Termination of life insurance - bank refuses consent

Would a contribution exemption possibly be an option? If so, then it would need to be examined what consequences this would have.

Yes, it is clear that the return would be better. I want to get rid of the high monthly burden. Since my wife became unemployed, things have become a bit tight. I don't know if I can manage that for the remaining 3 years. And if I had to finance urgent new purchases (e.g., a car) with a loan, the return would probably be completely gone.....

Would the bank have to agree to a suspension of contributions? Or can they also refuse? It can't be that I have to submit an affidavit first in order not to have to continue paying.

Would the bank have to agree to a premium exemption?
Or can it also refuse?

If that is even feasible, it will probably have to agree, because otherwise you could have set it to premium-free when the sum was not yet sufficient to repay the loan. As I said, you should also consider possible consequences (loss of insurance coverage?/tax exemption of the payout?/additional costs?). Because this could also reduce the return.

Try to have a direct conversation with the bank again. Maybe LV 2 would be more suitable for cancellation or premium exemption, since LV 1 already covers everything.

Yes, I will talk to the bank again. Which insurance to set to premium-free – so 1 or 2 – doesn't matter to me. Both premiums are similarly high. Insurance 2 only runs for about 18 months longer.

So the bank may refuse to terminate the loan agreement early because there are fixed terms. Even if the amount is included in the [LV´s]... This was definitely taken into account when the loan agreement was made, probably an even higher amount was planned here.

The bank must agree to the release, but can still say "no" even if it doesn't make sense for us. But the banks count on this money and operate with it. These are calculated calculations of the banks, here you can only hope for the bank's goodwill. However, one should not be angry with the bank if it says "no," because as I have already written, it is a business enterprise and otherwise incurs a loss, which they have already done with the [LV] since the bank expected more here as well.

Why did the bank make a loss with the LV? They only get the outstanding loan amount repaid from it anyway. The rest belongs to me anyway. No matter how much credit I would cancel the insurance with, the bank always only gets the open €45,000. Bank and Versicherungsgesellschaft are two different companies. They have nothing to do with each other.