how soon will you receive your money?

Do you have a real estate project or an unexpected major expense that requires you to withdraw money from your life insurance? Can you count on an immediate release of funds from the insurer? Or will you have to wait several weeks before the long-awaited sum appears in your bank account? What awaits you.

For several years, you have been investing money in a life insurance contract. But now, you have a new project to finance and you need to dip into your savings. Unfortunately, it’s urgent and you don’t know how soon your money will finally be available on your current account. Dj, rest assured: whatever the age of your contracteven though it was opened less than 8 years ago, you can withdraw as you wish. Only drawback: the tax on your winnings.

In how many days will you get your money? The Insurance Code regulates the period for the release of funds in the event of partial redemption, also called withdrawal, or total of a life insurance contract. He’s from two months maximum.

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And in reality, how does this happen?

Life insurance contracts resume this same period in their general conditions or sometimes specify a period of one month maximum. But these deadlines are often shortened to a few days if the request is made online.

In fact, for a partial withdrawal going smoothlythe average delay increases 3 days. 24 hours minimum when the file is complete and up to 5 days, in particular for bank contracts.

Insurers say they no longer distinguish between partial and total redemptions in their processing times. For a full redemptionthe period extends from one day minimum to 6 days maximum.

Moreover, above a certain sum, insurers have regulatory controls to carry out, particularly in the context of the fight against money laundering. This can still potentially lengthen the delays. This sum is defined by each insurer.

Units of account that extend lead times

In some cases, an additional time must be anticipated for a withdrawal depending on the units of account (UA) held within your contract, these supports in value most often vary upwards or downwards from day to day. But their valuation is not always daily: the quotation can be weekly, monthly or fortnightly.

Redemptions are only processed after knowledge of the listing value has been reported.

The periodicities and the liquidity of the supports can extend the redemption period from a few days to a few weeks. This is particularly the case for savers holding shares in civil real estate investment companies (SCPI), real estate investment organizations (OPCI) or joint risk investment funds (FCPR). (1).

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Redemptions are only processed after knowledge of the listing value has been reported. As OPCIs and specific infrastructure-type supports cost every 15 days and SCPIs every 7 days, this can lead to an additional delay, adds CNP Assurances, which insures the contracts distributed by BPCE and La Banque Postale.

On Axa’s side, it is the bi-monthly listing supports that slow down the release of funds: The type of support bought back, such as the range of Axa Avenir Infrastructure funds, the Axa Selectiv’ Immoservice fund or the growth fund, can effectively lead to A longer settlement period.

Thus the collection on the bank account of the funds requested can go up to 34 days at most for a partial redemption and 37 days for a total.

If the redemption is addressed in paper, the time taken to value non-weekly listing funds can be up to 20 days

By paper and therefore by mail, the time is often longer than for an online request. If the repurchase is addressed in paper, the delay of valuation of the non-weekly quotation funds can go up to 20 days, explains on its side Generali. The saver must also keep in mind that is added the interbank delay, for the transfer, of 24 to 48 hours.

The instant transfer for life insurance?

If the deadlines have been considerably shortened in recent years, you should not need your funds immediately. less than…

To counter the sometimes very long lead times for savers, Spirica launched the instant partial redemption up to 60% of the outstanding amount of the life insurance contract. In one click and by instant transfer, savers can receive the funds in their bank account.

We pay the amount requested before making the valuation calculations, this is only possible under certain conditions, specifies Spirica. An extension of this service to the total repurchase is however not the order of the day at the insurer.

With this innovation, life insurance scores a point against Livret A

A first in France which motivates insurers to offer their customers the same service. Discussions are underway with La Banque Postale in order to be able to carry out the partial buyout without waiting for the market value of the supports within a certain limit of the outstanding contract. We have been working on it for several months, says CNP Assurances. Suravenir is also working on the subject in order to meet this demand from customers.

We pay the requested amount before making the valuation calculations

CNP Assurances offers, for contracts distributed by BPCE, a short circuit. The funds are released the day after the seizure of the partial redemption request, the customer account is then updated following knowledge of the quotations of the securities held, specifies CNP Assurances.

For its part, Axa allows for the partial redemption the immediate disbursement if redeemed savings are less than 80% outstanding. To benefit from this, the saver cannot request the redemption of a medium in its entirety and the amount must be expressed net by the customer. For the closing of the contract and therefore its total redemption, Axa can release 80% of the outstanding amount immediately and the balance after valuation.

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(1) FCPRs are private equity funds, used to invest in shares of companies not listed on the stock exchange (most often SMEs), with a need for equity.