Life insurance comparison

What is a life insurance comparison?

A life insurance comparison is the process of evaluating different life insurance policies from different insurance companies to find the best life insurance based on factors such as coverage, cost, policy terms and customer reviews.

Why should you compare life insurance policies?

By comparing life insurance policies, you can choose a life insurance policy that meets your personal needs and financial means. Comparing life insurance policies also enables you to find the best available premiums and conditions.

What types of life insurance are there?

There are 6 types of life insurance in Switzerland that are specifically tailored to the needs of residents. Here are the types of life insurance offered in Switzerland:

1. Term life insurance (death benefit insurance)

Term life insurance offers financial protection for surviving dependants in the event of the death of the insured person. Term life insurance is usually taken out for a fixed term and does not offer a savings or capital accumulation component. Term life insurance is a cost-effective way of securing financial protection for the family.

2. Endowment insurance

Endowment insurance combines death cover with a savings plan and pays out an agreed sum at the end of the policy term or on the death of the insured person. Endowment life insurance is suitable both as a provision instrument and to protect dependants.

3. Mixed life insurance

Similar to endowment insurance, mixed life insurance offers both a death benefit and a savings or survival benefit at the end of the contract term. Mixed life insurance is very common in Switzerland and is often used as a provision instrument.

4. Endowment insurance

This type of life insurance is designed to guarantee the policyholder a capital payment at a certain point in time, provided the policyholder is still alive. Endowment insurance is a form of old-age provision and helps to secure the standard of living in old age.

5. Unit-linked life insurance

Unit-linked life insurance is linked to investment funds that enable the policyholder to benefit from fluctuations on the financial markets. The payout depends on the performance of the underlying investment funds.

6. Pillar 3a - Tied pension provision

In Switzerland, it is also possible to make tax-privileged provisions for old age via a life insurance policy as part of pillar 3a. Pillar 3a is tax-privileged and is used for private pension provision.

What factors should you pay attention to when comparing life insurance policies?

Important factors are the amount of the sum insured, the premiums, the term of the policy, the inclusion of additional benefits such as accidental death cover and the financial stability of the insurer. The factors you should pay attention to when comparing life insurance policies are listed below:

• Scope of cover
• Costs
• Terms of contract
• Valuations of life insurance policies

Advantages of the life insurance comparison

The advantages of the life insurance comparison are listed below:

• A life insurance comparison will help you better understand the terms, exclusions and liabilities associated with each policy.
• You can check the financial stability and customer ratings of various life insurance policies. A financially sound life insurance policy increases the likelihood that your claims will be paid out without any problems if necessary.
• With a clear comparison of the life insurance policies available and their pros and cons, you can make a more informed decision that supports your long-term financial and personal goals.
• A life insurance comparison allows you to quickly and efficiently gather information and compare quotes from multiple life insurance companies without having to visit individual insurance agencies in person.