Analysis by Good Value for Money of the characteristics of the term death insurance Conservateur Protection Famille (CPF)

Family Protection Registrar (CPF) is the individual pension offer of the Curator integrated into the approach of its general agents for their allow them to exercise their duty to advise in all its dimensions :

  • the preparation for retirement,
  • the wealth planning,
  • the protection of the insured and his relatives.

With Registrar Family Protection, the general agents of the Registrar have an innovative solution in several aspects for allow their customers to protect “theirs” in the event of total and irreversible loss of autonomy (PTIA) or death, accidental or not.

Conservateur Family Protection (CPF) being a PTIA death insurance taken out individuallythe benefits paid to the relatives of the insured in the event of a claim are in addition to those they may receive elsewhere:

  • either under collective provident cover from which the insured benefits from his employer as an employee,
  • either under the guarantees that the insured may have taken outif applicable, as TNS through a Madelin pension contract.

Concretely, the subscription of Conservative Family Protection integrated a capital payment guarantee :

  • in the event of death “all causes” to the beneficiary(ies) indicated by the member in his beneficiary clause, knowing that he can freely modify it over time as he wishes,
  • in the event of entry into a situation of total and irreversible loss of autonomy (PTIA) to the insured himself, whether following an accident or the effects of an illness.

The death guarantee is enriched with two covers for the benefit of the member and his relatives:

  • Temporary accidental death cover pending the entry into force of the contract:
    • Family Protection Conservative provides for the capital payment desired by the saver in the event of accidental death between :
      • the moment when the subscriber signed his application for insurance,
      • and the one where his contract fully entered into force after taking into account the results of the medical (or even financial) selection.
    • This temporary coverage is however capped at €150,000.
  • The payment of an advance on the capital due:
    • In a trouble-shooting for relatives of the insuredthe contract provides for the possibility of payment to the intended beneficiary(ies) within 48 hours of an advance of €10,000 on the death capital subscribed, upon knowledge of death.

Two devices are offered to the subscriber concerning his death benefit :

  • the possibility of requesting an annual indexation of this capital in relation to the evolution of the annual social security ceiling (PASS),
  • the possibility of requesting an increase in the guaranteed capital up to €1,000,000 subject to compliance with several criteria, including:
    • a subscription of the contract for less than 3 years (in order to avoid the insurer having to guarantee a member whose state of health has deteriorated since a previous membership),
    • a increase in the guaranteed capital remaining in the same medical selection scheme (in order to avoid a “windfall effect”),
    • a certificate from the insured that his state of health has not deteriorated since the subscription of his contract (case, for example, of a member who would see himself detecting a tumor and would like to increase his guarantee).

Optional In addition to the basic guarantees, Conservateur Protection Famille also provides protection against the following risks:

  • accidental death,
    • with the guaranteed capital doubling guarantee,
  • the death of the spouse within a period of less than 12 months following that of the member,
    • with the “double effect” guarantee,
  • permanent and total disability
    • with the guarantee of payment of an IPT capital.

The risk of death can be subscribed up to age 75, but with capital limited to €1,500,000 from that age. The guarantee ends on the 85th member’s birthday.

Main advantages of Family Protection Conservator (CPF)

  • Strong price segmentation allowing certain profiles to benefit from contributions lower by – 20% to – 60% than those of the market according to the Good Value for Money market benchmark.
  • Possibility of covering up to €10,000,000 of capital in the event of death or PTIA.
  • Possibility for a member practicing certain risky sports to cover his risk by accepting an appropriate increase in its tariff.
  • Option for the member to increase the guaranteed capital during the first three years of the life of the contractunder certain conditions and within certain limits.
  • Range of options allowing a member to adjust the guarantees subscribed and the services provided to his personal and family situation.

Main disadvantages of Conservateur Protection Famille (CPF)

  • Higher rates than market practice for profiles considered to be more at risk by The Curator, being aware that this is the logical counterpart of the interesting pricing policy on many profiles.
  • Relatively rigorous medical selection procedurebeing aware that this is the sine qua none condition for a life insurer to be able to offer competitive rates.
  • No compensation solution for partial disability situations.

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