Those who move to Switzerland for work rarely lose all of their connections to their home country.
In many cases, only some of the family makes the move too. Newcomers like you then contact Thomas Kohler and Peter Renggli. These two pension experts at the Schwyz-Uri general agency explain clearly and simply to their customers in a personal discussion how they can provide for family members back home.
Pension shortfalls in the event of a newcomer's death
If a newcomer to Switzerland dies, the result may be a considerable pension shortfall. Only minor or possibly even no financial benefits can be expected for family members back home.
This is because financial benefits come from either the first pillar, with OASI and disability insurance (DI), or from the second pillar, the pension fund. This is mainly because people who have only recently started work in Switzerland have only been paying contributions to these social insurance schemes for a short time. Due to this reason, they have either only partial or no claims to benefits.
Whole life insurance offers a simple and cost-effective possibility of providing for your family members who need financial support. To a large extent, you can define the terms yourself depending on your needs:
Decide on the beneficiaries: You decide who the beneficiaries are and who will receive the benefits in the event of your death.
Determine the premium: You can determine the amount of the premium, and as a result, the benefit.
Of course you must always comply with the tax-related requirements of your home country, as well as with inheritance provisions.
Provision in the case of illness
Making financial provision is a good idea, not only for family members back home, but also for loved ones who have moved to Switzerland with you.
Thomas Kohler and Peter Renggli pay particular attention to the financial situation in the event of disability.
This includes an analysis of the benefits to be expected from social security and the regulations of your pension funds shows whether – in the event of earning disability – your income would suffice to maintain the usual standard of living for you and your family. Considerable income shortfalls are a risk, in particular in the event of illness.
Get connected with specialized insurance and pension advisors
Thomas Kohler and Peter Renggli are insurance and pension advisors. They work at Helvetia's Schwyz-Uri general agency and specialize in advising newcomers.