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Transferring your life insurance policy remains an obstacle course

Your life insurance contract does not allow access to billing units? Is his fund in euros very poorly paid? Don’t have access to any online service? The insurance company’s handling of actions is too long? There are many reasons why you may want to transfer your savings to another contract. But the law regulates exactly what is possible to do… and what is not.

Since 2005, the Fourgous amendment has allowed the holder of a mono-subsidy contract (which gives access exclusively to a fund in euros) to transfer his life insurance to a multi-subsidy contract from the same insurance company. In this case, the saver retains the tax priority for his contract.

But be careful, the transfer must concern the entire contract and at least 20% of the capital transferred must be invested in units of account, not guaranteed in capital. Nothing obliges the other side to go for very risky products. Property or heritage trusts can do the trick.

The 2019 Pacte Act (Action Plan for the Growth and Transformation of Businesses) wanted to give savers more freedom. The latter allows the transfer of a life insurance contract without loss of tax priority, provided you remain with the same insurance company. This time there is no longer any investment limit in billing units and the door is open to multi-support contract holders. According to the various players we have surveyed, this is a non-issue: customers are not demanding. Move along, nothing to see!

Also read: Article reserved for our subscribers Rising interest rates shake up life insurance

According to France Assureurs, 236,000 contracts benefited from this option in 2020 and 423,000 last year. “For almost a year, these transfers have been facilitated by the pledge made by the members of France Assureurs in June 2021 to allow their policyholders to take full advantage of this opportunity, boasted France Assureurs in a press release issued in April. They have committed to go beyond the Pacte Act by adopting a mechanism for the automatic and simplified transfer of life insurance contracts when it is the same distributor and the contract is appropriate and complies with the subscriber’s requirements and needs. »

A sea serpent

But on the side of certain brokers, who saw in this development the opportunity to recover contracts from other distributors, but from the same insurance company, they complain! “In reality, some insurance companies are flat out opposed to the transferreports Albert d’Anthoüard, director of private customers at Nalo. Others place the responsibility on the whim of the original broker. » With this online actor, we do not despair. “It’s going to fall into place eventually. hopes Albert d’Anthoüard. I even think we will reach the transfer between insurance companies within ten years. »

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