Death, funeral, dependency, legal protection, and GAV insurance are part of the so-called provident contracts. Overall, they offer financial or material compensation in the event of a claim. What is the most suitable pension offer for your needs? What does pension insurance cover? What is the cost of such coverage? Our answers.

Summary

  • What does pension insurance cover?
  • How does pension insurance work?
  • Pension contract: how to make the right choice?
  • What is the cost of pension insurance?
  • Provident insurance: our 4 tips!
  • How do I cancel pension insurance?

What are the Comparison of Pension Contracts?
What is the Comparison of Pension Contracts? 

What does pension insurance cover?

Provident insurance allows you and your loved ones to be protected from the consequences of unforeseeable everyday events: death, disability, incapacity, various accidents, etc. Depending on the purpose of the contract and the guarantees you choose, provident insurance can provide you with significant support. financial but also administrative and psychological support. This is non-compulsory individual protection, which you can take out in addition to the health insurance benefits and the collective provident insurance potentially provided by your employer.

Several provident contracts allow you to be covered against the vagaries of daily life, related to the person:

  • Death insurance:

In the event of the death of the insured, allows close beneficiaries to be sheltered thanks to the payment of a lump sum. Many contracts go further and also offer to cover invalidity and incapacity.

  • Long-term care insurance:

Provides for the payment of an annuity, a lump sum, or a benefit in kind (equipment, etc.) in the event of the insured person's total or partial loss of autonomy. Additional guarantees can also be taken out here: hospitalization, death, and funeral capital, among others.

  • GAV insurance (Guarantees of Life Accidents):

Allows compensation for domestic accidents, occurring during leisure time but also in the event of aggression. It works whether the insured is responsible or not.

  • Funeral insurance: 

Provides for the payment of capital to finance the funeral of the deceased insured person.

  • Legal Protection:

Allows support in the event of a dispute in everyday life (labor law, neighborhood disputes, etc.)

The guarantees will depend on the type of contract taken out. The most common are those that cover loss of income following death, incapacity, and invalidity. Almost all provident insurance contracts include fairly extensive assistance guarantees: home help, sending of medication, delivery of meals, early return, sending a loved one to the bedside, psychological support, homeschooling, animal care domestic, assistance abroad, and transfer.

How does pension insurance work?

A provident contract allows, as its name suggests, coverage in the event of unforeseen incidents. In France, we are fortunate to have the social protection of the Compulsory Scheme which comes to the support of insured persons affected by disasters. Indeed, the various risks offered to be covered by a provident policy are partly covered by health insurance.

However, the social protection offered by the Assurance Maladie is limited and should be seen more as a boost than a real help.

By subscribing to provident insurance, you will benefit from financial, administrative, material, and even legal support for the various risks covered. To help you understand how a provident contract works, here is a comparison of the assistance provided by Social Protection and that which you could benefit from if you are insured by a provident contract:

Pension contract: how to make the right choice?

The offers of individual pension contracts abound. Between the multiple insurers and the different types of products, it is not easy to navigate and know which cover to choose: death? Funeral? Addiction? GAV? Especially since the guarantees of these different protections intersect and overlap!

For example, the death benefit is no longer the only guarantee of death insurance: the PTIA (Total and Irreversible Loss of Autonomy) is very often included in the basic formula. Insurers want to offer increasingly comprehensive coverage. So how do you make the right choice?

To find the most suitable contract for your personal situation and your expectations, it is important to compare the offers between them. Reassure me, an independent broker, gives you access to a comparative table of the best contracts on the market also to an online comparator for a personalized study. We have developed this tool to save you time, but also money! By comparing a large number of contracts via a simple search, you will find the one that is most interesting for you.

What is the cost of pension insurance?

The average rates charged for the various pension products are presented below:

Type of insurance             Average monthly rates

Death insurance             From 4 to 30 €

GAV insurance             From 15 to 45 €

Funeral insurance             From 5 to 40 €

Dependence insurance     From 20 to 60 €

Juridic protection             From 5 to 20 €

The rates for provident insurance depend on several criteria, including:

  • The age of the insured at the time of membership,
  • The state of health of the subscriber,
  • The degree of cover chosen: the different guarantees and options taken out / the formula chosen (solo, couple, or family),
  • The amount of the annuity or the guaranteed capital,
  • The chosen intervention threshold (disability rate 5%, 10%, or PJ intervention threshold, etc.),
  • The frequency of contributions (monthly, quarterly, annual, etc.),
  • For legal protection: the areas covered (home, work, family, etc.).
Other criteria may be taken into account depending on the product and the insurer. In addition, depending on the insurance companies, there are promotional offers such as for new customers or customers coupling several contracts with the same insurer, insured for several years, etc.

Provident insurance: our 4 tips!

Choosing a pension contract is not easy, especially when you are not from the sector. Here are 4 key points to make the best possible choice:

  • Define your needs:

take the time to find out which covers are essential to you, which optional covers you may need, how important assistance services are to you, etc. Once this reflection is done, you will be able to move more easily toward one product rather than another.

  • Avoid duplication:

check that the guarantees you take out are not already covered by another contract. It would be a shame to pay twice for the same guarantee! Legal protection is, for example, included in various insurance policies (MRH, car, school, etc.). However, the conditions of the application may vary: if its coverage does not meet your needs, then consider the stand-alone YP contract!
  • Pay attention to the often numerous and decisive exclusions in pension contracts. For example, if you wish to take out GAV insurance for accidents that may occur during your children's leisure time, make sure that the sports practiced are not part of the insurer's exclusions.
  • Consider the different levels of guarantee and all the conditions of coverage: compensation ceilings, the maximum number of claims per year, the age limit for coverage, deductibles, waiting periods, etc. These elements make the difference from one contract to another. The conditions of access also vary from one insurer to another: age is moreover very often an eligibility criterion for provident insurance.
  • Anyway, do not rush to sign provident insurance. To be sure that it covers the major risks for you, we advise you to read the general and specific conditions carefully before signing. You can also have someone accompany you!

How do I cancel pension insurance?

Individual insurance is not compulsory. Death, funeral, dependency, legal protection, and GAV insurance are all optional and offered in addition to the protections of the general scheme. If your coverage is not suitable or you no longer see the benefit, it is, therefore, possible to put an end to it, without having to protect yourself again (as is the case for car insurance, for example, obligatory).

You can terminate your pension insurance contract:

  • At maturity:

That is to say on the anniversary date. We are talking about termination on an annual basis. You must send your insurer a cancellation letter by registered mail with acknowledgment of receipt, respecting a notice period of 2 months. Thus, for example, if you took out your GAV contract on May 9, 2020, you must send your cancellation letter by March 9, 2021, at the latest

Thanks to the Châtel law, your insurer is obliged to inform you of the next renewal of your contract, at least 15 days before the termination date. If we take the previous example, you must receive notification from your insurer no later than February 24. If he does not, you can terminate your contract without waiting for the next due date.

  • Beyond maturity:

In certain situations, you can terminate your pension contract without waiting for the annual maturity. Valid reasons are changes in a professional situation (cessation of activity, retirement, etc.), moving, divorce, death, etc. You can terminate your contract within 3 months following one of these events. A termination letter by registered mail with acknowledgment of receipt is also necessary. The reason must be indicated for the cancellation to be validated by your insurer, often accompanied by proof.