Hey Julianek,
thanks for sharing this!
My opinion is clearly against life insurances as you could read in my other posts, and based on my personal findings i strongly speak against life insurances as a form of saving money. you have to separate the saving money part from the insurance part, as they are pretty different but sold as one unit. And maybe, you actually want the insurance part of it, that depends on your and your family’s situation. THings like death insurance.
There are three points where i judge from that your advisor is very bad:
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Taxes: the worst thing is to not have multiple 3a accounts, but put everything in one contract. Your advisor would have earnen no less if he gave you 5 separate contracts with one fifth of the sum each, granting you serious tax savingswhen recieving the stash… see Mr.RIP’s tax tables for withdrawing money.
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Investing: putting all money in one life insurance is the opposite of good diversification.
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Mobility & retirement: supposing you informed him about your plans and that in 10 years you are far away from the age of 65, it is not very appealing to be foced to pay a low-return savings plan that locks away your money until 65.
I am personally at the same point. only that i already paid 12kCHF from which i will get back half in the next months. the rest is all the fees that will applay all during the run time of the contract. you see this shady piece of business… still, with this loss, i will make much more money at 65 when putting the remaining money into an ETF portfolio now.
So my advice, have a very good look into the contract, check what it offers besides stash buildup. if you think you need any of it, educate yourself on the according market. make a thorough excel calculation (id gladly help you) and decide based on an educated mind! and dont’t rush decisions, you have time until the next premium is due to make up your mind.
consider that 3a per se must not be that bad - there is other stuff than life insurances that do not have horrific fees when leaving switzerland and taking the funds with you. check out the Swisscanto and VZ solutions discussed here and here