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I was approached by a life insurance salesman who told me that getting a life insurance policy is a good way to save money using the 3a pillar of Swiss retirement savings. So far I have kept my money in a 3a savings account at my bank. Are there any special benefits to investing my money in a life insurance policy instead?
Hi there,
The rules governing 3a retirement savings contributions and withdrawals are identical across all 3a savings solutions includeing 3a retirement accounts, 3a life insurance policies and 3a retirement funds.
There are no special benefits (tax or otherwise) attached to 3a life insurance policies which are not available for other 3a products.
The main difference between using a 3a savings account to save and taking out a 3a life insurance policy are:
1. You are obligated to pay life insurance premiums regularly as per your agreement. If you have a 3a savings account, you can save if and when you choose to, within legal limits.
2. Insurance policies generally come with costs attached. These costs can impact your savings - especially when interest rates are low. Mixed life insurance policies which combine life insurance and retirement savings generally have higher costs than stand-alone term life insurance policies. 3a retirement accounts are typically free of charge and generally pay some amount of interest.
While there are cases where a life insurance policy offers advantages, on the whole these have less flexibility, higher costs and more risk than 3a savings accounts. The average retirement saver will normally save money by saving with a 3a retirement account or (for those with greater risk tolerance) a 3a retirement fund.
The unbiased moneyland.ch 3a retirement account comparison makes it easy to find the accounts which pay the highest interest and have the lowest fees and charges.
If you need life insurance, you can compare policies using the comprehensive life insurance comparison on moneyland.ch.
Best regards from Moneyguru
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