Best life insurance in Switzerland 2024: Get free quotes
- Adjustment of premiums during the contract
- Swiss Life expertise
- Flexible offers
- Online service
SwissLife is a major player in the Swiss insurance market, renowned for its reliability and expertise. The company offers a range of life insurance formulas to suit all profiles in terms of risk and return. We particularly appreciate the transparency of SwissLife's management fees, which are in line with the market average. We also like its accessibility, with a minimum subscription amount of 3 000 CHF.
- AXA's expertise
- Useful online services
- Investment clarity
Thanks to its flexible options and recognised expertise, AXA is a trusted choice when it comes to life insurance. AXA allows you to protect your family and business partners financially in the event of death or disability. You can also build up solid retirement savings, while benefiting from tax advantages. AXA is also renowned for its customer service, which is easily accessible via numerous communication channels.
- Online service
- Customer service
- Flexible offers
Generali has a strong presence in Switzerland and is renowned for offering high-quality financial protection solutions. Thanks to its wide range of life insurance products, the insurer is able to offer tailor-made packages to its members. Generali also offers a number of advantages, such as the pure risk insurance option and a personalised financial advice service. Finally, we appreciate its returns, which may be moderate but are stable over the long term.
- Privilege option: risk extension guarantee
- Choice of benefits: additional payment
SwissLife is a major player in the Swiss insurance market, renowned for its reliability and expertise. The company offers a range of life insurance formulas to suit all profiles in terms of risk and return. We particularly appreciate the transparency of SwissLife's management fees, which are in line with the market average. We also like its accessibility, with a minimum subscription amount of 3 000 CHF.
- ESG criteria: between 91 and 95%
- High contract flexibility
- Wide choice of guarantees
PAX occupies an important position in the Swiss third-pillar insurance market, with a market share of 7.8%. The company offers a wide range of products, from traditional savings to comprehensive life insurance solutions. Its strength lies in asset management, with a portfolio of over CHF 5 billion under management. PAX stands out for its commitment to innovation, offering dynamic products tailored to the changing needs of its customers.
Life insurance is a savings, pension and investment contract that is very popular with individuals in Switzerland. Life insurance provides coverage in the event of death or loss of earnings, but can also be used to build up an individual pension plan for retirement, or as a means of accumulating capital.
What are the different types of life insurance? Which life insurance policy should you choose? How do you calculate the interest, tax, return and surrender value of your life insurance policy? This page will tell you everything you need to know about life insurance in Switzerland.
You can also use our free comparator tool at the top of this page to compare life insurance quotes from the best companies based on your unique needs. It's 100% free, online, and gives you quick results.
Best life insurance in Switzerland
- AXA Smart Flex: Life insurance with a secure return
- Helvetia life insurance: Personalized coverage
- Scala life insurance from Generali: Tailormade to your profile
- Allianz life insurance: Flexible and profitable
- SwissLife life insurance: Life insurance that invests in the SMI
Top 5 best life insurance policies in 2024
AXA Smart Flex: Life insurance with a secure return
AXA Smart Flex is a pillar 3A and 3B life insurance policy that allows you to invest from CHF 10,000 to CHF 5 million.
It allows you to choose your investment themes from among several, including sustainability, Swiss funds and global funds. What's more, the funds currently offer a performance of between 14.61% and 17.54%.
With this life insurance policy, you can also divide the funds yourself between speculative funds and secure funds. Returns are secure and monthly reallocations are made with capital payments guaranteed at 100%.
- Cover in the event of death
- Loss of earnings cover
- 100% capital guarantee
- Secure returns
- Personal allocation of funds
If you think Axa could be right for you, you can get a free personalized quote right now.
Helvetia life insurance: Personalized coverage
Helvetia also offers several particularly attractive life insurance products under pillars 3A and 3B, available from as little as CHF 50,000. You are free to pay your premiums as you wish, and can also draw a disability pension if necessary. Payment of the capital is 100% guaranteed.
There are several types of life insurance available: pure risk life insurance, traditional capital accumulation life insurance, life insurance linked to investment funds or an index, and combined life insurance that allows you to build up capital and invest at the same time.
- 100% capital guarantee
- Different formulas depending on your profile
- A disability pension
- Free payment of premiums
- A minimum of 50,000 CHF
If you think Helvetia life insurance could be right for you, you can get a free personalized quote right now.
Scala life insurance from Generali: Tailormade to your profile
With the Scala life insurance offered by Generali, you can invest your premiums in top-quality funds with higher return prospects. It also offers flexible cover for the insured and his or her family, with financial protection via the guaranteed capital on death. A disability insurance option is also available.
Generali also allows you to find the life insurance policy best suited to your profile by choosing from three profiles: Profit, Control and Capital. There is no minimum investment and you can invest up to CHF 200,000.
- No minimum
- An additional payment
- Waiver of premium payments
- An optional disability pension
- Contracts to suit your profile
- 6-month period for payment of pension if unable to work
If you think Scala life insurance could be right for you, you can get a free personalized quote right now.
Allianz life insurance: Flexible and profitable
Allianz's combined pillar 3A and 3B life insurance allows you to combine capital accumulation and death insurance. You can pay premiums of any amount from CHF 10,000 upwards at the time of opening, with a waiver of premiums and an additional lump sum in the event of death.
Payment of the lump sum is guaranteed at 80%, and the amount of the death benefit can be freely determined by the insured. This life insurance also includes insurance against loss of savings in the event of disability.
- Flexible, mixed savings
- An additional payment in the event of death
- Loss of earnings insurance
- A guaranteed annuity in the event of death
- Variable remuneration
- 80% capital guarantee
If you think Allianz life insurance could be right for you, you can get a free personalized quote right now.
SwissLife life insurance: Life insurance that invests in the SMI
SwissLife's FlexSave Index life insurance policy allows you to benefit from the advantages of pillars 3A and 3B for as little as CHF 50,000. In particular, it includes a guaranteed payout at maturity as well as additional benefits thanks to participation in the SMI Swiss stock market index. Returns are also secure and cannot be lost.
Other advantages of this life insurance policy include an inheritance privilege in the event of bankruptcy and guaranteed benefits in the event of surrender, with the option of making early payments.
- 100% capital guarantee
- Participation in the performance of the SMI
- A protected return
- A guaranteed death benefit
- A minimum of 50,000 CHF
If you think SwissLife life insurance could be right for you, you can get a free personalized quote right now.
Life insurance in Switzerland: Key facts
- Life insurance can be a savings, pension or investment product.
- Pure risk life insurance = cover in the event of death
- Combined life insurance = private pension provision (pillars 3a/3b)
- Tax advantages for Pillar 3a life insurance
- In the event of death, the capital is paid to the designated beneficiaries.
What is life insurance?
A life insurance policy in Switzerland is an insurance contract that covers the risk of death or disability of the insured or serves as a private retirement provision. Depending on your needs, life insurance can offer 3 advantages:
- Protect your family against the risk of death, disability or loss of income
- Building up individual pension provisions (pillars 3a and 3b)
- Benefit from tax advantages by reducing your taxable income.
Life insurance is therefore also a popular investment product for individual investors who want to generate long-term gains while benefiting from tax advantages.
Good to know
The 3rd pillar savings account does not necessarily include life insurance (this is particularly the case if you take out a policy with a bank). On the other hand, if you take out a policy with an insurance company, you will probably obtain life insurance as part of a 3rd pillar policy. The savings accumulated can then be passed on to your heirs in the event of your death.
What are the different life insurance policies in Switzerland?
There are currently three main types of life insurance on the market in Switzerland:
- Pure risk life insurance: if you want cover in the event of death or incapacity for work, but do not want private pension provision to supplement the first two pillars.
- Combined life insurance (also known as 3rd pillar life insurance, capital accumulation life insurance, provident life insurance or savings life insurance): if you want your life insurance to provide you with an equivalent standard of living after retirement, you will need to opt for private provident provision.
- Life insurance linked to an investment fund: if you want your life insurance to enable you to make financial investments.
| Types | Main features | Best suited for |
|---|---|---|
| Pure risk life insurance |
| Insured wishing to protect their loved ones or themselves in the event of death or disability |
| Endowment life insurance |
| Investors, cautious savers who want to protect themselves and their loved ones and build up their capital at the same time |
| Fund-linked life insurance |
| Dynamic investor looking to grow his savings |
Looking for a life insurance policy that meets your needs? Use our free tool at the top of the page to compare offers and choose the life insurance policy that's right for you.
Pure risk life insurance: How does it work?
Pure risk life insurance provides cover in the event of death or incapacity for work. The insured pays a regular premium without accumulating capital. The contract determines the amount that will be paid out if the insured risk occurs. Since the premiums do not represent an accumulation of capital, life insurance premiums are particularly advantageous.
Good to know
In the event of death, death insurance pays the guaranteed sum to the survivors. Disability insurance provides the policyholder with an income in the event of incapacity for work. This annuity is available in the event of reduced earning capacity or total earning incapacity.
If you want to invest your savings in life insurance, you can opt for endowment life insurance, also known as capital life insurance, which can be either pillar 3A or pillar 3B.
3A life insurance: How does it work?
The term "pillar 3A" refers to a tied pension plan that forms part of the third pillar of the Swiss pension system. More specifically, this pillar covers retirement provision, which is paid to the policyholder at retirement age, with early payment possible under certain conditions.
For tax purposes, contributions to the 3A-tied pension plan are deductible from annual taxable income. On the other hand, the amount that can be paid is limited by law. For the 2024 tax year, the contribution ceiling is as follows:
- Working people with a pension fund may pay a maximum of 7 056 CHF
- Employed persons without a pension fund may pay 20% of their net income from gainful employment, up to a maximum of 35 280 CHF.
Finally, about withdrawals from Pillar 3A, it is possible to withdraw funds from this pillar between 5 years before and after traditional retirement. This makes it possible to withdraw funds from this pillar in the event of early retirement.
3B life insurance: How does it work?
Pillar 3B life insurance is a free private pension provision. It is known as "free pension provision" or "unrestricted free pension provision" because it is not linked to retirement. This means that the duration and payment date can be chosen individually. It is therefore a flexible contract capable of adapting to the pace of your income and your medium- and long-term savings objectives.
There is no maximum annual payment for Pillar 3B, and you can make a large single payment or a monthly payment as you wish. You are also free to choose the level of risk associated with your investments. There are low-risk investments with lower potential returns, and higher-risk but potentially more profitable investments.
Similarly, you can choose whether or not to take out insurance coverage. This protects you, your family or your partner in the event of death or incapacity for work. Withdrawals from Pillar 3B can be made on a freely chosen date in advance, or in advance.
However, from a tax point of view, payments made into Pillar 3B are not deductible from your taxable income. Assets held in this pillar are therefore subject to tax. On the other hand, capital payments are tax-free under certain conditions:
- The policyholder has reached the age of 60
- The policy is taken out before the age of 66
- The policy has been in force for at least 5 years
- The policyholder and the insured person are the same person
What is Balance Invest life insurance?
Balance invest life insurance is a specific type of life insurance contract that combines both traditional life insurance and investment components. This type of product generally offers a traditional life insurance component, which provides financial protection in the event of the death of the insured, as well as an investment component where part of the premiums paid are invested in selected funds or financial products.
Unit-linked life insurance: How does it work?
Unit-linked life insurance is a type of life insurance whose primary aim is to invest the money saved in selected investment funds or by following a specific stock market index. It is possible to invest with a single payment or with regular payments.
The return on this life insurance policy also depends on changes in the value of the funds or the index tracked. The potential gains are high when the market is performing well, but the risks are also high because of market fluctuations.
Good to know
A unit-linked life insurance policy does not guarantee a minimum return or protect your capital. However, some contracts include guaranteed minimum benefits at maturity. These contracts also cover you against financial risks.
How do you calculate the value of a life insurance policy?
To choose the life insurance that's right for you, some interesting calculations can be made to determine the key aspects of the policy and assess its suitability for your needs:
- calculation of the premium
- calculation of the surrender value
- annuity calculation
- calculating profitability
- calculating the yield/interest on your life insurance policy
Here are some of these calculations:
Calculating the surrender value of life insurance
The surrender value of a life insurance policy in Switzerland corresponds to the amount that the insurer will reimburse you if you decide to cancel your life insurance policy before its maturity date, i.e. if you decide to sell your life insurance policy to the policyholder. This amount is calculated based on the premiums you have paid, the terms of the contract, potential returns and the insurer's charges.
Formula for calculating the surrender value
Partial surrender value = (Total surrender value x Amount of partial surrender)/Total surrender value
- Total surrender value is the total amount accumulated in your life insurance policy up to the date on which you wish to make a partial surrender.
- The partial surrender amount represents the percentage or specific amount you wish to withdraw from the total surrender value.
Calculating the life insurance premium
The calculation of life insurance premiums in Switzerland may vary depending on the specific features of your policy and the practices of your insurance company. Life insurance premiums are generally based on various factors, such as age, sex, state of health, the amount of coverage desired and the term of the policy.
The formula for calculating the life insurance premium
Life insurance premium = (Amount of cover x Premium rate) + Additional costs
- Amount of cover is the amount of money you want your life insurance to cover in the event of your death.
- The premium rate is the cost per unit of insurance coverage, usually expressed as a percentage or as a fixed amount per unit of cover. This premium rate is determined by the insurance company based on various factors such as age, sex, state of health and the duration of the policy.
- Additional charges may include administrative charges, management charges or other charges specific to the insurance product.
Life insurance taxation in Switzerland: What are the advantages?
The tax treatment of life insurance and its advantages vary depending on whether you choose a pillar 3A or 3B product:
| Type | Pillar 3A taxation | Pillar 3B taxation |
|---|---|---|
| Endowment life insurance |
|
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| Disability insurance |
|
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| Insurance in the event of death |
|
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| Insurance in the event of death in the form of an annuity |
|
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How much does life insurance in Switzerland cost?
There are several costs to consider when choosing to take out a life insurance policy, including:
- Annual management fee: This is a variable percentage applied to the capital.
- Capital gains charges: Also a variable percentage.
- Initial charges: These apply to each payment and vary from 3% to 5% on average.
- Exit charges: Exit charges are not systematic but may also be applied in the event of early withdrawal.
- Arbitration and additional charges: These are charges for stock market transactions
Good to know
We'll also be looking here at the concept of pre-payment of charges, which means that charges are not spread over the life of the contract but are deducted from the outset.
Who should take out life insurance in Switzerland?
Taking out life insurance is ideal for different types of savers and investors, including:
- Families: Life insurance is particularly recommended for families with children who are looking for coverage in the event of death or illness. With life insurance, you can make sure that fixed costs such as mortgage interest, rent and family maintenance costs are covered in the event of unforeseen circumstances.
- Lone parents: Lone parents often have a tight budget, which makes it difficult to save for retirement. With a life insurance plan, you can prepare for a more worry-free future.
- Homeowners: Life insurance will enable the successors of homeowners to continue to meet the costs of the house they inherit.
- Couples: Unmarried couples can also benefit from life insurance to provide effective protection in the event of the death of one of the partners. The financial cover offered by Pillar 3B is accessible even without a marriage contract.
- Self-employed people: As most self-employed people do not have a second pillar, life insurance will enable them to make up for a lack of pension fund benefits in the event of disability or death.
- Investors: Last but not least, life insurance is also a simple but effective way of making tax-efficient investments.
There are several options for taking out such a contract:
- Approach life insurance providers yourself.
- Use a life insurance broker.
The best way to get the perfect life insurance in Switzerland is to compare offers from multiple providers. You can use our free HelloSafe online comparator at the top of this page to compare personalized quotes from Switzerland's best companies.
