What are the tax benefits of life insurance?
If you ask yourself the question "How is life insurance beneficial? ", Know that it is in several points. The most important thing is tax, thanks especially to the costs on capital gains or the transmission of wealth. To benefit fully, the insured must only be withdrawn after having exceeded 8 years of subscription.
What are the benefits of a life insurance contract after 8 years?
This will allow it to benefit, if it is single, an annual tax deduction of 4,600 euros. If it is a couple, this abatement reaches 9200 euros. The subscriber can also opt for a life annuity instead of having "all with one stroke". He will thus perceive "regularly until his death a supplement of income".
However, he "can no longer dispose of his capital freely and it is the insurer who becomes the owner and who undertakes to pay the life annuity. The beneficiaries designated during the subscription of the contract will not be able to benefit from the capital but the annuity may be reversible at the time of the death of the subscriber and may be perceived by the recipient (s) designated by the Subscriber. "
How to withdraw funds before 8 years avoiding taxation?
If the insured decides to completely or partially withdraw the capital savings even if the contract has not yet exceeded eight years, it will be penalized. In concrete terms, "the capital gains of his savings are added to his taxable income. The tax rate will vary according to the date of subscription of the contract and the date on which the withdrawal was carried out ".
Opt for lump sum levy
A first solution to this problem: Opt for a PFL (lump sum levy) of 35% on the capital gains, provided that the withdrawal takes place before the end of the 4th year. Between the 4th and 8th year, the PFL is only 15%.
Ask for a lead to his insurer
A second solution is to ask for an advance to his insurer. This is a "loan that the subscriber can ask his insurer and must be reimbursed later. The capital committed as part of life insurance acts as a refund guarantee. The advantage of advance in the context of life insurance is the fact that the capital committed by the insured is not affected, it continues to grow. In addition, the advance is not taxable to the extent that it aims to be reimbursed ". You choose !
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