Numerous independent reports have already proven that unit-linked life insurance has no benefit for customers, apart from much higher costs.
Schaanwald (OTS) – Erste Allgemeine Schadenshilfe AG (EAS) once again warns urgently about the risks of unit-linked life insurance policies based in Liechtenstein. The focus is particularly on Vienna-Life Lebensversicherung AG, Swiss Life (Liechtenstein) AG (formerly CapitalLeben), Fortuna Lebens-Versicherungs AG, Quantum Leben AG, Liechtenstein Life Assurance AG and PrismaLife AG, which have been selling corresponding products for years and numerous Confronting customers with significant losses.
High costs, low returns
“The administration costs, fees and commissions for unit-linked life insurance are so high that at the end of the day there can be no return at all”
said EAS board member Manfred Rädler.
Losses at Liechtenstein insurance companies were inevitable
Especially when it comes to products from Liechtenstein, policyholders are usually touted the many advantages of the Liechtenstein financial center and are advertised with promises such as insurance secrecy, bankruptcy privileges and supposed tax advantages. Customers expect corresponding returns and income, but the reality is completely different. Due to the provisions of FATCA, payouts from life insurance policies must be disclosed and, historically, Liechtenstein life insurance products have been burdened with exorbitantly high costs. As a result, exactly the opposite occurred – namely a huge loss instead of the forecast returns. There is therefore no reason to invest in Liechtenstein life insurance.
- An example: A married couple paid EUR 60,000 into CapitalLeben, now Swiss Life (Liechtenstein) AG (policy number 4302/004006), in 2008/2009; the value in 2023 is EUR 10,893. Although the life insurance was canceled, this amount has not been paid out to date.
“From our experience of numerous injured party cases, we can say that the majority of losses, adjusted for inflation, amount to between 40 and 70% of the paid-in capital.”
said Rädler.
Successful lawsuits from injured parties
Due to its headquarters in Liechtenstein, the litigation financier EAS has focused in recent years on lawsuits against insurance companies based there: Vienna-Life Lebensversicherung AG, Swiss Life (Liechtenstein) AG (formerly CapitalLeben), Fortuna Lebens-Versicherungs AG, Quantum Leben AG, Liechtenstein Life Assurance AG, PrismaLife AG and many more. “Due to our many years of experience in Liechtenstein with successfully conducted lawsuits, profitable settlements for the injured parties, as well as several independent legal opinions, we advise, especially now in this more than ever uncertain financial market situation, that policyholders claim their damages.”
affirms Rädler.
Through collections of decisions, reports, judgments and years of know-how, customers have been able to successfully claim significant losses from unit-linked life insurance from the insurance companies. In the past ten years, the EAS has financed hundreds of lawsuits and successfully claimed back and enforced damages in the double-digit million range against the insurance companies – especially in the case of inadequate instructions.
Those affected should act now
Those affected should not waste any time and contact the EAS. After a free review of the case, those affected receive an offer to finance legal costs and an objective statement on the chances of success.
Only if the damage claims are successfully enforced does a contractually agreed share go to the litigation financing company. With professional support from EAS, you can get the maximum return from life insurance.
About the EAS
The litigation financing company, Erste Allgemeine Schadenshilfe AG - EAS for short – was founded in 2005 and specializes in supporting injured capital market investors. Thanks to many years of experience in the insurance and capital market sectors, the independent experts at EAS know how to assert claims against insurance companies and banks.
The EAS has been successfully advocating for the interests of those affected by unit-linked life insurance for 10 years. A team of experienced capital market experts and lawyers aims to recover losses suffered and help affected customers obtain justice. The majority of the damages claimed will go to the plaintiffs if representation is successful. A contractually agreed portion remains as EAS’s commission to cover process costs.
The EAS is currently financing more than 500 claims for damages and legal protection coverage against banks and insurance companies in the DACH region and Liechtenstein. The damage amount is over 25 million euros.
Questions & Contact:
Board member Ing. Manfred Rädler
First General Damage Assistance AG
Vorarlbergerstraße 37
FL-9486 Schaanwald
Principality of Liechtenstein
office@schadenshilfe.com
Tel.: +423 377 1700