AFER condemns the incessant nipping of the benefits of life insurance over the past few decades. It proposes a manifesto for life insurance based on regulatory stability and better cost transparency.
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L’life insurance weighs almost 1,900 billion euros, or the equivalent of 4/5 of France’s gross domestic product. It belongs to the savers. It is the fruit of a lifetime’s work, in an increasingly uncertain world, with an existential dimension as protection against the vagaries of life: health, education, family, retirement or taxes. But the most dangerous thing is the irresistible temptation of the elected representatives of the republic to want to punish the holders of life insurance.
The executive must continue to be with savers, not against them
Savers are exposed to a real slippage in social contributions. In 1990 the rate was 1.1%. In 2022, it will be 17.2%, i.e. 15 times more. At the same time, and in a detrimental way, the basis for calculating the amount to be paid has continued to expand, starting with death benefits. At birth, during the life cycle, at death, investor confidence.
Afer urges parliamentarians not to focus on the only popular heritage tool, where around 30 million French people have or benefit from a contract, not all of whom are millionaires. More than one in two farmers and almost one in three workers have life insurance.
An attempt to question the legal status of life insurance – ie. linking life insurance with inheritance – would enrich some professions, but would bring a drop of water to the public purse and destroy the confidence of millions of families.
A small mercantile advantage to some should not impose upon what would be a great loss to France. Let’s not touch life insurance! This savings method is civil and responsible. It reports to the government, finances it and maintains our businesses. Out of the 100 euros invested, 61 euros goes to companies and 29% to the state. Legal certainty is also the essential basis for trust.
I say it without hesitation, the executive must continue to be with savers, not against them. All these savers are a good example of foresight. Let’s offer them a sustainable, simple and readable framework. The French respect the general principle of consent to tax. The creeping shift towards the ambiguous concept of tax expenditure can only fuel popular distrust.
Dates to remember:
AFER comes close to you!
Evening in Vichy on October 20
Evening in Beaune on 23 November
Evening in Strasbourg on 8 December