Life insurance: your savings are guaranteed?

The savings housed in a life insurance contract is protected in the event of bankruptcy of the insurance companies ?

The French were worried can reassure themselves : the legislature has established a score of years a mechanism of protection of the savings of the individuals. More precisely, the act of 25 June 1999 on savings and financial security, has introduced the Guarantee Fund of insurance of persons (FGAP), whose mission is, among other things, "to preserve the rights of the insured, policyholders, members and beneficiaries of life insurance contracts". This fund is placed under the aegis of the Prudential Supervision Authority and Resolution (ACPR) : in particular, it is powered by all the life insurance companies and capitalization operating in France.

What warranty ?

in Concrete terms, what could be the "guarantee" that could benefit your savings in the event of the failure of your insurer, in the event that your contract (and that of other insured persons) could not be transferred from another operator ? This guarantee plays to the tune of 70 000 € maximum per contract, regardless of its date of purchase and the dates of the payments are made. It also applies regardless of the options selected financial : savings lodged exclusively in the compartment euro and/or located in different media units of account (units of open-end or closed-end funds, shares of REITS or real estate mutual fund...).

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This guarantee applies to by insurer and it is not a mere "detail". To understand, let's assume that you have opened a first contract in euro there are a couple of years and then, a second contract, there are ten years, but mpt this time and always with the same insurer. If you have 50 000€ on the first contract and $ 100,000 on the second, you don't "recover" in fine, that 70 000 €, and not 150 000€ as you might first expect...

One or more insurers ?

Another important clarification to know : this cap applies to all channels of the subscription together, whether at a traditional banker, a banker operating online (via their insurance subsidiaries respective life), from an insurer on the storefront (either through a general agent or broker), or again, it is important, via the Internet. To understand again, let's assume that you have purchased a score of years a contract with an insurer and then, more recently, a contract with 0% fees on payments as are most of the contracts sold online, especially when they have just been launched, as the contract Corum Life.

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of Course, you now have two products with functionality that is very different (level of charge, number of media units of account, performance of the support euros, opportunities management, etc), but, without you thinking about it, your contracts may be covered by... one and the same insurer! For example, the contract Boursorama Life, marketed by Boursorama, which is a subsidiary of Société Générale, as the contracts Power Selection (sold by assurancevie.com), Linxea Life (sold by linxea.com), Altaprofits Life (sold by altaprofits.com) or my-placementsvie (sold by mes-placements.fr) are all insured by a single company : Generali Life ! An example, available to (other) many of the contracts sold by Suravenir (Crédit Mutuel Arkéa) or Spirica (Crédit Agricole Assurances) in particular. Because of this, and provided that the total outstanding balance of all your contracts reaches this limit, the compensation that may pay you the FGAP would be limited to 70 000€.

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Finally, even if it makes sense, it should be noted that the guarantee of the FGAP is inoperative in the event of a market fall, and therefore of loss of the value of the units of the media in units of account on which you have chosen to place your money. It also has nothing to do with the capital guarantee offered by the fund in euros.