This is a common question from clients who request our advice, because life insurance has been imposed on them when managing some type of loan.
The reasons why a bank cannot force you to take out a certain insurance are explained in our article CAN THE BANK FORCE ME TO HIRE INSURANCE?, but in this case it is important to know the «Right of withdrawal in life insurance». If for any reason a loan is formalized and in parallel some life insurance is contracted, without the full conviction of the client, the consumer should be aware of their right to cancel that insurance policy.
How is it possible to do it?
Law 50/80 of the Insurance Contract in its article 83.a 1 indicates that within a maximum period of 30 days, since the insurer delivers the definitive policy or the provisional coverage document, the policyholder can terminate the contract without indicating the reasons, without this entailing any penalty and without the insurer being able to oppose the cancellation, since the right granted by the aforementioned article is being exercised. It will have to be done within the stipulated period, after 31 days it will no longer be possible to cancel this way.
If you need advice with your insurance in the Canary Islands, do not hesitate to call us
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