Understanding life insurance options

Jeanne R., a 38-year-old individual, is considering opening her first life insurance policy and is evaluating options between online banks like Hello bank, Fortuneo, and BoursoBank, as well as specialized brokers. She is uncertain about the differences between these options regarding subscription methods, fees, and returns.

Insurance underwriting by different providers

The choice between an online bank and a broker does not necessarily determine the type of contract, as both can offer policies underwritten by insurance companies. For example, Hello bank's "Assurance vie Hello ! " is underwritten by Cardif Assurance Vie, a subsidiary of BNP Paribas, while BoursoBank's "BoursoVie" is underwritten by Generali Vie. Brokers such as Linxea and Placement-direct also offer policies underwritten by insurance companies like Suravenir and Swiss Life, respectively.

Subscription processes and management platforms

The subscription process for both online banks and brokers is largely online, requiring information about the individual's financial situation, risk profile, and necessary documents. However, the environment in which the policy is managed can differ. Policies from online banks may be accessed within the same platform as the individual's current bank account, while brokers typically require a separate customer account. Brokers may offer access to policies from multiple insurers, which can be beneficial for those new to comparing life insurance options.

Fees associated with different policies

The costs associated with each policy can vary significantly. Hello bank's policy has no opening or transaction fees, with annual management fees of 0.70% on the money market fund and 0.75% on units of account. Fortuneo Vie also has no transaction or arbitration fees, with management fees ranging from 0.60% to 0.75% depending on the fund. BoursoVie has no opening or transaction fees, with arbitration at request being free and management fees of 0.75%. Brokers such as Linxea Avenir 2 have annual management fees of 0.60% and no arbitration fees, while Placement-direct Vie charges 0.60% on the money market fund and 0.50% on units of account, with additional fees on certain supports reaching up to 0.10%.

Returns based on investment type

Returns on life insurance policies depend on the type of investment. Money market funds can be compared based on published performance, while units of account are subject to market fluctuations and do not guarantee capital. In 2025, BoursoVie's money market fund, Euro Exclusif, had a net return of 3%, while Fortuneo's Suravenir Rendement 2 and Suravenir Opportunités 2 had returns of 2.10% and 3% respectively. Placement-direct Vie's Swiss Life - Actif general fund had returns between 1.90% and 3.45% in 2025, depending on conditions. Some rates may be boosted, requiring a portion of the investment to be in units of account, which do not guarantee capital.

Variation in investment options

The number of investment options available can vary significantly. BoursoVie offers 600 investment options, including more than 40 ETFs or index funds and over 5 real estate supports. Hello bank's policy offers 129 investment options, including 24 ETFs and 2 real estate supports. Brokers such as Placement-direct Vie offer up to 1,228 investment options, while CORUM Life offers only 9 units of account. Meilleurtaux Essentiel Vie offers around 60 units of account and a responsible money market fund with a 3.50% return in 2025.

Differences in management styles and minimum investments

The management style of the policy also varies. Some policies offer profile-based management, where the allocation is adjusted based on the individual's investment horizon and risk profile, while others allow for free management or mandate-based management. The minimum investment required to open a policy can also vary significantly. Hello bank's policy can be opened with as little as 30 euros, while BoursoVie requires 300 euros for opening and 1,000 euros for partial withdrawals. Brokers have different thresholds, with some requiring 100 euros for opening and others requiring up to 1,000 euros.

Choosing between online banks and brokers

The choice between an online bank and a broker depends on the individual's specific needs, such as the amount they wish to invest, whether they want to choose their own investments, the need for a wide range of investment options, and whether they plan to keep their savings primarily in the money market fund or diversify. The comparison between different policies becomes clearer once these specific needs are considered.