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I recently got a life insurance quote through my employer from an insurance company they partner with. It is " classical mixed life insurance". Is this a good type of life insurance? What are the benefits? Do I need it as a young adult with no mortgage or children?
Hi there,
In Switzerland the term "mixed life insurance" refers to whole life insurance, which lets you build equity or "cash value" to increase the value of your policy while always providing a minimum amount of life insurance coverage.
Whole life insurance policies in Switzerland are typically based on the third pillar of retirement savings (3a or 3b). Assets held in these private retirement savings categories benefit from special tax privileges - with contributions to 3a savings being tax-deductible.
However, you can often earn higher interest rates or investment returns - or pay lower premiums - by getting separate life insurance and savings or investment products.
Best regards from Moneyguru
More on this topic:
Life insurance comparison
3a savings account comparison
