In summary…
To compare the fees of two life insurance policies, put both contracts in the same situation (same amount, same allocation between euro funds and unit-linked funds, same term) and add up three layers of fees: those of the contract itself, those of the investment vehicles, and those charged upon entry, transfer, and redemption. A contract with no entry fees is not necessarily the cheapest: in the example below, the contract that charges 3% upon entry ends up costing approximately €8,200 more over 15 years, because its annual fees are lower.
1. Obtain the contract fee schedule
According to the Ministry of Economy, a table of fees presented in the same way for all contracts has been published on each insurer's website since June 1, 2022. This is your starting document: request it for each of the contracts you are comparing.
| Table line | What you read there |
|---|---|
| Minimum payment and membership | The entrance ticket and any membership fees for an association |
| Annual management fees | Contract fees, investment vehicle fees, fund management fees by category (stocks, bonds, real estate, diversified) |
| Retrocessions | The portion of fees paid to distributors and managers |
| One-time fees | Payments, transfers, outgoing transfers, annuities, redemptions, and number of free transfers per year |
One caveat: the ministry specifies that these tables show the main expenses of the last completed fiscal year, so other expenses may not be included. Also request the contract information sheet, and keep a written record of the response.
2. Put both contracts in the same situation
Fees are not applied in the same way to a euro-denominated fund and a unit-linked fund. Therefore, compare using the same amount, the same allocation between the two, and the same holding period. Comparing contract A (euro-denominated fund) with contract B (unit-linked fund) reveals nothing about their fees.
3. Add the three layers of fresh
- Contract fees File, entry (or payment), management, arbitration. According to Service-Public.fr, They are deducted from the value of the funds invested in the contract.
- Support costs : on a multi-asset contract, the management company of each fund deducts its own management fees (AMF).
- One-time fees : those in the table, at the entry, at the arbitration, at the transfer or at the buy-back.
Since July 1, 2022, the information provided before signing must indicate the total fees for each unit of account or asset. This total also appears in the annual information, starting with that of the 2022 fiscal year (Ministry of the Economy). This is the figure to be added to the contract management fees. Details of each fee are available on our page Assurance-vie costs: entry, management, transfers.
4. Numerical case: €100,000 over 15 years (fictitious profile)
Situation. A 52-year-old business owner invests €100,000 in a single payment for 15 years. He receives two offers.
Issue. Contract A has no entry fees but charges 1.8 % per year in total (contract and investment options). Contract B charges 3 % upon entry but 1.2 % per year in total. Which one costs less?
Strategy. Calculate over time, assuming the same annual return of 4 % before fees for both, deducting the annual fees from the return each year. The figures are chosen for demonstration purposes; each contract has its own mechanics, but the order of magnitude remains the same.
| Term | Contract A (0 % at entry, 1.8 % per year) | Contract B (3 % at entry, 1.2 % per year) | Difference |
|---|---|---|---|
| 1 year | €102,200 | €99,716 | Ahead of €2,484 |
| 5 years | €111,495 | €111,362 | A front of €133 |
| 6 years | €113,948 | €114,480 | B in front of €532 |
| 10 years | €124,311 | €127,851 | B in front of €3,540 |
| 15 years | €138,600 | €146,781 | B in front of €8,181 |
Result. Contract B takes the lead from the 6th year onwards, and the difference reaches €8,181 at 15 years. Without any fees, the same investment would be worth €180,094: fees cost approximately €41,500 with contract A and approximately €33,300 with contract B. The investment horizon is key: if you plan to withdraw before 6 years, contract A is the right choice; beyond that, it's the annual fees that matter, not the entry fees.
5. What is negotiable
According to the AMF (French Financial Markets Authority), deposit fees are negotiable and may decrease depending on the amount invested; processing fees are also potentially negotiable. On a €100,000 investment, switching from 3 % to 2 % units at the outset saves €1,000 from day one. Request this in writing before signing.
6. Luxembourg contract: three parties, three lists of fees
With a Luxembourg contract, three parties are involved: the’Luxembourg insurer, depository bank who holds the assets, and the intermediary who offers it to you. The harmonized table described above is that of the French Ministry: for a contract taken out abroad, we have not found any official source that establishes an equivalent. Therefore, ask in writing, for each of the three, what is deducted from your account, even when the answer is "nothing". The simulator of Luxembourg assurance-vie allows you to test your figures, and our page on what the law protects completes the selection. For questions to ask the intermediary, see How to choose a Luxembourg assurance-vie broker.
Our position
The "rebates" line in the table shows the portion of the fees paid to those who distribute the contract. We are not independent and are paid on commission: we state this clearly. Read this line before signing, with us as with any other provider, and choose the contract based on the total fees and your investment horizon, not just the entry fee.
Frequently asked questions
Where can I find a schedule of fees for a life insurance policy?
According to the Ministry of the Economy, it has been available on the insurer's website since June 1, 2022. If you cannot find it, request it in writing, along with the contract information.
Is a contract with no entry fees always cheaper?
No. In the numerical case above, the contract which charges 3 % at entry takes the lead from the 6th year onwards, thanks to its lower annual fees.
What fees can be negotiated?
According to the AMF, there are payment fees, which may be degressive depending on the amount, and potentially processing fees.
Book an appointment
The initial consultation is to establish your exact situation and determine if there is anything that can be done—sometimes there is nothing, and we will say so as well. Thirty minutes, with no obligation.
Book an exchange with Balmont Conseil
Alexis Sagnier, financial and real estate investment advisor, insurance broker, AMF certified. ORIAS 13003497. Updated on 27/10/2026.
