What are the management fees for life insurance in France?
Updated on 7 August 2026
A life insurance policy in France can carry up to four types of fees: entry fees, contribution fees, annual management fees (0.66% on average for euro funds, 0.88% for unit-linked funds according to France Assureurs) and switching fees. Combined, they can reduce net returns by several points every year.
- A life insurance policy can carry up to 4 types of fees: entry fees, contribution fees, annual management fees and switching fees.
- Annual management fees average 0.66% on euro funds and 0.88% on unit-linked funds in 2025, according to France Assureurs.
- Combined (policy, investment options, managed-portfolio service), total life insurance fees can reach 3% to 4% a year.
- Online policies (Finary Life, Linxea) generally remove entry, switching and contribution fees.
What fees apply to a life insurance policy?
A life insurance policy carries four types of fees: entry fees, contribution fees, annual management fees and switching fees. Unlike PEA (a French tax-advantaged equity savings account) fees, which are capped by law, life insurance fees are not, even though they apply at every stage of the policy's life and are rarely examined with the attention they deserve.
Entry or subscription fees
This is the amount deducted directly when your policy is opened. It can represent up to 5% of the amount deposited (for €1,000 invested, up to €50 deducted, €950 actually invested). Since the Pacte law, Article L132-21-1 of the French Insurance Code caps the combined total of entry and contribution fees at 5% of the premiums paid in a given year.
However, many providers no longer apply them. This is especially true of online banks and insurers, which often waive these entry fees or run "welcome offers" to that effect several times a year.
Contribution fees
Like entry fees, this is an amount deducted from every contribution made to your policy. Whether your contribution is a one-off or regular, contribution fees are applied in proportion to its amount. They reduce the amount actually invested, generally by 2% to 5%, but never beyond the legal cap shared with entry fees (5% of the premiums paid over the year, Article L132-21-1 of the French Insurance Code).
Annual management fees
Life insurance management fees are annual and proportional to the value of the policy, meaning capital plus interest plus gains generated. Their amount depends on two criteria:
- the type of investment option: euro fund or unit-linked fund;
- the type of policy: single-fund (entirely in a euro fund) or multi-fund (euro fund plus unit-linked funds).
These fees are recurring, so they directly affect your portfolio's return. For euro funds, they generally range from 0.35% to 1% (market average: 0.66% in 2025 according to France Assureurs), while unit-linked funds carry fees ranging from 0.5% to 1.20% (average: 0.88% in 2025), whether performance is positive or negative!
Switching fees
Switching fees are charged when you change the composition or allocation of your assets. They are generally proportional to the value of the transaction, but can also take the form of an annual flat fee (5 switches for €30, for example). Fees typically range from 0.5% to 1% at most insurers or banks.
More capital invested
Non-contractual document for promotional purposes. Investment in unit-linked funds carries a risk of capital loss, as their value is subject to fluctuation, both upward and downward, depending in particular on developments in the financial markets. The insurer commits to the number of units, not to their value, which it does not guarantee. This life insurance policy is an individual life insurance policy, denominated in euros and/or unit-linked funds, 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
Are life insurance fees the only fees in your portfolio?
Unfortunately, your life insurance policy's management fees are not the only fees in your portfolio. Depending on its composition, you will also have to pay fees linked to your investments, to the management solution, or to closing your policy.
Fees linked to the underlying assets
Depending on your life insurance policy's composition, you may have to pay fees on your investments. This is especially the case for ETFs and mutual funds, whose management fees range from 0.2% to 1%. Beyond that, their impact on net performance can become significant.
In the case of OPCVM (the French term for a UCITS mutual fund) units or SCPI (a French non-listed real-estate investment fund, comparable to a REIT) shares, note that they carry their own entry fees on top of their management fees. It is therefore important to be attentive to the choice of products held within your life insurance policy.
Management solution fees
With a life insurance policy, you can choose between different management approaches: managed, advised or self-directed. These solutions are, admittedly, more or less costly, but they can also help you avoid investment mistakes that would be far more expensive! Under a managed-portfolio service, you give your broker power of attorney to carry out, independently, the switches needed to meet the objectives you have set. Advised management, for its part, is a partnership between you and your broker: they propose trades that you accept or decline. The fees applied vary by provider and are expressed as a percentage. Under managed-portfolio management, they can exceed 3%, which reduces net returns by as much.
| FINARY LIFE | RAMIFY | YOMONI | NALO | LINXEA (OTEA CAPITAL) | |
|---|---|---|---|---|---|
| Manager | Finary Life | Ramify | Yomoni | Nalo | OTEA Capital |
| Insurer | GENERALI | Apicil and Generali | Crédit Mutuel Suravenir | Generali | 4 choices: Crédit Agricole, Crédit Mutuel, Apicil, Generali |
| Contribution fees | 0% | 0% | 0% | 0% | 0% |
| Entry ticket | €300 | €1,000 | €1,000 | €1,000 | €1,000 |
| Managed-portfolio fees | 0.50% management fee on unit-linked funds (Profiled Management, BlackRock iShares ETFs), 0% switching fees | 0.70% insurer + 0.30-0.70% Ramify + 0.20% ETF, i.e. 1.20% to 1.60%/year | 0.60% insurer + 0.70% Yomoni + 0.30% ETF, i.e. 1.60%/year | 0.85% insurer + 0.55% Nalo + 0.25% ETF, i.e. 1.65%/year | 0.50% to 0.60% insurer + 0.20% Linxea + 1% fund manager, i.e. 1.70% to 1.80%/year |
| 5-year performance | +19% to +83% | +12% to +53% | +12% to +42% | +14% to +38% | |
| Rating | ★★★ | ★★★ | ★★★ | ★★★ | ★ |
Source: Avenue des Investisseurs, comparison of managed-portfolio fees in life insurance. Ramify, Yomoni, Nalo and Linxea fees should be re-checked against each provider's official pricing page before publication.
Other fees
Estate, closing or withdrawal fees are now relatively rare. It is rather taxation that will affect your savings when your policy is passed on, depending on the age at which you made the various contributions. It is worth noting, however, that if your insurer applies early exit fees, they are capped at 5% and only apply to policies under 10 years old.
Which life insurance policy is the cheapest?
Based on the comparison below, Finary Life applies the lightest fee structure (0% entry, contribution and switching fees, 0.50% management fee on unit-linked funds), closely followed by Linxea Spirit 2 and Linxea Avenir 2. The range of life insurance policies remains very wide, however: see below for a comparison of 3 offers against a generic policy.
| FINARY LIFE | LINXEA AVENIR 2 | LINXEA SPIRIT 2 | LUCYA ABEILLE (ex Evolution Vie) | GENERIC LIFE INSURANCE POLICY | |
|---|---|---|---|---|---|
| Insurer | GENERALI | CRÉDIT MUTUEL Suravenir | CRÉDIT AGRICOLE Spirica | ABEILLE ASSURANCES (ex-Aviva) | X |
| Contribution fees | 0% | 0% | 0% | 0% | 3% |
| Entry ticket (minimum payment at opening, free contributions thereafter) | €300 | €100 | €500 | €500 | |
| Euro funds | Netissima (Generali) | – Suravenir Opportunités 2 – Suravenir Rendement 2 | Fonds euro Nouvelle Génération | Abeille Actif Garanti (ex-Aviva Actif Garanti) | X |
| 2025 euro fund performance (net of management fees) | 3.00% (up to 4.60% with the new-contribution boost - past performance is not indicative of future performance) | 2.10% (Suravenir Rendement) / 3.00% (Suravenir Opportunités, ≥ 50% unit-linked funds required) | 3.08% | 2.51% | 0.80% |
| Number of unit-linked funds (UC) | 700+ funds Including BlackRock iShares ETFs | 600 funds Including 81 trackers and 20 SCPI | 650 funds Including 21 trackers 31 SCPI and 111 individual stocks | 300+ funds Including 5 real-estate options (SC/SCI/OPCI) | 50 funds |
| Management fee on unit-linked funds | 0.50% | 0.60% | 0.50% | 0.60% | 1% |
| Switching fees | 0% | 0% | 0% | 0% | 0.50% |
| Management modes | Self-directed management or Profiled Management (BlackRock ETFs) | Self-directed management or managed-portfolio service | Self-directed management or managed-portfolio service | Self-directed management or managed-portfolio service | Self-directed management |
| Key features | • 0% entry, switching and exit fees • Netissima euro fund at 3% (up to 4.60% with the boost) • 700+ unit-linked funds • Profiled Management with BlackRock iShares ETFs • Invest from €300 | • Strong historical performance on the euro fund • Wide choice of trackers | • Can combine self-directed and managed-portfolio management • NG euro fund built for the long term • SCPI real estate with 100% of rental income • Very low management fees on unit-linked funds • Trackers, individual stocks, ISR (socially responsible investing) | • 100% euro fund possible • Return bonus for investing in unit-linked funds • SCI real estate |
within reach
Non-contractual document for promotional purposes. Investment in unit-linked funds carries a risk of capital loss, as their value is subject to fluctuation, both upward and downward, depending in particular on developments in the financial markets. The insurer commits to the number of units, not to their value, which it does not guarantee. This life insurance policy is an individual life insurance policy, denominated in euros and/or unit-linked funds, 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
How can you optimise the fees on your life insurance policy?
To optimise the fees on your life insurance policy, compare offers before subscribing, favour an online policy with no entry or switching fees, and keep an eye on the fees stacking up across the policy, the funds and the managed-portfolio service, which together can reach 3% to 4% a year and reduce your net returns by as much.
So how can you reduce the fees on your life insurance policy? First, by carefully studying the different offers. Also, when choosing between two policies, some savers prefer to accept slightly higher contribution fees upfront rather than recurring annual management fees, since the latter apply every year to the entire capital.
The Finary platform lets you easily analyse the costs of your life insurance policy, using fee, performance and investor-profile analysis tools comparable to those used by wealth management professionals. The results give you everything you need to reduce the fees on your life insurance policy and on all your investment products.
And what better way to grasp the importance of understanding and optimising your life insurance fees than a concrete example? Let's take the example of management fees on a life insurance policy for a €1,000 contribution earning 3% on a euro fund, with an insurer applying average rates, under self-directed management and with no switching:
- Initial contribution: €1,000;
- Opening fee at 3%: €30 --> capital invested: €970;
- Return of 3%: + €29.10 (970 × 3%) → end-of-year value: €999.10
- Management fee at 0.8%: - €7.99 (999.1 x 0.8%);
- Final capital: €991.11
The total fees amount to €37.99. As you can see, after one year, you only have €991.1: you have not recovered your initial contribution! Without a new contribution or switch, it will take you 18 months to get back to your starting capital. On top of these fees come any managed-portfolio fees and the various switches, which increase the performance effort needed to achieve real gains.
Frequently asked questions
Can you avoid management fees in a life insurance policy?
Whichever provider you choose, management fees are unavoidable. They represent the main way your intermediaries are paid. Some online policies, such as Finary Life, offer reduced fee levels (0% entry, switching and exit fees), with no negotiation needed.
How do you calculate the management fees on a life insurance policy?
It is a percentage applied to your policy's acquired value. They average 0.66% for euro funds and 0.88% for unit-linked funds in 2025, according to France Assureurs.
How do you calculate the net return on a life insurance policy?
You need to work out what your policy earns you, but also what it costs you. This means subtracting the various banking and management fees from your returns. For example, purely for illustrative purposes and with no guarantee, a life insurance policy showing a 5% gross return with 2% in fees would offer a 3% net return.
Are life insurance management fees capped by law?
No. Unlike PEA fees, a life insurance policy's annual management fees are not subject to any legal cap: each insurer sets its own rates freely. This explains the significant gaps observed between older bank policies, often more expensive, and recent online policies such as Finary Life or Linxea, which are considerably cheaper.
Sources
Avenue des Investisseurs: managed-portfolio service in life insurance
Suravenir: 2025 euro fund return rates
Assurancevie.com: Lucya Abeille policy (formerly Evolution Vie)
Article L132-21-1 of the French Insurance Code (Légifrance): cap on entry and contribution fees
France Assureurs: average life insurance management fees on unit-linked funds, 2025
Linxea: Linxea Avenir 2 policy factsheet
Linxea: Linxea Spirit 2 policy factsheet
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). Crypto-Asset Service Provider (CASP) authorised by the AMF under the MiCA regime, references no. A2026-026 and no. N2026-008.
