Axa 3a life insurance contract (i got baited)

So im 35 years old and 2 years ago i got baitet into signing a life insurance with Axa.
I didn’t know much about it and i wanted to improve my retirement by starting a 3a account.

Long story short me and my wife now have a 3a contract until 2054 and both of our accounts hav around 15’000 franks on it.
According to Mustachians 3a post it’s recommended to get out of this contract as soon as possible.

Now to my question: If I understood correctly i will probably lose quite a lot of money if i want to cancel the contract and transfer it to another 3a account like VIAC? Would it make sense to just leave this mana at AXA and cancel the contract (is this even possible?). Does it make sense to keep the life insurance itself running when i dont have any 3a pillar connected to it?

Thank you for all your help - this page is amazing and i am so glad i stumbled over it!

Do you even need this life insurance ?
The life insurance broker will try to convince you to leave it open to keep his rétro commission.

You will know the money you can retrieve from your past contribution while asking the 3a to be transferred to another provider (Viac, FinPension…).

2 years is an early discovery. Don’t let it open for 2024 !

The commission is already paid, Axa and other insurer pay out as soon as the policy is created.
So, the broker doesn’t mind, if the policy will be closed or not.

Contracts are always until year of retirement; therefore Axa will contribute to 3a, in case something happens to you according their T&C. If you only have a contract for e.g. 10 years, Axa is only commited for 10y to pay. There is no difference in the premium.

The question is, do you need a life insurance? If yes, Axa is not bad, but there are cheaper options.
If you say, you do not need a life insurance, terminate it asap and continue with a 3a from another provider.

Yes and no. Some part of it is taken as an insurance premium, so you can’t really say that it is a loss just because you, fortunately, have not needed this insurance.

The rest of the “money lost” is tuition fees for a course in finance from professionals.

Maybe, but I would not keep any business relationship with a company that has unscrupulously screwed me.

  1. Cancel this sh*t.
  2. Evaluate your need for a life insurance separately from any 3a or tax savings considerations. If you need it, buy a pure risk one, where you only pay a premium and otherwise has no financial relationship with a company.

Thanks for all the answers. I will open a viac account for me and my wife this weekend and make sure to cancel the AXA contract right after that.
The life insurance i thought would be a good idea just incase i die before 40 - she would get a one time payment around 200k in this case.
After 40 i think i should have enough capital so that my wife (& maybe kids) will be ok if im gone. Do you guys think this is a bad strategy? Or does it make a little sense?

To the last conversation I had with an acquaintance working at a broker, the commission is indeed paid in full by the insurer at signature but can indeed be called back if the contract is canceled within the first years of the contract.

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You are completely right. For some brokers the premium must be paid back to the insurer if the insurance taker is terminating the contract within three years.

Source: I am „selling“ insurance policies myself.

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How much will you wife get from your pillar 2nd?
Is the account enough for her and your kids to sustain or does she need this extra 200k ?

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