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quickly explained
What is traditional life insurance?
A traditional life insurance policy combines endowment cover with term life insurance. At the end of the policy term, the sum assured is paid out to the insured person. In the event of death, the beneficiaries receive the sum assured agreed for the term life cover. Thanks to the guaranteed interest rate and the profit-sharing component, which is reviewed annually, a traditional life insurance policy is ideal for investors seeking security.
Using capital to help build a sustainable future
A significant proportion of all premiums from every life insurance policy is invested by your insurer in the capital markets.
At Allianz, we began exploring at an early stage how we could use the capital entrusted to us to contribute to a sustainable future. We were therefore one of the first Austrian insurance companies to commit, back in 2014, to incorporating transparent, concrete and measurable sustainability criteria into our investment strategy and to adhering to them.*
Today, in line with our Group strategy, our aim is to reduce greenhouse gas emissions in the equity and corporate bond portfolios of Allianz Elementar Versicherungs-AG and Allianz Elementar Lebensversicherungs-AG by 25 per cent by the end of 2025, compared to 31 December 2019.
In fact, the reduction has already reached around 50%!
Our goal is to achieve greenhouse gas-neutral portfolios by 2050 through the continuous reduction of greenhouse gas emissions attributable to the portfolios.
Good to know
Frequently asked questions about traditional life insurance
Is a traditional life insurance policy suitable for private pension provision?
Yes, a traditional life insurance policy is suitable for long-term wealth accumulation and, therefore, also for private retirement and pension provision. In addition, the product offers cover in the event of death and a guaranteed minimum pension.
How long is the savings period for a traditional life insurance policy?
You determine the savings period for the life insurance policy yourself when you take out the policy. Generally speaking, a traditional life insurance policy is designed for long-term wealth accumulation and typically covers periods of 15 years or more.
How many premium payment holidays can you take with a traditional life insurance policy?
You can take up to three premium payment breaks in total. You can take a premium payment break of up to 12 months (or up to 24 months, depending on the type of deferral).
Can you cancel a life insurance policy early?
Yes, you can cancel a traditional life insurance policy early from the end of the first policy year onwards. If you cancel the policy, you will receive the surrender value based on the premiums paid, less any costs.
What does the surrender value mean in life insurance?
The surrender value refers to the amount you would receive if you were to terminate the life insurance policy early. However, particularly at the start of the savings phase, this amount may be lower than the sum you have already paid in.
Who is eligible to take out an Allianz life insurance policy?
Anyone aged between 18 and 75 can take out an Allianz life insurance policy. If you take out the life insurance policy to provide for minor children, the child is named as the second insured person and can take over the policy at a later date.
Who is responsible for the investment management under the Allianz Fixed Costs Plus life insurance policy?
The investment is made within the traditional cover pool (consisting primarily of fixed-income securities, equities and loans). This is managed by experts at Allianz.
What is the difference between the 'Fixed Costs Plus' life insurance policy with a single premium and the one with regular premium payments?
With an Allianz Fixed Costs Plus policy with a single premium, sums starting from €3,000 can be invested. The Allianz Fixed Costs Plus policy with regular premium payments is available from €20 per month.
What determines the amount of the insurance premium for life cover?
The insurance premium for life cover depends on the amount of cover, the term of the policy, and the age and state of health of the insured person.
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Disclaimer:
The information provided on this website is for general information purposes only and does not constitute legal, financial or professional advice. Although we endeavour to provide accurate and up-to-date information, we cannot guarantee the completeness, accuracy or timeliness of the content. The insurance products and terms and conditions described here are subject to change at any time. We recommend that you contact a qualified insurance adviser or an Allianz representative directly to obtain specific information tailored to your individual needs and circumstances. The final terms and conditions of the contract are set out in the relevant insurance policy. Allianz accepts no liability for any loss or damage arising from reliance on the information contained in this document.
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