[ITEM 2] QUESTION: Can I refuse bundled insurance?

Refusing bundled insurance coverage when signing a loan agreement is the legal right of every borrower, unless the insurance is a mandatory requirement by law, such as mortgage collateral insurance. Today, financial practice includes a so-called cooling-off period. This is the official timeframe during which a citizen can terminate a voluntary insurance contract and receive a full refund of the paid premium, or with a small deduction for the days that have actually passed.

To successfully refuse an unwanted policy, you need to carefully review the loan documentation and find the clause regarding the cooling-off period. Usually, the legally established period is from 14 calendar days, but some insurance companies voluntarily extend it to 30 days or more. Do not delay submitting your application, as missing even a single day deprives you of the right to an easy refund.

To properly document your refusal, follow these steps:

After submitting the documents, make sure to check with a bank or insurance company employee on how the refusal of insurance will affect your interest rate. Some loan agreements contain clauses about recalculating the rate upward if the insurance agreement is terminated. Compare the amount of the monthly payment increase with the refunded insurance amount to ensure the financial feasibility of your decision.