Is your financial advisor from Swiss Life Select? I had a similar experience with them (here) on a life insurance in a 3a pillar.
To sum up things :
-The returns are indeed really low. The insurance part is eating a lot of your capital
-The allocation was not transparent at all. I had to contact my advisor three times before he acknowledge that in my situation, I would indeed lose money.
-From my point of view, a mustachian investor would not need a life insurance (or perhaps in the first two years but that is all). In case something happens to me, all my money would go to my family. The insurance plan was promising 180k CHF in 35 years, I will already have this money by the end of the year.