They guarantee at least CHF 303’686.00 on 01.12.2053
Out of the 6768 annual payment, 5998.15 go to savings and 769.85 go to risk
Buy-back value on 01.04.2019 is CHF 22’570
If I cancel, they will wire the buy-back value to the new institution
To give you some context:
I have paid 6739 in 2014, and 6768 2015 through 2018
The above points means that I will lose 11k in the process of cancelling
I have calculated an equivalent interest rate (assuming whole payment goes to savings, and that the payments are 6768 until the end - I know it’s not true) of 0.69%
It is this interest rate that is well above what 3a savings accounts offer nowadays that made me sign. Old me.
The interest rate is 1.25% on the accumulated capital (savings) but who needs a life insurance when I have no people depending on me.
Now, I want to reply asking them about what is the buy-back value later in the year and what is the latest date in 2019 that I can ask to cancel this policy on without incurring in any penalty. Is there anything else I should ask them in your opinion?
Also, what is your opinion on putting 25k worth of 3a (so basically all I could get today + 3k in 2019) in a PF 75 3a? And then start building my VIAC portfolio? Or you would go full VIAC?
Just a side note with such projections: The big question mark is what you will be able to purchase with CHF 304K in 2053. If the prices end up catching up with the money creation that has already happened since 2008 (chart here), this will be the price of the equivalent of a high-end FIAT 500 of today.
one more motivation to cancel and set it up better:
if you had, instead of once those 300k 5 times the exact same contract on 60k, your tax load on recieving the money in 2053 would be 5x 2’239 = 14’525 vs. 29’561 (married Lausanne tariff). So even if you canceled this policy and right away signed the same sh*** abit in 5 chunks, you’d be ahead of the current projected losses. CS calculator
@PF & viac: thats a matter of taste and chioce. i’d be full in for 5 viac accounts, but that doesnt mean you should do the same
btw: two negatives about viac: their fx rate sucks big time (2 * 0.75% ish). so if you plan to withdraw the money soon-ish that’s a problem. also, they have hidden spreads which you have to pay - check out their CHF bonds (like 0.3%) - most others are less than 0.1% though - but they are not zero as they falsely promise!!
pf 75 is still more expensive long term, absolutely, but as a shortterm in/out it works as there are zero commissions (if you neglect the Single-Swinging-Price effect)
Hi,
I claimed the consulting process (it was on english), and mentioned many times, that I didn’t wanted a life insurance, just only a 3rd pillar account, but I ended up in one.
Read the other topic and my posts, I hope you can also come out of this contract.
Fingers crossed!
Currently going through the same nightmare with AXA after 2.5 years of wasted money. Eager to learn from your experience: what do you mean with “claimed the consulting process?”
Did you have any other insurances with AXA that you could cancel as negotiation leverage?
I tried simply to describe, the consultation with the agent has beed done in English. My argumentation was simple: I told them, I didn’t understood all part of the consultation because of the lack of my English knowledge.
On the other hand I mentioned at least 3 times, that “I strictly don’t want to have a life insurance”.
Of course every case is individual, and there was a lot of humanity in my case. At the end was important, the agent gave the approval to AXA to annul the whole contract with cashing out the whole original paid-in money value.
I hope you can move lucky forward too!!! Fingers crossed
Hi FirePhoenix, I suffered the same as you in French in 2016. Have you signed in Geneva office? maybe we shall make an effort together to quit without loss.
Apologies if this post disturbs anyone, I would be grateful if anyone can advise me what to do now to minimize my loss.
I did a search on the Forum about 3A and have read a few discussion threads, my situation looks kind of similar. the premium invoice for this year was due 1st Nov and seems I have till month end to pay for it.
I have bought 3A at Axa Winterthur since 2016 and paid 3 annual premiums of 6.8k CHF.
Life insurance Protect Plan
Contract
Policy dated: 24.10.2016
Beginning of the contract: 01.11.2016
End of the policy: 01.11.2051
Pension type: tied
Premium rate: CHF 6’798.00
Payment method: Annually
Value
Calculation date: 10.11.2019
Surrender value: CHF 11’641.00
Redemption value of bonus: CHF 484.00
Policy pledged: no
I think not paying premium in the first 5 years will lead to the ending of the contract and policy. 2019 premium is due and the deadline to pay is end November.
1.When I signed the contract in 2016, the salesman confirmed to me that I will be able to withdraw my money if I leave CH or buy a house, WITHOUT specifying that I can never withdraw the amount I paid. Do you think this act of hiding information can be used to sue them to get a full refund as information was not given in a transparent way? Or legally they are not at fault at all or very difficult to win against them?
2.It seems that if I close my AXA 3A without buying a 3rd pillar at bank, I have to give back the tax saving I have had?
3. Therefore what is the best action I shall do now to minimize my loss? AXA advisor tells me that if I close my account now, I will only get back the 12k, which means I will have 9k incurred loss.
Close it now, get the rest back and forget it. Transfer the rest to VIAC.
It’s an insurance. Why should you be able to withdraw the amount that you paid? You are paying for the insurance benefits (like invalidity and losing your job).
It’s very simple: you’ve been f*cked. Unfortunately for you this scam is 100% legal in switzerland. Close account (unless you still need the insurance for some reason?), cut your losses and write it off as a financial lesson.
In principle maybe, but you’re in the unfortunate position where you’re the one who has to prove the fact of this alleged miscommunication to the court. Most likely, unless your salesmen was totally dumb (e.g. let you record him), you will not succeed at doing that with the necessary rigor, they would judge the case according to papers you signed which I’m sure are all in their favor, and thus you would only waste your time and money further.
Thanks Cortana, I have seen some posts on this forum that people succeeded getting their money back after 3 years. like the post of Mr.Paprika @Mr.Paprika
BTW any idea about my 2nd question?
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