Life insurance is one of the favorite investments of the French: in 2019, inflows reached 26 billion euros, bringing the total amount of outstandings to 1,788 billion euros, according to the French Insurance Federation. You wish to subscribe to this type of contract but the steps seem unclear to you? We help you see things more clearly. Review of key steps and important points to consider.
Characteristics of a life insurance policy
Above all, it is important to know your goals . The choice of contract is an essential step in the underwriting process, life insurance contracts being very flexible and varied contracts, it is crucial not to leave anything to chance. You will therefore have to define in advance the expected characteristics of the contract:
the amount of the payment(s),
the amount of the fees,
the supports offered by the contract (certain units of account are only eligible for certain types of contract),
whether or not it is possible to schedule partial redemptions.
You can also choose the management mode according to your profile , so you have the choice between: free management, discretionary management and controlled management.
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Get support in taking out your life insurance
It is quite possible to choose your own life insurance policy, the research will be longer and the result less precise than that of an adviser accustomed to analyzing the needs of his clients.
If you wish to go through an advisor , the choice of contract will be made in several stages. After giving you the engagement letter, the adviser carries out an asset assessment in order to precisely identify your expectations . It will take into account:
Your income, wages, pensions, allowances,
Your savings held,
Your current credits,
Your real estate assets,
Your income growth prospects,
Your marital status and type of marriage (universal community, community reduced to acquests and separation of property),
Your dependent children and adults.
During a second appointment, the adviser offers you his recommendations. Life insurance is one of them, the adviser will objectively give you all his recommendations concerning your investments. If the recommendations suit you, the administrative procedures will begin in order to subscribe to the contract. To benefit from personalized advice, contact one of our 150 expert wealth management advisors.
How to take out life insurance?
Once the contract has been chosen, all that remains is to complete the subscription documents. The signing of the life insurance contract involves the signing and sending of several documents including:
The membership form, it includes basic information about the customer (Name, address, marital status), the chosen beneficiary clause, initial payment and future payments, management options, contract duration, redemption terms (partial/total, from when, etc.) investment vehicles and end date of the contract. This document must be initialed and signed by the policyholder.
A bank account statement . The payment of the initial premium can be made by check or bank transfer according to your preferences. However, you will need an RIB if you want to set up scheduled transfers or at the time of redemption.
Proof of address / tax residence of less than three months.
The electronic signature, which is increasingly common, considerably speeds up administrative procedures. Going through an advisor greatly reduces the number of errors and omissions related to the signing of these documents.
After signing, you will receive a copy of all the subscription documents as well as the contract confirmation documents. The actual investment of your savings in your various media can take several days.
