Terminating a 3a Life Insurance Policy From Swiss Life

Hello,

I have a 3a+ policy from Swiss Life. I would like to quit the policy and move my 3a savings to a 3a savings account but I do not want to make a loss on the move.

How should I go about terminating my life insurance policy so that I do not lose any of my retirement savings?

I would appreciate any tips you can offer.

Thanks.

When you say a 3a+ policy from Swiss Life, are you referring to the Swiss Life Accountplus which uses a 3a savings account from Swissquote?

Or is it a securities-based investment account? Securities have performed well for the past years, so you should not likely make a loss.

In both cases you should be able to simply close the account and move your 3a assets to another 3a saving or investment solution.

If you have a 3a life insurance policy then terminating it without making a loss will be difficult.

>I have a 3a+ policy from Swiss Life. I would like to quit the policy and move my 3a savings to a 3a savings account but I do not want to make a loss on the move.

Too late, you should've read what you were getting into when you signed up for that policy, this is a buyer-beware country with strong banking/insurance lobby, so unfortunately for you this rip off is fully legit. Time to pay for your mistake.

We at moneyland.ch generally do not recommend any form of whole life insurance (such as the "savings insurance" and "mixed life insurance" offered by Swiss insurers). The reason for this is that the premiums include high administrative charges in addition to the real cost of life insurance and the contributions to cash value (equity).

Some insurance salespeople market whole life insurance products using the claim that these can help you save money on taxes. However, for the vast majority of individuals, the possible tax benefits of whole life insurance are marginal.

Taking out term life insurance (if you need life insurance coverage) and saving using an interest-bearing savings account or 3a retirement account cuts out the cost of administrative fees. For those with higher risk tolerance looking for possible higher returns, 3a retirement funds provide an alternative to 3a retirement accounts.

The moneyland.ch life insurance comparison only includes term life insurance policies. You can compare the interest rates of savings accounts using the moneyland.ch savings account comparison and 3a retirement account comparison. You can compare major Swiss retirement funds using the moneyland.ch retirement fund comparison.

Best regards from Moneyguru