So I finally got out of my (scammy) 3a life insurance, spending around 5k in “learning moment” (nice way to say that I lost money…). Of course my “advisor” tried to convince me otherwise as he don’t want to loose is commission. All his arguments where quickly debunked. Hard to sell a 2% fees on any deposit you make, especially with a 2.5% return rate estimated in 25 years…
The only argument I don’t know how to judge is that when you want to become house owner, you can use this insurance as a guarantee for the bank. I don’t know exactly how it works, but it seems that the amount of the insurance that you will pay at the end of the contract (120k in my case) can be use as a leverage for the mortage.
Is it true, and how does that work? And is there a similar but more mustachian way to do it, if it’s indeed an advantage?
I want to assess in 3 years from now how to consider buying something, so it’s an information that may be worth look into…
Thanks!