- Capital sum to be paid to your loved ones in the event of your death
- Additional coverage in case of disability, hospitalisation or accident
- Tax deductions
Term life insurance is the perfect protection insurance.
Baloise Luxembourg term life insurance guarantees payment of a capital sum in the event of death. It will help your loved ones maintain their standard of living in your absence, ease their financial burden and protect their future.
This capital sum will also enable them to meet the costs arising directly from your death, so that your loved ones can look forward to the rest of their lives with greater peace of mind.
- Additional death capital sum.
- Free designation of beneficiaries.
- Available upon your death.
- In the event of disability.
- In the event of hospitalisation.
- In the event of an accident.
- From EUR 672 per year.
- According to article 111 of the Luxemburg Law on Income Tax.
- Depending on your marital status.
Premiums can be paid as:
- single premium;
- fractional premium (monthly or annual), the amount and duration of which are determined according to the capital sum to be guaranteed and the policy maturity date.
You may also make unlimited payments at any time.
The policy may include various additional coverages:
- Disability insurance: waiver of premiums or payment of an indemnity if the insured is unable to work as a result of illness or accident.
- Accident insurance: payment of a capital sum specified in the policy conditions, in the event of an accident resulting in death and/or total and permanent disability.
- Hospitalisation insurance: payment of a daily allowance in the event of hospitalisation.
The term of the policy is determined by the policyholder when the policy is taken out.
The policy will terminate early on surrender or death of the insured.
You can deduct up to EUR 672 per year (for a single person without children) when you file your tax return. (The amounts vary depending on your marital status).
In the event of death, the capital sum received by the beneficiaries is subject to Luxembourg inheritance tax (there is no inheritance tax between parents and children and vice versa, or between spouses or partners under a declaration of partnership dating back to at least three years and who have children together).
Term life insurance policy is available to :
- Luxembourg residents;
- non-resident cross-border workers who file a tax return in the Grand Duchy of Luxembourg.
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Although the terms “life insurance” and “term life insurance” are sometimes used interchangeably, they are in fact two different types of policy with different objectives and functions.
The main purpose of a life insurance policy is to build up savings that are passed on to the beneficiaries designated by the policyholder in the event of death or on an agreed anniversary date. The policyholder may also choose to receive the capital sum themselves at a fixed maturity date.
The main purpose of term life insurance is to protect the policyholder’s loved ones in the event of their death. The policy provides for the payment of a capital sum or an annuity to the designated beneficiaries in the event of the death of the policyholder.
In short, life insurance is a savings policy that allows you to build up capital for yourself or your loved ones, while death insurance is a social security policy that protects your loved ones in the event of your death.
The choice between the two depends on your needs and objectives. If your main concern is to build up your savings, life insurance is a good solution. If your main concern is to protect your loved ones in the event of your death, then death insurance is a more appropriate solution.
For employees, the Luxembourg general pension scheme administered by the CNAP (Caisse nationale d’assurance pension, Luxembourg Social Security Institute) provides a survivor’s pension for the surviving spouse or children. This pension is not paid automatically; you must apply to the CNAP.