Life insurances give you the mental satisfaction that your family will get financial support after you die. But millions who concluded a life or pension insurances between 1994 and 2007 didn’t receive correct cancellation policies, in order to know about their rights to object or withdraw their contracts.
How Phil’s idea worked
Phil Sokowicz, a 30-year-old German, was studying international management during that time. He came to know about this incident from his co-founder, whose family member reported that his life insurance was concluded between 1994 and 2007. The insurance company didn’t inform him about his right of revocation correctly.
Phil immediately looked into the matter. Soon he saw tons of similar cases around him. Everyone was complaining about the performance of their life and pension insurances. Phil and his partner wanted to help these people. Together, they started an online portal for legal claims.
This platform helps people to enforce a significant part of their premiums, along with interest, for life insurances with faulty cancellation policies. In most cases revoking your life insurance, instead of terminating it, is the better option, as terminating will only give you your surrender value, which is significantly lower than your premiums paid. Revocation, on the other hand, can reclaim not only your premiums but also an interest amount.
Revoking life insurance policies
Phil aims to help everyone that contacts his team regarding life insurances with faulty cancellation policies. This also applies to terminated and finished contracts also.
He is so confident of his abilities that he promises not to charge any fee if he can’t reclaim your money. Phil’s motto is “no win, no fee.” He only charges a 29.75% commission once he successfully reclaims your contributions.
Time to revoke policies
Over the years, the company has already handled thousands of life insurances, however, they still want time to look into every case in detail. In an interview, Phil said, “It usually takes approximately 12 to 18 months to revoke and reclaim your money. Yes, there are exceptions where insurance companies accept the revocation and make a payment within a few weeks. But we tell our clients to have some patience. We are confident of revoking your policy successfully and give you what is rightfully yours.”
Phil offers free legal checks by cooperating law firms and free calculations for your claim amount. Based on the result, Phil allows his clients to decide whether they want to revoke their contract. Revoking, as Phil says, is more beneficial for clients as they have more chances of getting a significantly higher amount back.