Change bank or broker without changing insurer. Referring to our questions from readers section, Se7en wondered about the possibility of transferring his life insurance contract to the same insurer, a possibility theoretically opened up by the Pacte law. Spoiler alert, the answer is yes, but…. We’ll explain why.
Question from Se7en from May 3, 2022
Do you have any news regarding the transfer of a life insurance contract? Indeed, even if it is possible to transfer a contract while remaining with the same insurer, it is technically impossible. My broker tells me that he cannot take over a contract opened in an online bank, even though it is managed by the same insurer.
Se7en, your question is: Can I transfer my life insurance, if I stay with the same insurer?. The question is legitimate and the answer is yes Se7en, you can transfer your life insurance contract to the same insurer. Be careful, however, this transfer can be done if he accepts it! And this nuance is crucial.
Possible transfer, but…
The Pacte law entered into force in May 2019 and governs in particular the transfer of life insurance contracts without loss of your tax anteriority… provided that your insurance company accepts it.
In fact, half a million conversions of old contracts into new, more recent ones have been carried out since the entry into force of the Pacte law. Moreover, in theory, it is indeed possible to transfer a contract from one distributor to another (bank, broker, etc.) as long as you remain with the same insurance company. The France Insurers Federation has published a place commitment on this point in July 2021: Each customer is free to choose his distributor. (…) The change of intermediary does not constitute an assessment criterion for the acceptance or refusal of the transfer request requested by a client..
MoneyVox looked at the reality of Pact transfers in March 2022, when it was time to take stock of the Macron reforms of the first five-year term.
Macron reforms: is life insurance transfer really possible?
Verdict, summarized by Albert d’Anthoard, head of private clients at Nalo: yes, this web broker manages to make transfers from online banks or private banks, in particular, provided that the initial life insurance is managed by the same insurer . But… In most cases it was a struggle to make it happenyou really had to laugh.
What happens to your investments in the event of a transfer?
To answer your question, Se7en, the answer will therefore remain a yes, but as explained below. However, here are some additional elements to take into account before any request. Thus, when we talk about transfer, we are not talking about transferring the supports contained in your life insurance (euro funds or units of account). In reality, it is a question of transferring the amounts of these liquid supports.
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Thus, the saver has the possibility of convert an old contract fee-intensive or underperforming to a newer, cheaper, more profitable contract or offering more choice of unit-linked carriers (those riskier but better-performing carriers).
Life insurance: who has an interest in claiming a transfer?
A few tips before transferring your contract
You have every right to request the transfer of your life insurance to a higher performance contract. However, because the transfer procedure remains to this day strewn with pitfalls, ask yourself first what are the reasons for the dissatisfaction.
Is the contract costing you too much? If the costs of payment, arbitration or related to your various units of account are too high and that other contracts of your insurer are more advantageous, contact the insurance company. We can never repeat it enough, you can negotiate.
Life insurance: 3 costs to negotiate… and 3 rates to compare
The units of account chosen do not earn you enough? You have the possibility of studying the different units of account accessible in your life insurance and of modifying the distribution of your investments. You may find your account there without requesting the transfer.
Life and PER insurance: units of account will no longer hold any secrets for you
What alternative if the transfer is refused?
You have the option of opening as many life insurance contracts as you wish. If you cannot transfer an old contract, you have the option of keep it open and open another with another insurer, more efficient and less expensive. You can also close it and open a new one. In both cases, you lose your tax anteriority.
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