FAQs
Here you will find answers to frequently asked questions about pure life insurance. Should you not find an answer to your question, you can of course always contact us. We will do our best to answer your questions as soon as possible.
What is a pure life insurance?
A pure life insurance policy (also known as term life insurance) is an insurance policy that pays a fixed amount of money to the beneficiaries if the insured person dies within the agreed term. Pure life insurance has no surrender value or value after expiry of the agreed term and is used purely for the financial protection of the beneficiaries.
Do I need pure life insurance?
We believe that pure life insurance (also known as term life insurance) is the only life insurance product that you really need when you have loved ones who are financially dependent on you. A pure life insurance policy allows you to create a financial safety net for your loved ones. If you have a large amount of assets, a pure life insurance policy may not be necessary. Please use our needs calculator to determine your needs.
How much pure life insurance do I need?
A good rule of thumb is to calculate with three times your gross salary to give your beneficiaries a financial safety net. If you have debts or a mortgage, add them to three times your gross salary to arrive at the insurance amount we generally recommend. Financial cushions such as a savings account should be deducted from the sum. Use our needs calculator to help you determine your needs.
What pure life insurance duration is right for me?
The ideal insurance duration depends on your individual life situation. We recommend choosing a minimum duration that will protect your children at least during their education (usually until they reach the age of 18 or 24), or until you reach retirement, whichever period is longer. It may also make sense to match the duration of the insurance with the duration of your second mortgage.
During the course of your life your life situation will change again and again. SafeSide enables you to adjust your pure life insurance to your changed life situation.
What happens if I cancel my pure life insurance policy?
You have a 14-day right of withdrawal from the contract. If you exercise your right of cancellation within the 14-day period, the premium already paid will be refunded to you without interest. Even if you do not exercise your right of withdrawal, you can cancel your policy at any time. However, the annual premium paid will then no longer be fully refunded.
Can I change my pure life insurance policy?
Yes, you can make changes at any time, but they will only take effect at the beginning of the next accounting period. There is no limit to the reduction of the insurance amount and duration.
Increasing the insurance sum without a new health check is also possible, but limited.
For whom does pure life insurance make sense?
For married couples: As a married couple you are covered by the Swiss pension system. However, there are often gaps, especially for young married couples. It therefore makes sense to check the existence of a protection gap, which may be unwanted. Please use our needs calculator to determine your needs.
For unmarried couples or cohabiting couples: As an unmarried or cohabiting couple you are covered very poorly or not at all by the Swiss pension system. A financial protection gap is therefore very likely. We therefore recommend that you use our needs calculator to determine your needs.
For single parents: For single parents it can be a big challenge to take care of children and build up a financial cushion at the same time. Pure life insurance offers your children financial protection. We therefore recommend that you use our needs calculator to determine your needs.
For the entrepreneur and self-employed: As an entrepreneur or self-employed person your company often forms the bulk of your assets. If the value of your company is mainly derived from you, it makes sense to consider pure life insurance. Should something happen to you, your loved ones will receive the agreed insurance sum, which reflects at least part of your life's work and dedication.
For homeowners: Owning a house is a life dream for many. With the pure life insurance you can be sure that your loved ones will be able to bear the mortgage costs and stay in their home. Please use our needs calculator to determine your needs.
For trainees or students: As a trainee or student, it may also make sense to take out pure life insurance for the benefit of your parents. Often parents take on substantial financial obligations to pay for their children's education. By taking out pure life insurance, you know that your parents are financially secure should anything happen to you. Another advantage is that your premiums are relatively low due to your young age. You can easily change the beneficiaries later at any time if your life situation changes.
What does pure life insurance cover?
You determine which beneficiaries receive which share of the insurance sum. The insurance sum will be paid out in full to the beneficiaries you designate, regardless of the law of succession. Upon payment, your beneficiaries are entitled to spend the sum as they please (e.g. repay a mortgage, for their daily life expenses or to settle any inheritance taxes).
When is the best time to get pure life insurance?
We recommend you to have pure life insurance in place as soon as you have financial dependents. If your life situation changes, you can cancel your contract at any time. We promise you that a cancellation will not incur any costs.
How much will my pure life insurance cost?
Your premium is calculated individually and depends on various factors. For example, we take into account your gender, age and state of health as well as the insurance sum when calculating the premium. In order to get a better feeling for your premium, we recommend that you obtain a first non-binding price indication. The displayed premium will pleasantly surprise you.
I already have life insurance with my employer – isn´t that enough?
Please enquire first of all with your employer about the exact sum insured. Once you have information about your insurance sum, use our needs calculator to determine whether you need additional coverage. The 1st and 2nd pillar usually cover around 60-70% of your last salary. To provide financial security for your loved ones, it can therefore make sense to take out a pure life insurance policy.
Do people who stay at home need pure life insurance, too?
Organising a well-functioning household is very labour-intensive and therefore has a high financial value. Finding an equivalent replacement for your work involves large financial outlays. Taking out a pure life insurance policy is therefore a rational decision to provide your family with a safety net.
How often should I revisit my pure life insurance needs?
It makes sense to check your pure life insurance at regular intervals and to adapt it to your life situation. We recommend an annual review. Life is a dynamic process during which your life situation (career start, partnership, children or home) and therefore the scope of your required insurance coverage may change. Our pure life insurance is flexible and adapts to your life.
What is provisional pure life insurance cover?
Once you submit an application for the Baloise Leben AG product, you enjoy a provisional insurance cover. The provisional financial protection includes the requested insurance sum (max. CHF 500,000), but is limited to a maximum amount of CHF 250,000 in the event of death due to illness. As soon the insurance company accepts your application, your definitive insurance cover starts. However, if your application is rejected, your provisional insurance cover will also end.
Who should be contacted in the event of death?
A death must be reported to the insurance company as soon as possible. Beneficiaries can inform us via office@safeside.life or they can contact us by phone at +41 44 527 6363. Alternatively, they can also contact the respective insurance company directly.
What is a life coach?
The death of a loved one represents a strong emotional burden. In order to alleviate this exceptional psychological situation, Baloise Life Ltd provides your partner (spouse, registered partner, life partner) and children optionally with a Life Coach. Please contact us at office@safeside.life if you wish to have this option included in your policy.
The activities of a Life Coach include:
1. Financial advice and analysis of the financial situation
2. Support in coping with everyday life
3. Legal assistance
4. Organisation of the funeral
5. General administrative assistance
The value of the support, consulting and organisational services offered is limited to CHF 10 000. Here you can find more information.
How does the immediate payout work?
After the death of a loved one, liquidity shortages may occur. To avoid such shortages Baloise Life Ltd optionally grants an immediate payout of CHF 10,000. Please contact us at office@safeside.life if you wish to have this option included in your policy.
Beneficiaries who have questions can contact us at any time via office@safeside.life or call us at +41 44 527 6363.
When must a pure life insurance policy be paid out?
The insurance sum is paid out as soon as the beneficiary has informed the insurance company of the death of the insured. This should be reported as soon as possible and should include the official death certificate and the insurance documents.
Beneficiaries who have questions can contact us at any time via office@safeside.life or call us at +41 44 527 6363.
What is the tax impact?
The pure life insurance offered via our platform is offered as part of the free pension plan (pillar 3b). In pillar 3b, the insurance premiums can be claimed for tax purposes as part of the lump-sum deduction. However, this deduction is usually already fully exhausted due to the high health insurance premiums.
A beneficiary must pay tax on a pure life insurance payout, but at a greatly reduced rate.
Who receives the pure life insurance payout?
You decide who receives how much money. It is important that your beneficiaries know that you have taken out a pure life insurance policy, because they have to inform the insurance company.
Beneficiaries who have questions can contact us at any time via office@safeside.life or call us at +41 44 527 6363.
When is no amount paid out in the event of death?
To prevent fraud and false incentives, there are various situations where the promised benefit is not paid out in full. It is particularly important to note that the sum insured can be reduced by up to 100% in the following cases:
1. Incorrect information in the application;
2. In case of suicide; or
3. In case of death by participation in acts of war.
What is the difference between premium and premium reduced by surpluses?
Two different premium amounts are listed in your insurance application with Baloise Life Ltd. A so-called gross premium and a net premium. The gross premium is listed as a premium in the "Details of benefits and premiums" on page 2 of the insurance application and is carefully calculated by the insurance company. The net premium is the amount you actually pay, listed on page 3 of the insurance application as "premium reduced by surpluses". Should the risk experience of pure life insurance policies develop unfavourably, the insurance company can reduce the surpluses at any time or waive them completely. In other words: you pay the net premium, and the gross premium is the maximum possible amount you will ever have to pay.
Who is behind SafeSide?
The co-founders Georg Liechtenstein and Michael Klien have the vision to empower you to get the right financial protection anywhere anytime. To this end they founded SafeSide and envision to make it the leading technological platform for pure life insurance in Switzerland. SafeSide's insurance partners are Generali Switzerland, and Squarelife Insurance AG. You conclude your insurance contract with the respective insurance company. The focus on safety is one of the basic principles of both SafeSide and its partners. This also includes a strong focus on customer needs. SafeSide is a proud alumnus of the Tenity Incubator & Accelerator. The Accelerator already has a proven track record of innovation, acceleration and product design for financial services.
Do you have additional questions?
You can send us questions about pure life insurance at any time to office@safeside.life, contact us by phone at +41 44 527 6363 during normal office hours or directly make an appointment. We will gladly answer your questions.
Please find here for your convenience the insurance contract terms of Generali, and Squarelife, as well as the SafeSide privacy policy, the SafeSide terms of use and the SafeSide client information according to Art. 45 Insurance Supervision Law.