CJEU Confirms Unit-Linked Life Assurance Contracts Are Insurance Contracts

Mr Lorenzo Gonzalez (the "Applicant") acquired a unit-linked assurance product, after concluding the contract at his workplace.  The contract was for a unit-linked life assurance policy where the monthly premium was invested in various proportions into investment funds. 

After a few months, the Applicant wanted to exercise the right of cancellation of a consumer contract concluded under the Directive.  The respondent refused, however, to allow him to do so.

The CJEU noted that the Directive contained a specific derogation for "insurance contracts". Therefore, the CJEU was required to analyse whether the financial product acquired by the Applicant fell within the definition of an "insurance contract".