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Old 13.11.2019, 21:58
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Re: how to exit my Pillar 3A insurance policy smoothly?

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Leave Switzerland.
Won't make any difference to the surrender value of the policy.
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Old 13.11.2019, 22:06
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Re: how to exit my Pillar 3A insurance policy smoothly?

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Thanks Daniel, the insurance part in the policy is if I become disabled which stop me from working, AXA will pay the premiums for the 3A till the end. I think this is a low probability and the cost to have this insurance is too high.
- You slip on the cellar stair, fan and as a result are incapacitated from the wast down...

- You hop up on a chair to change a light bulb, loose your balance and are incapacitated from the neck down....

These are two cases I know of and in both situations the two individuals have very little chance to save for later in life.... all they will have is whatever they will have in their 3rd pillar account for the extras they will need later.

You have absolutely no idea what the probability of you being able to continue to work and save in the coming years, life can change in a few seconds.
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  #23  
Old 14.11.2019, 15:25
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Re: how to exit my Pillar 3A insurance policy smoothly?

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You have absolutely no idea what the probability of you being able to continue to work and save in the coming years, life can change in a few seconds.
If one wants protection from that the best option is to buy ordinary disability insurance.

As a general rule don't mix capital building with taking out an insurance of whatever kind. It's usually much less expensive, and easier to get out of the contract, if you don't. Capital building contracts often run for decades, as OP painfully learnt, whereas ordinary insurance contracts usually run a year or so and autorenew (and if they don't, demand that they do before signing).
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Old 16.11.2019, 18:00
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Re: how to exit my Pillar 3A insurance policy smoothly?

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If one wants protection from that the best option is to buy ordinary disability insurance.

As a general rule don't mix capital building with taking out an insurance of whatever kind. It's usually much less expensive, and easier to get out of the contract, if you don't. Capital building contracts often run for decades, as OP painfully learnt, whereas ordinary insurance contracts usually run a year or so and autorenew (and if they don't, demand that they do before signing).
Thanks Urs Max, I learnt my lesson. but can you suggest what I shall do now based on the current situation? would be grateful to have your insight
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Old 16.11.2019, 18:39
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Re: how to exit my Pillar 3A insurance policy smoothly?

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Thanks Urs Max, I learnt my lesson. but can you suggest what I shall do now based on the current situation? would be grateful to have your insight
You may as well swallow your loss, it's a real loss even if you wait 25 years as that money is not invested for you.
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Old 16.11.2019, 18:48
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Re: how to exit my Pillar 3A insurance policy smoothly?

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Won't make any difference to the surrender value of the policy.
But further payments will not be mandatory
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Old 16.11.2019, 19:24
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Re: how to exit my Pillar 3A insurance policy smoothly?

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But further payments will not be mandatory
You can make the policy paid up without leaving the country.
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Old 18.11.2019, 14:52
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Re: how to exit my Pillar 3A insurance policy smoothly?

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Is this single parent financially dependent on you?
If not, your second best option to make the most of your investment is to find a nice partner and have a few kids. At least in that case a life insurance would make some sense in the end.

Selling a life insurance to an independent, unbound, 30-something years old without any kids or other financial dependents is very close to a scam and should be declared as fraud.
Yet it is not fraud, so don't get OP's hopes up.

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Thanks, no my parent is financially independent.
So how do I proceed to declare this as fraud and have a full refund?
See what I mean?

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Leave Switzerland.
LOL, or give up working.

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You can make the policy paid up without leaving the country.
I never understood why people chose this solution.
Anyway - if I were in OP's shoes I'd get out fast, swallow the loss, never ponder about it again but be a lot more careful with my money in future.

Book it under (all kinds of) lessons learnt.
Such as: Pay better attention, don't let yourself get talked into things no matter how great it sounds at the time, do your own additional research before acting, be very sure about what you sign when you sign, don't rush into things - spontaneity is for things that don't involve money, take responsibility for your own actions.
These are very good lessons, might be worth every penny.

I don't mean that patronizing. I lost 97K once and learnt all of the above, except the last one, that one was already one I always knew and never doubted. While my friends still wonder today, why I didn't get angry. ROFL - how long does one want to be angry at oneself and how healthy is that?
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Old 18.11.2019, 23:54
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Re: how to exit my Pillar 3A insurance policy smoothly?

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Thanks Urs Max, I learnt my lesson. but can you suggest what I shall do now based on the current situation? would be grateful to have your insight
Sorry, can't do.

Serious advice would require more information than you should be willing to share without knowing the recipient, even if it were in private, e.g. by PM. And if that happened anyway, it would take more effort than most people would be willing to take without getting paid for.

That said, there's a reason why the insurance claims their cost upfront. Generally speaking and in the longer term, the least damaging option is usually (as in: in almost every case unless you already have a predicament that is being paid for) to swallow the loss now, before throwing money down the drain for yet another year, and get out of the contract asap.
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Old 02.12.2019, 21:14
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Re: how to exit my Pillar 3A insurance policy smoothly?

Thanks curley, if the situation is crystal clear I would just swallow the loss and move on. I generally don't ponder about things that I can't change. I was only trying to see what option could make me lose less money.

I have sent out the form to close the policy and transfer all my money to a bank 3A, let's see how much they will give me....

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Yet it is not fraud, so don't get OP's hopes up.


See what I mean?


LOL, or give up working.


I never understood why people chose this solution.
Anyway - if I were in OP's shoes I'd get out fast, swallow the loss, never ponder about it again but be a lot more careful with my money in future.

Book it under (all kinds of) lessons learnt.
Such as: Pay better attention, don't let yourself get talked into things no matter how great it sounds at the time, do your own additional research before acting, be very sure about what you sign when you sign, don't rush into things - spontaneity is for things that don't involve money, take responsibility for your own actions.
These are very good lessons, might be worth every penny.

I don't mean that patronizing. I lost 97K once and learnt all of the above, except the last one, that one was already one I always knew and never doubted. While my friends still wonder today, why I didn't get angry. ROFL - how long does one want to be angry at oneself and how healthy is that?



Thanks Urs Max



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Sorry, can't do.

Serious advice would require more information than you should be willing to share without knowing the recipient, even if it were in private, e.g. by PM. And if that happened anyway, it would take more effort than most people would be willing to take without getting paid for.

That said, there's a reason why the insurance claims their cost upfront. Generally speaking and in the longer term, the least damaging option is usually (as in: in almost every case unless you already have a predicament that is being paid for) to swallow the loss now, before throwing money down the drain for yet another year, and get out of the contract asap.
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