Hello everyone! In January I have to renew my life insurance (300k, pure risk). A friend of mine suggested to have a look at the crowd life insurance model, which should be very cheap when compared with traditional life insurances. I checked it out and frankly it looks too good to be true.
With a traditional insurance company, I paid 313 CHF a year to insure 300k in case of death. With Turtleneck (https://www.turtleneck.com/tn), a crowd life insurance, the price per year would be 107 CHF!
The difference is so large that it looks suspicious. Had any of you experiences with Turtleneck or other similar companies? Is there a legal net to protect the customer? Would you change or stay with the more reputable traditional insurance company, even if it costs three times as much?
Thank you for your help!