Entry age at commencement of insurance
The sooner you provide for your old age, the better. However, a minimum age usually applies to life insurance.
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The entry age is the age of the insured person at the beginning of the insurance policy. For life insurance, the age of entry is usually limited. On the one hand, there is a maximum entry age, e.g. 60, 65, or 70. On the other hand, there is often also a minimum age limit. For whole life insurance products of pillar 3a, it usually lies between 16 and 18 years. For whole life insurance products of the unrestricted pension plan (pillar 3b), it is often lower than that.
Still, there is no age threshold from which you should start caring about your pension provision. It is never too early to start thinking about your financial situation in old age. The sooner you start saving for your sunset years, the more money you will have after your retirement.
The entry age significantly determines the amount of the contributions. For the calculation of life insurance premiums, the following personal data in the insurance contract are, amongst other things, taken into consideration: entry age, gender, sum insured, duration of the contract as well as state of health (height, weight, smoker, etc.).