Life insurance 3rd pillar

Life insurance 3rd pillar

Why to choose life insurance ?
  Above all, life insurance will secure your financial needs as well as those of your family members. Indeed, who knows what tomorrow will be made of and life insurance can protect you from such uncertainty.
What are the different kinds of life insurance ?
2 kinds of life insurance

  • Pure risk insurance (or death insurance) to protect your family members in the event of the death of the insured individual which will not benefit the insured party during his lifetime and whilst in good health. The pure risk insurance can, however, include disability coverage that will provide an annuity in the event the latter should incur health problems preventing him to work.
  • Mixed risk insurance which, in addition to protecting the family members permits the insured individual to establish savings for himself. In the event of the latter’s death, the beneficiaries of the insurance policy will receive the capital.

In both cases a life insurance will guarantee a capital to your spouse and children to shelter them if the need arises.

What is the difference between a third Pillar and life insurance ?
 The 3rd Pillar, if contracted through an insurance company, is a savings product that will include :

  •  Death insurance to cover your family members permettant de protéger vos proches
  •  Disability insurance to grant you an annuity in the event you are unable to work 
  •   A savings scheme that will guarantee you a retirement benefit plan

 A 3rd Pillar is not necessary a life insurance; you can also open a 3rd Pillar savings account without subscribing to life insurance (which is the case if you go through a bank). Insurance companies, on the other hand, will often propose to include life-insurance if you create a 3rd Pillar account that can be transmitted to your heirs in the event you decease.  

Who is the beneficiary of a life insurance ?
  The contracting party is not a beneficiary of a life insurance. The contracting party is the one subscribing to a life insurance and paying the premium to the life insurance company during the duration of the contract. The beneficiary is the one receiving the capital if the contracting party deceases. The beneficiary will depend on the type of life insurance to which you adhere. Consequently if you contract a 3rd Pillar, the beneficiaries will be your legal heirs, in sequential order :  

  • your spouse or lifetime partner
  • your descendants
  • your concubine if you lived together for at least five years
  • your parents
  • other legal heirs

In the event of an unlimited 3rd Pillar you can designate whomever you chose as beneficiary of the policy. 

Quand devrais-je souscrire un contrat d’assurance-vie ?
On peut souscrire un contrat d’assurance-vie à tout âge (l’âge minimal étant en général autour de 16 ans). Si on pense parfois que tant qu’on est célibataire et sans enfants, on n’a pas besoin d’assurance-vie, c’est oublier qu’il n’est jamais trop tôt pour préparer sa prévoyance. Vous pouvez ainsi ouvrir un contrat 3pilier dès maintenant et vous constituer une épargne disponible pour votre retraite. Si plus tard, vous vous mariez et/ou avez des enfants, vous pourrez les désigner en tant que bénéficiaires du contrat et, en cas de décès, c’est eux qui recevront le capital. De plus, l’assurance-vie va en général de pair avec l’assurance incapacité de gain qui peut être utile à tous les âges de la vie.

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