Can you have several life insurance policies in France?
Updated on 7 August 2026
Yes, you can take out several life insurance policies in France: no legal limit caps their number. This multi-policy strategy lets you diversify your investment options, split beneficiaries by project, and optimise your tax position, notably through the allowances that apply to withdrawals and to wealth transfer.
- Each policy can be dedicated to a specific goal (retirement, wealth transfer, education), with its own asset allocation and its own management style.
- Spreading policies across several insurers multiplies the protection of the Fonds de Garantie des Assurances de Personnes (FGAP, France's personal insurance guarantee fund), capped at €70,000 per insurer.
- After 8 years, an annual tax allowance of €4,600 (€9,200 for a couple) applies to gains on partial withdrawals.
- On wealth transfer, an allowance of €152,500 per beneficiary applies to premiums paid before age 70, across all policies combined.
- Opening multiple policies without funding them adequately or reviewing them regularly can complicate management and dilute the strategy's benefit.
Understanding the benefits of taking out several life insurance policies
When people think of life insurance, they often picture a single policy to prepare for retirement or pass on wealth. Yet nothing stops you from taking out several policies. On the contrary, this strategy offers real benefits for structuring your savings.
Diversifying your investments and spreading the risk
“Don't put all your eggs in one basket,” as the saying goes. That is exactly what multi-policy life insurance allows. By opening several policies, you can spread your savings across different financial investment options with varying returns and risk levels.
- Euro funds: capital protected by the insurer (before fees), with historically moderate returns.
- Unit-linked funds: equities, bonds, real estate. They are more volatile and carry a risk of capital loss, in exchange for higher return potential.
Diversifying your investments can limit certain specific risks, without removing the risk of capital loss.
More capital invested
Non-contractual document for promotional purposes. Investment in unit-linked funds 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 funds held, 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 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
Better allocating beneficiaries by project
Each life insurance policy lets you name one or several beneficiaries. Taking out several policies lets you allocate your savings among your loved ones according to your wishes.
- One policy for your children.
- Another for your spouse.
- A third for a nephew or niece.
You gain in simplicity and confidentiality. Each beneficiary only knows the amount dedicated to them.
Increasing the protection of the guarantee fund
If your insurer fails, your assets are protected up to €70,000 by the Fonds de Garantie des Assurances de Personnes (FGAP). According to the FGAP, “this compensation amount guaranteed by the guarantee fund is capped at €70,000.” This cap applies per person and per insurer. Spreading your policies across several insurers therefore lets you multiply this protection.
With several life insurance policies taken out with different institutions, you increase the protection of your savings. This is extra protection for your savings.
Optimising taxation on withdrawal or inheritance
Regarding life insurance taxation, holding several policies also brings significant advantages. For partial withdrawals, an annual allowance of €4,600 (€9,200 for a couple) applies to gains after 8 years (Article 125-0 A of the French General Tax Code, CGI).
On transfer to your beneficiaries, an allowance of €152,500 per beneficiary (Article 990 I of the French General Tax Code) is added on top. This can reduce or even cancel the tax bill depending on the amounts involved.
What are the risks of diversifying across several policies?
While diversification is a sound strategy, it needs to be approached thoughtfully. Otherwise, the risk is spreading yourself too thin and losing track of your different policies.
Define clear goals (retirement, education, property, etc.) and dedicate a policy to each one. Investments, time horizon and taxation can then be optimised accordingly for structured wealth management.
Taking out several life insurance policies is not a constraint. It is a useful tool for organising your savings around your goals. This strategy is worth exploring based on your situation and objectives.
How does multi-policy life insurance work?
Taking out several policies works just like any standard life insurance policy: each policy is opened separately, with its own application file, with no legal limit on the number of policies or the total amount invested.
Conditions and steps for taking out several policies
Unlike certain regulated savings products such as the Livret A, there is no limit on the number of life insurance policies you can hold. Whether with the same insurer or different companies, you are free to choose!
The only condition? Having the necessary funds to fund each policy. Do not open dozens of them if you cannot afford to fund them properly. A common approach is to start with one or two well-funded policies, then add more as your savings grow.
Subscribing is straightforward. Fill in one application per policy, stating your goals and your investor profile. The insurer will then propose an asset allocation suited to you (euro funds, unit-linked funds, etc.).
Managing and tracking your different policies
With several life insurance policies, you will need to be more organised for day-to-day management. Each policy has its own characteristics in terms of fees, returns and risk.
To keep on top of everything, the simplest approach is to bring all your policies together in a powerful tracking tool like Finary. At a glance, you can see your savings' overall performance, your actual asset allocation, and any switches worth making.
Contributions and taxation to master
While you can, in theory, open as many policies as you like, there is no legal annual contribution cap for life insurance. You can invest whatever amounts you wish, whatever their origin (gift, inheritance, sale of property, etc.).
The tax benefits, however, apply according to precise thresholds: an annual allowance of €4,600 (€9,200 for a couple) on gains after 8 years, and an allowance of €152,500 per beneficiary (Article 990 I of the CGI) on transferred capital. It is by factoring in these thresholds that the multi-policy strategy makes full sense.
How to organise the tracking of several policies?
Managing several life insurance policies can quickly become a headache. Here are a few best practices to stay in control:
- Assign a clear, specific goal to each policy (retirement, education, investment, etc.).
- If ease of management matters most, grouping your policies with a single insurer can make tracking easier - at the cost of not multiplying FGAP protection.
- Opt for a centralised management tool.
- Schedule an annual review to reallocate your assets if needed and optimise your investments.
- Turn to a wealth management adviser if the task becomes too heavy.
With discipline and the right tools, managing several life insurance policies is within everyone's reach. This strategy can therefore be well suited to certain wealth situations.
When should you open several life insurance policies?
It makes sense to open several life insurance policies whenever several wealth goals coexist: preparing for retirement, funding education, transferring capital, or diversifying investment options.
Preparing for different projects (retirement, wealth transfer, etc.)
Life insurance is a versatile wealth-building investment. Depending on how you fund and structure it, it can serve a wide range of goals. You can build supplementary retirement income, prepare for the transfer of wealth, or fund your children's education.
Each of these projects has its own constraints: investment horizon, risk level, or taxation. Dedicating a specific policy to each goal optimises your investments.
Tailoring policies to different intended beneficiaries
Life insurance is also an excellent tool for organising your estate. What if you want to leave different amounts to several beneficiaries? A single policy with a complex clause? Or several dedicated policies for greater simplicity?
The second option can prove easier to manage in some cases. It avoids drafting headaches and guarantees complete confidentiality. Each beneficiary only knows the amount intended for them, reducing the risk of conflict.
Combining different management styles (euro funds, unit-linked funds)
By taking out several life insurance policies, you can diversify both your investment options (euro funds, unit-linked funds) and your management styles.
Do you want self-directed management for your riskier investments and managed-portfolio service for the secure part of your savings? Two separate policies let you get the best of both worlds!
Which projects are most worth covering?
Among the projects most frequently covered by holding several policies are:
- Preparing for retirement
- Funding higher education
- A property project (purchase, renovation)
- Wealth transfer
- Diversifying an existing portfolio
But life insurance is so flexible that other projects are worth considering too. You can fund a business venture, a sabbatical, or build up savings for a particular dream.
Whatever your goal, the most important thing is to have a clear view of your priorities and the amounts to set aside. Once that step is done, taking out multiple policies gives you extra flexibility for your different projects.
Netissima
Non-contractual document for promotional purposes. Investment in unit-linked funds 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 funds held, 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 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
Tax optimisation with several life insurance policies
Life insurance is among the most tax-attractive investments. Holding several policies lets you make the most of these advantages, whether on withdrawal or on wealth transfer.
Tax advantages on partial or full withdrawal
Let's start with withdrawals, whether partial or total. Life insurance already benefits from a favourable tax regime. Whatever the policy's age, only the gains are taxed, never the capital paid in. After 8 years, an annual allowance also applies to these gains.
But that's not all! After this period, an annual allowance of €4,600 for a single person (€9,200 for a couple) applies to taxable gains. This reduces, or even cancels, the tax bill depending on the amounts involved.
Wealth-transfer strategies for beneficiaries
Life insurance is ideal for preparing your estate with tax advantages. Holding several policies opens up further optimisation opportunities.
On transfer of the saved capital, beneficiaries benefit from an allowance of €152,500 per beneficiary. Taking out several life insurance policies therefore shrinks the tax bill.
By taking out a new policy after age 70, you combine the advantages. Premiums paid before age 70 benefit from the €152,500 allowance. Those paid after age 70, meanwhile, benefit from an overall allowance of €30,500, shared among all beneficiaries and all policies combined.
Impact on inheritance
Inheritance tax is feared by every heir. Life insurance helps minimise it.
On transfer before age 70, only the portion of the capital received exceeding the €152,500 allowance is subject to inheritance tax, at a rate of 20% (31.25% above €700,000).
After age 70, only the premiums paid are included in the taxable base for inheritance tax. Not the accrued interest, which is tax-exempt! This makes it possible to pass on a substantial estate with complete peace of mind.
What tax optimisation avenues are worth considering?
What avenues can you consider to optimise your life insurance taxation? It all depends on your goals and your wealth situation.
Here are a few avenues worth exploring:
- Open a new policy after age 70 to combine inheritance-tax advantages.
- Dedicate a specific policy to withdrawals to benefit from the annual allowance.
- Spread your beneficiaries across different policies to use the available allowances.
- Combine life insurance with other tax-advantaged investments (PEA (a French tax-advantaged equity savings account), PER (France's retirement savings plan), etc.).
- Consult a wealth management adviser for a personalised analysis suited to your situation.
Holding several policies can therefore help reduce the tax burden in certain situations, depending on your wealth position.
Precautions to take with multiple policies
Taking out several life insurance policies offers many advantages in terms of diversification, tax optimisation and estate planning. However, this strategy carries risks if it is not well managed. Here are a few precautions to avoid the pitfalls of holding multiple policies.
Risks of over-saving and exceeding thresholds
With the ability to open as many policies as you like, it can be tempting to overdo it. But beware the risk of over-saving! Life insurance has no legal annual contribution cap. Social security contributions of 17.2% (a rate maintained in 2026 by the 2026 Social Security Financing Act, LFSS) apply to gains regardless: every year for euro funds, at withdrawal for unit-linked funds.
Potentially higher management fees
Management fees are generally moderate on life insurance, but they can add up if you hold multiple policies with different insurers.
Try to group your different policies with a single provider to benefit from preferential rates. Another option is to choose online management, which is significantly cheaper than in-branch tracking.
Complexity of managing several policies
Managing several life insurance policies can be complex. Each policy has its own characteristics: management style, taxation, and so on. It's a real headache to keep a clear overall picture!
Holding several life insurance policies is a powerful strategy to diversify, protect and optimise your wealth. However, it requires constant attention and rigorous management to make the most of it. By following these precautions, you can navigate this complex landscape with confidence and enjoy all the benefits it offers.
within your reach
Non-contractual document for promotional purposes. Investment in unit-linked funds 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 funds held, 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 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
Frequently asked questions
How many life insurance policies can you open?
There is no legal limit on the number of life insurance policies a single person can hold, whether with one insurer or several. The only practical constraint is having the funds needed to properly fund each policy.
Does the €152,500 allowance apply per policy or per beneficiary?
It applies per beneficiary, across all policies and all insurers combined, on premiums paid before the policyholder turns 70 (Article 990 I of the French General Tax Code, CGI). Opening more policies does not, therefore, multiply this allowance.
Does the guarantee fund (FGAP) protect each policy separately?
No, the €70,000 guarantee applies per person and per insurer, regardless of how many policies are held with that same insurer. Spreading your policies across several insurers, on the other hand, does multiply this protection.
Should you open a new policy after age 70?
It is not mandatory, but taking out a policy after age 70 lets you combine the €152,500 allowance (on premiums paid before age 70) with the overall €30,500 allowance provided for in Article 757 B of the CGI for premiums paid after that age.
Can you have several life insurance policies with the same bank or the same insurer?
Yes, nothing prevents it. This simplifies administrative tracking, but does not multiply FGAP protection, since it is assessed per insurer, not per policy.
Sources
Article 990 I of the French General Tax Code (Légifrance)
Article 757 B of the French General Tax Code (Légifrance)
Fonds de Garantie des Assurances de Personnes (FGAP), official website
BOFiP: levy on amounts paid on the death of the policyholder
Article 125-0 A of the French General Tax Code (Légifrance)
Impots.gouv.fr, life insurance and the PEA: social security contribution rates
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.
