this was handled by the same agent. I will first write down what this is about and then ask the questions.

So, 8 years ago I opted for insurance, costing 70€ per month, (I don't know if the correct term is life insurance but it covers, broken bones, death, staying in the hospital etc.).

5 years ago I got a new job that involved a lot of traveling around Europe and I opted for a new insurance which covered all of Europe for 150€ (this is actually 2 combined insurances of some kind).

Now both of those insurances (the old 70€ and new 150€) are supposedly made with a savings built in (don't know the correct term), so that after x years (I think the lowest being 10) I can get them payed out and get all (or more) of the money back that I paid in.

Now the only way to cancel the first insurance (or put it in sleep) was for me to essentially tell them I don't have any money anymore and I can't pay it, which as it seems worked, otherwise I would need to paying till the 10 year mark.

My agent told me that that money isn't lost but will be moved to the new insurance or I just need to wait till the 10 year mark for it to be paid out (I am sorry it was a long time ago and I don't remember exactly).

Now 2 months ago, I changed banks and my agent told me I should make a new "contract" of sorts over a 3rd party where I pay them and they pay my insurer (this is from my understanding) but for this I needed to open a saving account where I pay another 150€ per month. He told me that at the end, I will get back: the 150€ in the savings account per month x interest + the sum value of everything I was paying into the insurance.

I know several people who worked with this agent and got all of their money out as promised, and I myself broke my leg and arm (2 different occasions) as well as some other injuries from another separate car crash and got a really hefty sum paid out as insurance. I am mentioning this to say that I believe that my agent is truthful.

However, I just need to be doubly sure and hence the questions;

  • Is it ok for me to put the old insurance into "sleep" mode because I said I don't have money to pay for it?
  • Will the first insurance be paid out or transferred as my agent promised?
  • If my second insurance would pay out like the other one why would I need to start another savings account when I switched to the 3rd party "provider"?

In the end the money is not really a issue for me and I got paid out much more already then I would spend on this insurance if I would be paying it for 20 years to come. But I still don't understand those processes at all and would like to know whats happening.

  • This question seems unanswerable without actually seeing your insurance contracts, or at a minimum getting some much more precise information on the specific insurance products you have/have had. There is a lot of grey area in the description of the insurance and recollections of how that insurance was described by various people at various times in response to various events. Can you post anything more precise about your coverage, contract, the type of insurance it was, how you purchased it, etc.? – Upper_Case Nov 6 '18 at 17:28

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