All You Need to Know About Life Insurance Transfers: Procedures and Conditions to Follow

By 2025, managing your wealth often involves a detailed understanding of life insurance contracts, a flagship product that manages over 1,900 billion euros in France. However, if you are considering changing your contract, it is necessary to understand how life insurance transfers work. This subject, at the heart of debates among consumers, banks such as BNP Paribas, Crédit Agricole, Société Générale, insurers like Groupama, AXA, Allianz, Generali, or mutuals such as Macif, remains complex. The Pacte law of 2019 marked an important step by opening certain pathways for transfers, but under strict conditions. In theory, the transfer aims to allow savers to benefit from more advantageous contracts without losing their tax seniority—a crucial issue given that some contracts are over eight years old and offer significant tax allowances.

This system does not always resemble a simple change of institution, as the transfer often involves remaining with the same insurer and obtaining their approval. Fees, delays, and procedures are often perceived as obstacles, and experiences vary depending on whether you deal with actors like Caisse d’Épargne, LCL, or specialized distributors. The debate around the portability of life insurance is also a perennial issue, between savers’ expectations and insurers’ strategies, which must adapt to new rules without compromising their business model. Therefore, it is essential to understand the rules, opportunities, and limits before initiating a transfer to optimize your savings peacefully.

What is a life insurance transfer and what are its specificities in 2025?

Understanding the nature of the life insurance transfer is crucial to avoid errors that could impact your taxes or the yield of your investment. Unlike other savings products such as the Housing Savings Plan or Stock Savings Plan, a life insurance policy does not transfer freely from one insurer to another. The contract legally belongs to an insurer, and only they can propose a transformation of the contract through the Pacte law. This transformation can involve a partial or total transfer of the contract to a newer contract but remains attached to the same insurance company.

This specificity is crucial because tax advantages related to the duration of the contract are preserved only if the transfer stays within the same insurance company. For example, a policyholder with contracts over eight years old with Groupama or AXA will retain their fiscal rights if they choose to transform their contract within the same entity. Conversely, a complete change to another insurer like Allianz or Generali involves closing the first contract and opening a new one, which can trigger taxation on capital gains at a potentially less favorable rate.

Specificities of transfers in 2025

Since the Pacte law of May 2019, the ability to transfer a contract without a specific condition has been expanded. Thus, even a multi-support contract with unit-linked investments can be transformed into a new contract, which was not possible before (the Fourgous transformation was limited to single-support contracts in euros funds). However, this transfer still depends on the insurer’s acceptance. In 2025, the landscape remains therefore contrasting:

• ➡️ Transfer remains limited to the initial insurance company.
• ➡️ It is possible to enhance your contract with new options, for example by integrating a more modern managed account service.
• ➡️ Institutions like BNP Paribas, Société Générale, or Crédit Agricole often promote these transformations to retain their clientele.
• ➡️ Transfer outside the distributor is not guaranteed and can sometimes lead to lengthy procedures.

It is also important to note that if the insurer refuses the transfer, they must justify their reasons, but no legal obligation requires them to do so. This power balance remains more favorable to the insurer, limiting the real possibilities offered to policyholders. By referring to the annual information statement, you can verify the mention of transfer possibilities and the associated conditions.

Key Element	Description	Involved Actors
Nature of the transfer	Transformation of an existing contract into a newer one within the same insurer	Groupama, AXA, Allianz, Generali, BNP Paribas, Crédit Agricole
Tax continuity	Preservation of tax advantages related to the contract’s seniority	Policyholders with contracts > 8 years
Conditions	Mandatory acceptance of the transfer by the insurer	All companies
Limit	Transfer impossible between different insurers	Banks and various brokers

The essential steps to carry out a life insurance transfer

Transferring your life insurance, if you want to preserve the tax advantage and benefit from a better contract, is not improvised. Here is a clearly explained step-by-step guide.

1. Verify your contract’s eligibility

Before any process, it is necessary to consult your annual information statement from your insurer. This document should mention whether or not you can transfer your contract. In the absence of clear information, a phone call or an appointment with your bank advisor (Société Générale, LCL, Caisse d’Épargne, etc.) is recommended. It is essential to know that only contracts opened within the same company can be transferred. Also ensure your contract does not have high exit fees that could impair your operation’s performance.

2. Choose the suitable new contract

The goal of the transfer being to optimize your wealth, it is an essential step to carefully review recent offers from the insurer. New contracts often offer:

• 📊 Managed account services to facilitate diversification.
• ⚖️ Reduced management fees compared to older contracts.
• 📈 Access to new unit-linked supports (equities, thematic funds, etc.).

For example, BNP Paribas or Macif have developed contracts with greater flexibility and transparency. It is therefore advisable to choose a contract that better matches your investor profile, investment horizon, and risk tolerance.

3. Submit a formal transfer request

Once the new contract is selected, you must send a written request to the insurer. If you change distributor but stay with the same insurer (for example, moving from Caisse d’Épargne to a partner fintech), it is often necessary to send a registered letter with acknowledgment of receipt. This letter must explicitly state your desire to perform a transfer while maintaining your fiscal seniority.

Note that this step can be delicate as the insurer is not obliged to accept. In case of refusal, request a written explanation. Some companies like Allianz or Generali adopt more flexible policies, but this is not a systematic rule.

4. Monitoring delays and confirmation

In theory, if the transfer is accepted, administrative management takes a few days to several weeks depending on the contract’s complexity. When staying with the same distributor, this period can be quick, sometimes less than two weeks.

If you change distributor, expect longer delays that can span several months, requiring multiple follow-ups. Note that the insurer must keep you informed but is not required to adhere to a maximum duration. This point requires particular vigilance, especially in case of financial urgency.

Step	Actions	Estimated delay	Practical tips
1. Eligibility verification	Consult the annual information statement, contact the advisor	A few days	Check for potential exit fees
2. Select the new contract	Study the insurer’s proposals	1 to 2 weeks	Compare fees and supports offered
3. Formal request	Registered letter with acknowledgment for distributor change	Variable	Follow up regularly with the insurer
4. Transfer confirmation	Monitor the transformation and receipt of annexes	A few days to several weeks	Keep all official documents

Why preserving your tax seniority is crucial during a transfer?

The main advantage of transferring life insurance is to maintain tax benefits related to the contract’s seniority. In France, life insurance benefits from a favorable tax regime when the contract exceeds 8 years. Not mastering this concept can cost the policyholder dearly.

The importance of fiscal maturity

The concept of tax seniority corresponds to the period during which a contract has been open. After 8 years, you benefit from an annual exemption on the income from life insurance contracts:

• 💰4,600 € annual exemption on capital gains (withdrawals on individual contracts)
• 👫 9,200 € for a couple filing jointly

Maintaining this benefit during a transfer is therefore fundamental. Closing a contract and opening a new one with another insurer resets this counter to zero, which can result in a higher taxation on your gains during future withdrawals.

The transfer versus simple closure

Failing to pay attention to this difference risks leading to an disguised redemption. A transfer carried out according to the rules preserves your contract’s seniority. However, in case of redemption and reinvestment elsewhere, it is no longer a transfer, and the favorable tax treatment no longer applies.

• ⚠️ Loss of seniority and tax advantages
• ⚠️ Potential taxation on old capital gains
• ⚠️ Difficulty in rebuilding the full amount in a new contract while benefiting from advantages

Institutions like LCL or Macif often emphasize this point to their clients to avoid costly tax errors. It is also a motivation to keep existing contracts or to proceed through an official transfer.

Situation	Taxation	Consequences
Transfer within the same insurer	Maintains contract seniority	Tax benefits preserved
Closure and opening	Loss of seniority	Full taxation on capital gains

What are the fees and other costs associated with a life insurance transfer?

Many policyholders hesitate to perform a transfer due to fears of hidden costs. In reality, legislation and insurer commitments regulate this issue without completely eliminating it.

Possible fees to consider

The transfer often involves a transformation of your contract within the same company. In this case, fees are generally minimal or nonexistent. However, do not exclude:

• 💸 Specific management fees if the old contract has more costly conditions.
• ✉️ Administrative fees related to processing the file.
• 🔄 Possible exit penalties if exit clauses are included in your contract.

For example, some contracts offered by Société Générale or Caisse d’Épargne may impose costs for transferring to a new internal contract, even if they remain fairly rare. The topic is often negotiable at the time of request.

How to negotiate these fees?

It is recommended to carefully review the general conditions before any process. Comparing offers based on management and payment fees can also guide your decision regarding the transfer’s feasibility. Do not hesitate to discuss with financial advisors and use the following arguments:

• ✅ Highlighting loyalty to the bank or insurer (for example, for a client of BNP Paribas or Crédit Agricole for several years).
• ✅ Emphasizing the importance of long-term investment in the proposed contracts.
• ✅ Inquiring with actors like Macif or Generali about special offers or discounts for transfers.

Type of fee	Average amount	Application conditions
Management fees	0 – 1.5% per year	Variable depending on the contract and insurer
Administrative fees	0 – €150	According to processing conditions
Exit penalties	Variable	Based on contractual clauses

The timelines and procedures to follow for a successful transfer in 2025

The duration of a life insurance transfer varies greatly depending on the case, which can discourage some households seeking a quick operation. The key point is to understand that processing time depends heavily on:

• ⏳ The type of transfer (simple transformation within the same distributor or change of distributor).
• 📝 Administrative steps to provide.
• 🔄 Cooperation between involved financial institutions.

If you stay with the same bank or manager (for example, at LCL or Macif), the transfer is usually quick and can be completed in a few days thanks to an automated mechanism. Conversely, changing bank or broker while remaining with the same insurer often involves more cumbersome, longer procedures, sometimes taking several months.

To save time, you can:

• 📅 Send letters with acknowledgment of receipt to formalize your request.
• 📞 Follow up regularly with your insurer or distributor’s customer service.
• 📄 Gather all required documents at the start of the process.

Scenario	Estimated average delay	Practical tips
Transfer within the same distributor	A few days to 2 weeks	Simpler and faster process
Transfer with change of distributor	1 to 6 months	Prepare for several follow-ups, patience required

Common pitfalls to avoid and practical tips for a successful life insurance transfer

Several difficulties can complicate your life insurance transfer and affect your wealth management strategy. It is important to stay vigilant on certain points:

• ⚠️ Do not confuse transfer and redemption: redemption results in the loss of tax seniority.
• ⚠️ Always verify the acceptability of the new contract with your insurer.
• ⚠️ Be cautious of specific clauses that could generate hidden costs or penalties.
• ⚠️ Exercise caution when changing distributor: without clear agreement, the process can be blocked.

To avoid these pitfalls, here are some recommendations:

• 📋 Take the time to study all contractual documents
• 📞 Contact your manager regularly
• 🖊️ Always formalize your requests in writing
• 📊 Compare different contracts before committing

How to change banks or distributors while maintaining your life insurance?

Changing banks or brokers while keeping your life insurance contract with the same insurer is a common situation. It responds to the desire to benefit from more suitable advice or new financial tools while preserving your tax seniority. Here’s how to proceed:

• 1️⃣ Verify that the new institution is an official partner of your current insurer (e.g., Groupama, AXA, Allianz).
• 2️⃣ Obtain written approval from your insurer and both distributors (old and new).
• 3️⃣ Make the transfer request specifying that you want to retain the tax benefits related to the contract’s seniority.
• 4️⃣ Prepare all necessary documents (contracts, statements, proof of identity).

Note that this type of transfer remains delicate and depends heavily on the commercial policies of banks like BNP Paribas or Société Générale, or of brokers. The trend is increasing but can be hindered by heavy administrative procedures. In this context, patience and rigorous follow-up are your best allies.

Step	Actions to undertake	Risks
Choosing the new distributor	Verify insurer partners, compare offers	Refusal by distributor or insurer
Request for transfer	Registered letter, coordination between parties	Long delays, unexplained refusals
Follow-up of procedure	Follow-ups, exchanges, document checks	Administrative blockage

The role of major insurance companies and banks in the life insurance transfer in 2025

Major insurance groups such as Groupama, AXA, Allianz, Generali, as well as banks like BNP Paribas, Crédit Agricole, Société Générale, LCL, or Caisse d’Épargne play a key role in the dynamics of life insurance transfers. Their strategies directly influence the fluidity of operations and the options available to policyholders.

These actors, subject to legislation, have also signed commitments aimed at simplifying transfer procedures, notably by offering automatic mechanisms when the reception contract is marketed by the same distributor as the original, and tailored to the client’s needs. This facilitates the transformation of old contracts into more modern agreements.

Examples of current practices

• 🏦 BNP Paribas promotes internal transformation of life insurance contracts, encouraging its clients to modernize their contracts without leaving the bank.
• ⚙️ Groupama emphasizes personalized support for transfers and managed account advice.
• 🔄 Macif often offers combined packages facilitating wealth management within a mutualist framework, with lower fees.

However, as soon as you cross the limit of a distributor change, this partnership may become less flexible. Insurers are not obliged to accept these transfers, which sometimes leads policyholders to open a new contract instead of transferring.

Company / Bank	Ease of transfer	Available offers	Comments
Groupama	High (internal transfer)	Managed account, dynamic euro funds	Personalized support
AXA	Medium	Diversified multi-support options	Possible refusals in case of distributor change
BNP Paribas	High (internal)	Modern contracts with lower fees	Encourages customer loyalty
Caisse d’Épargne	Medium	Classic offers	Procedures sometimes lengthy

FAQ – Frequently Asked Questions about life insurance transfer in 2025

• ❓ Can a life insurance policy be transferred from one insurer to another?
  No, the Pacte law only allows transfers within the same insurance company. To switch insurers, the initial contract must be closed.
• ❓ What are the benefits of transferring a contract?
  The main benefit is to preserve tax seniority to benefit from allowances during withdrawals, while accessing a more modern and potentially less costly contract.
• ❓ What is the average delay for a life insurance transfer?
  From a few days to several months, depending on the distributor change and cooperation between parties.
• ❓ Are there fees for transferring a life insurance policy?
  Usually little or no fees for internal transfers, but some insurers may apply administrative fees or penalties provided in the contract.
• ❓ How to ensure a successful transfer?
  By verifying eligibility in your annual information statement, choosing an appropriate contract, and following the insurer’s procedure rigorously.

To deepen these points and discover practical advice, visit our detailed guide on the Pacte law and life insurance. You will also find updates on sector developments, such as HSBC’s recent acquisition of Matmut or new insurance offers for liabilities adapted to current markets.