The new product from Groupe Mutuel, 'ProtectLife', is a response to changing expectations of pension provision and bridges the gap between financial security and health, which is becoming increasingly important as life expectancy rises. ProtectLife offers long-term financial security, which explicitly also covers health topics, and provides for the payment of capital both for retirement provision and health risks. It is the first 3a pension solution in Switzerland to combine tax-advantaged saving with capital benefits in the case of serious illness.
The Foundation of a 4th Pillar
With ProtectLife, Groupe Mutuel lays the foundation for a 4th pillar as a voluntary extension of existing pension provision. The aim is to have a pension provision where potential health risks, financial security despite rising life expectancy, and the accumulation of capital for old age keep pace with today's and tomorrow's societal and health challenges. In addition, the tax deductions of the 3a pillar provide an incentive to save for the future.
In contrast to direct health-related costs, which are largely covered, policyholders today bear the indirect financial consequences of a serious illness themselves. Such an illness can, however, lead to an underestimated loss of income or unexpected care costs, or create unforeseen needs. This is exactly why securing one's financial situation is so important.
"As we are a partner for health AND pension provision, we can offer a comprehensive solution with ProtectLife that meets today's societal demands for insurance. Saving capital for health and retirement that can be deducted from taxes is a first concrete step towards a 4th pillar," explains Pascal Dinichert, Head of Individual Pensions at Groupe Mutuel.
Saving to Cushion Health Risks
With ProtectLife, Groupe Mutuel is also consistently implementing its diversification strategy and strengthening its position in the individual pension market with a unique all-in-one product. The insurance coverage guarantees financial support to cushion the consequences of incapacity to work, death, or serious illness. And if the insured person does not encounter a health problem by the end of the contract, the amount is guaranteed to be paid out.
ProtectLife was deliberately conceived as a mix of health and pension and aims to provide the insured with financial security against unexpected expenses, also considering the generally increasing health expenditure in old age. With this solution, Groupe Mutuel rethinks the three-pillar principle, as well as individual pension provision: intelligently combined, forward-looking, and better adapted to today's lifestyle models.
Press Contact: presse@groupemutuel.ch