Insurance investments: A guide to secure and tax-efficient savings in 2026

Recently, I met with a client, an executive in Lyon, who was about to deposit €200,000 into a fixed-term deposit account. His argument?

«"Alexis, it's simple, it's certain, and I know what I stand to gain."»

Mathematically, he wasn't wrong in the short term. But by projecting his situation over 10 years with our AI Balmont, the verdict was in: between the taxation of his interest at the Flat Tax and the total absence of protection in case of inheritance, his real gain was eroded by almost 40 %.

That's the full power of the insurance investment. It's not just a question of interest rates, it's a wealth architecture.

What is an insurance investment and why should you choose it?

An insurance investment is a contract by which an insurer undertakes, in exchange for premiums, to pay a lump sum or an annuity to a designated beneficiary. Unlike bank investments (savings accounts, securities accounts), the funds are not "deposited" but "entrusted" to an insurance company.

This legal nuance changes everything. It allows for the creation of a tax screen As long as you don't withdraw the money from the contract, your gains are not taxed. At Balmont Conseil, we consider this investment vehicle to be the central cornerstone of any strategy. wealth management, because it offers immediate liquidity while preparing for the transfer.

The two main drivers of investment: Euro funds and Unit-linked funds

Insurance investment rests on two pillars:

1. The euro fund: This is the sanctuary for your savings. The capital is guaranteed by the insurer. In 2026, with rising bond yields, these funds will regain significant appeal for securing your cash reserves.
2. Units of account (UC): Here, you have access to the financial markets (stocks, bonds, income-generating real estate investment trusts). The risk is borne by the saver, but this is where performance is sought to beat inflation.

Alexis Sagnier's opinion: «"The secret to a good insurance investment lies in asset allocation. Using Balmont AI allows us to identify the investment vehicles with the fewest hidden fees to maximize your net return."»

Insurance-based retirement savings plans (PER) vs. bank-based retirement savings plans (PER): The retirement showdown

Many of my expatriate and resident clients wonder whether they should open a Retirement Savings Plan (PER) with their bank or an insurance company. For us, the choice is a technical and definitive one.

The security of pensions and retirement savings

THE PER insurance allows us to guarantee, from the time of subscription or during the savings phase, a mortality table. This means that the amount of your future pension is guaranteed, regardless of any increase in overall life expectancy between now and your retirement. A bank-based retirement savings plan (PER), on the other hand, only offers a lump-sum payout or an annuity calculated at the last minute, often to your disadvantage.

Furthermore, only insurance-based investment allows for the integration of insurance guarantees (e.g., guaranteed minimum death benefit), ensuring that your loved ones receive at least the total of your payments, even if the financial markets fall.

Advantages, limitations and risks: The necessary trade-off

Insurance investment is often praised for all its virtues, but my role is also to highlight its points of vigilance.

The advantages: Taxation and Inheritance

• Deductibility of payments: With a PER, your contributions are deductible from your taxable income, offering an immediate reduction in your tax proportional to your Marginal Tax Rate (MTR).
• Favorable tax treatment: After 8 years on a assurance-vie policy, you benefit from annual allowances on capital gains when making withdrawals.
• Inheritance tax allowance: It is the ideal tool for transferring up to €152,500 per beneficiary without any transfer tax (for payments made before age 70).

Limitations and risks

The main risk is the market risk on the units of account. Furthermore, the management fees and the payment fees can heavily impact performance if they are not negotiated or if the contract is outdated.

Warning: Be careful when transferring your old contracts (Madelin, PERP). While the tax advantage may seem obvious, some older contracts hide exorbitant transfer fees or rigidly worded beneficiary clauses. A feasibility audit is essential before any transfer. [Book a call for a contract audit]

For whom is insurance investment suitable?

Whether you are looking to invest €50,000 or wish to structure a larger fortune, this solution is flexible:

• The prudent saver: For the security of the euro fund.
• The SME manager: To invest one's cash reserves for the long term via a capitalization contract.
• The expatriate: For the international portability. A well-chosen contract can follow you abroad and adapt to international tax treaties (particularly via the’Luxembourg assurance-vie).

How to choose and subscribe: The Balmont method

Choosing between a traditional assurance-vie policy, a luxury contract, or a PER (Retirement Savings Plan) is not something to be done lightly. We use a three-step process:

1. 360° Audit: Analysis of your current budget and family situation.
2. AI simulation: We submit your profile to our algorithm to determine the ideal allocation between bond funds, real estate investments (income SCPIs) and structured funds.
3. Open architecture: We are not affiliated with any bank. We select the best investments for 2026 across the entire market (France and Luxembourg).

Data Factsheet: Comparison of insurance coverages

FAQs on insurance investments with Balmont Conseil

What is the major difference between an insurance investment and a securities account?

Assurance-vie offers a decreasing tax rate over time and a unique inheritance advantage, whereas securities accounts are taxed annually on dividends and arbitrage (Flat Tax) and are fully included in the base for inheritance tax.

Is the capital always guaranteed on an insurance-based PER (Retirement Savings Plan)?

Only on the portion invested in the euro fund. Unit-linked funds carry a risk of capital loss, but offer higher potential returns.

Can an old contract be transferred to a modern insurance investment?

Yes, the Pacte law facilitates the transfer of old PERP/Madelin plans to individual PER plans. This often allows for lower fees and access to better investment options such as income-generating SCPIs or private equity.

Conclusion: Don't let your savings suffer in 2026

Insurance investments are the most effective safeguard against monetary erosion and legislative instability. But a poorly configured contract is a dead weight. In 2026, agility is key: your contract must be able to evolve, change managers or investment vehicles without tax implications.

At Balmont Conseil, we don't sell products, we build resilience strategies. My role is to ensure that every euro invested truly works towards your life goals, and not towards a bank's overhead costs.

Optimization is only effective if it's done calmly. My role is to protect your assets against the changes expected in 2026.

Is your current contract still competitive? Is it suitable for your current or future tax residence?

Book a Feasibility Audit with Alexis Sagnier

Sources & References

• Insurance Code: Articles L132-1 et seq. (Civil and tax rules).
• General Tax Code: Article 990 I and 757 B (Inheritance regime).
• Pacte Law (2019): Reform of retirement savings and transferability.
• ACPR annual report on the returns of euro funds.
• Internal studies Balmont Conseil: Performance simulations 2025-2026 by AI.