What are the fees on life insurance?
Picture yourself poring over your life insurance statement and seeing the impact of fees on your savings. You are not alone. In France, where life insurance reigns supreme among savings products, the fee structure can be hard to grasp.
This article will guide you through the maze of life insurance fees, presenting the various offers on the market and the factors to compare.
The different types of life insurance fees
Life insurance, although popular, can seem complex because of its many fees. Here is an overview of the main types of fees you will encounter.
Entry fees and contribution fees
These fees are charged when the policy is opened or on each new contribution. They can reach up to 5% of the amount invested, immediately reducing your capital. Fortunately, many online policies now offer 0% entry fees.
Annual management fees
Charged each year, these fees pay the insurer for managing your policy. They generally range between 0.5% and 1% for euro funds, and can rise to 1.5% for unit-linked funds.
Switching fees
Applied when switching between different investment options, these fees range between 0% and 1% of the amount switched. Some policies offer a limited number of free switches per year.
Inheritance fees
Although life insurance benefits from an advantageous tax regime, fees may apply when the capital is passed on to beneficiaries, particularly for contributions made after the age of 70. Tax rules are liable to change; specialist advice is recommended.
Withdrawal and exit fees
These fees apply when you withdraw money from your policy. They are generally nil on modern policies, but can reach 5% on some older policies.
Understanding these different types of fees is helpful for comparing the policies available. In the following sections, we will examine each category of fees in detail and compare the most attractive offers on the market.
Entry fees and contribution fees
Entry fees and contribution fees are charges levied by the insurer when the policy is opened or on each new contribution. They represent a percentage of the amount invested and directly eat into your initial capital.
Typical fee range
Traditionally, these fees ranged between 2% and 5% of the amount paid in. However, increased competition and the emergence of online policies have driven these rates down considerably.
Comparison of offers with no entry fees
Several providers now offer policies with no entry fees:
- Finary: 0% on Finary Life
- Boursorama: 0% on BoursoVie
- Fortuneo: 0% on Fortuneo Vie
Which insurers are the cheapest for entry fees?
Top 3 cheapest insurers:
- Abeille Assurances: 0% on Lucya Abeille
- Yomoni: 0% on Yomoni Vie
- Nalo: 0% on their life insurance policy
Examples
Traditional bank:
- LCL: up to 3.5% on LCL Vie
Traditional insurer:
- AXA: up to 4.85% on Arpèges
Online bank:
- Boursorama: 0% on BoursoVie
Online savings solution:
- Finary: 0% on Finary Life
To illustrate the impact of these fees, here is an example:
On a contribution of €10,000:
- With 0% fees (Finary Life): €10,000 invested
- With 3.5% fees (LCL): €9,650 invested
- With 4.85% fees (AXA): €9,515 invested
The difference may seem minimal at first, but it grows over time and with successive contributions. The level of entry fees has an impact on the initial capital invested and on the net return.
Are you considering transferring your life insurance to a more attractive policy? Use the Finary life insurance simulator to estimate in seconds the savings you could make.
More capital invested
Non-contractual document for promotional purposes. Investment in unit-linked vehicles carries a risk of capital loss, since their value is subject to fluctuation, both upwards and downwards, depending in particular on developments in the financial markets. The insurer guarantees the number of unit-linked vehicles and not their value, which it does not guarantee. The e-vie life insurance policy is an individual life insurance policy, denominated in euros and/or unit-linked vehicles, underwritten by Generali Vie, a company governed by the French Insurance Code. Finary SAS — 58 rue de Monceau 75380 Paris 8 — Investment Firm authorised by the ACPR under no. 19283, ORIAS no. 21001279, member of AMAFI
Annual management fees
Fees on euro funds
Management fees on euro funds are generally lower than those applied to unit-linked funds. They range between 0.50% and 1% per year.
Top 3 cheapest for euro funds:
- Fortuneo: 0.60% on Fortuneo Vie
- Abeille Assurances: 0.60% on Lucya Abeille
- Boursorama: 0.75% on BoursoVie
Fees on unit-linked funds
Management fees on unit-linked funds are generally higher, ranging from 0.60% to 1% per year.
Top 3 cheapest for unit-linked funds:
- Finary: 0.50% on Finary Life
- Linxea: 0.50% on LINXEA Spirit 2
- Abeille Assurances: 0.60% on Lucya Abeille
Fees on multi-vehicle policies
Multi-vehicle policies may have different fees depending on the type of investment option. For example:
Top 3 cheapest for multi-vehicle policies:
- Finary Life: 0.50% on unit-linked funds
- Ramify: 0.50% policy fees (1% to 1.4% all-in for profiled management)
- Yomoni: 0.60%
Examples
Traditional bank:
- Caisse d'Epargne: 0.70% on euro funds and 0.80% on unit-linked funds (Millevie Initiale 2)
Traditional insurer:
- Generali: 1.00% maximum on euro funds, unit-linked funds and Eurocroissance vehicle
Online bank:
- Boursorama: 0.75% maximum on euro funds and unit-linked funds (BoursoVie)
Online savings solution:
- Finary Life: 0.50% on unit-linked funds
To illustrate the impact of these fees, here is an example with capital of €100,000:
- With 0.50% fees (Finary Life): €500 per year
- With 0.60% fees (Abeille Assurances): €600 per year
- With 0.75% fees (Boursorama): €750 per year
Over 10 years, assuming a theoretical annual return of 4% before fees (illustrative simulation; past performance is no guarantee of future performance):
- Finary Life: final capital of €141,060
- Abeille Assurances: final capital of €139,703
- Boursorama: final capital of €137,238
This comparison shows the crucial importance of management fees over the long term. A difference of a few tenths of a percentage point can translate into thousands of euros of difference over time.
The Finary app lets you automatically analyse your fees and tells you the savings you could make.
Switching fees
Explanation of switching fees
Switching fees are applied when you change the allocation of your savings between different investment options within your life insurance policy. These switches can be essential for adjusting your investment strategy in line with market developments or your personal objectives.
Average costs by insurer
Switching fees generally range between 0% and 1% of the amount switched. Some insurers offer a limited number of free switches per year.
Top 3 cheapest insurers for switching fees:
- Finary Life: 0% (unlimited free switches)
- Boursorama: 0% (unlimited free switches)
- Fortuneo: 0% (unlimited free switches)
Tips for reducing these fees
- Online switches are often cheaper than by post or telephone.
- Grouping switches can limit their frequency if the policy charges fees.
- Some policies offer free switches, in whole or in part.
Which insurers offer free switches?
Several insurers offer free switches, in particular:
- Finary Life: unlimited free switches
- Boursorama: unlimited free switches
- Fortuneo: unlimited free switches
- Abeille Assurances: unlimited free switches
- Linxea: free switches online
Examples
Traditional bank:
- LCL: 0.7% maximum (0 free switches per year)
Traditional insurer:
- AXA: 0.80% (4 free switches per year)
Online bank:
- Boursorama: 0% (unlimited free switches)
Online savings solution:
- Finary Life: 0% (unlimited free switches)
To illustrate the impact of these fees, here is an example with a switch of €50,000:
- With Finary Life (0%): €0 in fees
- With LCL (0.7%): €350 in fees
- With AXA (0.80%, beyond the 4 free ones): €400 in fees
These differences may seem minimal for a single switch, but they add up quickly if you make several switches per year or if you manage a large portfolio.
Over the long term, the level of switching fees can have a significant impact on the net return of the policy.
Withdrawal and exit fees
These fees apply when you withdraw part or all of your savings. They can vary depending on the age of the policy and the amount withdrawn.
Top 3 cheapest:
- Finary Life: 0%
- Boursorama: 0%
- Fortuneo: 0%
Comparative examples:
- Traditional bank: La Banque Postale - 0%
- Insurer: AXA - 0%
- Online bank: Boursorama - 0%
- Online savings solution: Finary Life - 0%
Comparing these different types of fees, we can see that online banks and online savings solutions tend to offer more competitive deals than traditional banks and traditional insurers.
However, it is essential to consider all the fees and not just one specific type in order to assess the overall profitability of a life insurance policy.
This difference highlights the importance of checking the withdrawal terms of your policy, especially if it is an old one. In some cases, it can be advantageous to transfer your life insurance to a more recent and cheaper policy.
Hidden and indirect fees
Fees on investment options (UCITS, SICAV, etc.)
Beyond explicit fees, life insurance policies often involve hidden fees, particularly on investment options such as UCITS and SICAVs. These fees vary depending on the type of fund:
- Bond funds: 0.8% to 1.8%
- SICAVs and equity funds: 1.5% to 3%
- Diversified funds: 1.5% to 2.5%
The importance of reading the KID carefully
The Key Information Document (KID) is crucial for understanding the actual fees of each investment option. It details the ongoing charges, which cover all the fees charged over a year.
Gap between displayed fees and actual fees
The gap between displayed fees and actual fees can be significant. For example:
- Displayed management fees: 0.60%
- Underlying investment option fees: 1.5%
- Total actual fees: 2.1%
How to spot hidden fees?
- Examine the KID of each investment option carefully
- Calculate the Total Expense Ratio (TER), which includes all fees
- Compare returns net of fees rather than gross
- Be vigilant about performance fees
Examples of hidden fees by type of institution:
Traditional bank:
- Caisse d'Epargne (Millevie Initiale 2): Unit-linked management fees vary depending on the type of fund (0.37% to 2.04%)
Traditional insurer:
- AXA (Arpèges): Unit-linked vehicle fees - from 1.10% (bonds) to 1.83% (equities) on average
Online savings solution:
- Yomoni (Yomoni Vie): Unit-linked management fees vary depending on the type of fund (1.37% to 2.70% on average)
These examples show that hidden fees can vary considerably depending on the institutions and the investment options chosen. For example, on an investment of €100,000:
- With total fees of 1%: €1,000 per year
- With total fees of 3%: €3,000 per year
Over 10 years, this difference can represent more than €20,000 of gap in the final value of your investment, highlighting the importance of properly understanding and comparing all the fees before choosing a life insurance policy.
Choosing a low-fee life insurance policy
The benefit of a policy with no entry fees
Opting for a policy with no entry fees allows you to invest all your capital from the outset, thereby maximising the growth potential of your savings. Over the long term, this difference can translate into substantial gains.
Comparative fee table
| Insurer | Entry fees | Management fees (unit-linked) | Switching fees | Withdrawal fees |
| Finary Life | 0% | 0.50% | 0% | 0% |
| BoursoVie | 0% | 0.75% | 0% | 0% |
| Fortuneo Vie | 0% | 0.75% | 0% | 0% |
| Yomoni Vie | 0% | 0.60% | N/A | N/A |
| LCL Vie | 3.5% max | 0.95% max | 0.7% max | 0% |
| Crédit Agricole (Oriance) | 1% max | 0.80% max | 0% | 0% |
| Caisse d'Epargne (Millevie Initiale 2) | 3% max | 0.80% | 1% | 5% max |
| La Banque Postale (Cachemire 2) | 3% max | 0.85% max | 0.50% max | 0% |
| AXA (Arpèges) | 4.85% max | 0.96% | 0.80% | 0% |
| Abeille Assurances (Lucya Abeille) | 0% | 0.60% | 0% | 0% |
| Linxea (Spirit 2) | 0% | 0.50% max | 0% | 0% |
| Nalo | 0% | 1.65% max | 0% | 0% |
| Ramify | 0% | 1.4% max | 0% | 0% |
Data updated on 18 May 2026.
Examples of low-fee policies (for information purposes)
- Finary Life: 0% entry, switching and withdrawal fees. 0.50% annual management fees on unit-linked funds — the lowest in the comparison. Fully transparent from subscription.
- Fortuneo Vie: 0% entry, switching and withdrawal fees. 0.60% management fees on unit-linked funds, among the most competitive on the market. Good value for money, with a more limited choice of unit-linked options than a specialist broker.
- Boursorama: With 0% fees on almost every aspect and 0.75% on unit-linked funds, Boursorama remains a very competitive and accessible option from a mainstream online bank.
Negotiating fees with your adviser
Even though fees are often standardised, it is possible to negotiate, especially for large amounts. Factors that may be open to contractual discussion:
- Reduction of entry fees
- Reduction of management fees
- Increase in the number of free switches
Platforms such as Finary Life display their fees with full transparency from subscription, with no need to negotiate.
Knowing about life insurance fees is a factor to take into account when assessing a policy. Regularly comparing market offers and checking the contractual terms are part of good savings practice.
Life insurance is a savings product whose net return depends in particular on the level of fees applied.
The level of fees has a measurable impact on the net return over the long term.
To go further, discover our guide on the return on life insurance in 2026 and how to maximise your returns net of fees.
within your reach
Non-contractual document for promotional purposes. Investment in unit-linked vehicles carries a risk of capital loss, since their value is subject to fluctuation, both upwards and downwards, depending in particular on developments in the financial markets. The insurer guarantees the number of unit-linked vehicles and not their value, which it does not guarantee. The e-vie life insurance policy is an individual life insurance policy, denominated in euros and/or unit-linked vehicles, underwritten by Generali Vie, a company governed by the French Insurance Code. Finary SAS — 58 rue de Monceau 75380 Paris 8 — Investment Firm authorised by the ACPR under no. 19283, ORIAS no. 21001279, member of AMAFI
Regulatory disclaimers: Marketing communication. Investing carries a risk of partial or total capital loss. Past performance is not a reliable indicator of future performance. This article is provided for information and educational purposes only; it does not constitute personalised investment advice, a buy or sell recommendation, or tax advice. The capital guarantee on euro funds is provided by the insurer and depends on its financial strength. In a severe systemic crisis, the French "Sapin 2" law allows withdrawals to be temporarily restricted (liquidity), without affecting the guaranteed capital. Unit-linked funds are not guaranteed and carry a risk of capital loss. Before investing, read the Key Information Document (KID) and, where relevant, consult an authorised adviser. Finary SAS, an investment firm authorised by the ACPR (no. 19283), member of AMAFI. Insurance broker registered with ORIAS (no. 21001279), member of the CNCGP (association approved by the AMF). PSAN registered with the AMF (no. E2022-057).
