There are two primary categories of life insurance: term and permanent. However, there are several different types within each category. They all have some common attributes such as you pay an insurance company a premium and at your death, the life insurance company pays an amount to the beneficiaries named in your policy. If you haven’t named anybody specifically the money is paid out to your relatives in accordance with Swiss law.

The two most common types are 1) Term insurance and 2) Permanent insurance:  

Term Insurance

Life insurance under which the benefit is payable only if the insured dies during a specified period. Types of term insurance include:

Level Term

A fixed amount of coverage with premiums that are fixed over a certain period of time.

Increasing/Decreasing Term

Amount of coverage increases or decreases throughout the term, premiums remain level.

Group Term

Insurance purchased typically by an employer or professional association that is intended to cover several people, usually resulting in reduced premiums.

Permanent Insurance

Life insurance that provides coverage throughout the insured's lifetime and may include an element that builds a cash value.

Universal life insurance

Characterized by its flexible premiums, flexible face amounts, and unbundled pricing factors.

Fund-based life insurance

A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the investment performance of a separate account fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum.

Variable universal life insurance - a form of whole life insurance that combines the premium and death benefit flexibility of universal life insurance with the investment flexibility and risk of variable life insurance. Also called flexible premium variable life insurance and universal life II. See also investment-sensitive insurance.

Last survivor life insurance (also known as "Survivor Life") - whole life insurance that covers two persons and provides for payment of the proceeds when both insureds have died. It is generally designed to pay estate taxes. Also known as second-to-die life insurance.

Single-premium whole life insurance - whole life insurance purchased with a single, lump-sum premium.

Arguably Switzerland has the best private healthcare system in the world. A fact is that it is one of the most expensive and complex. Let’s take a closer look at what is on offer…

The compulsory basic health insurance

Almost everyone domiciled in Switzerland must take out sickness insurance regardless of age. Anyone arriving in Switzerland with the intention of staying must take out such insurance within three months. (The exceptions include employees working in the EU, Diplomats, short-term contracted employees, Lecturers, Students and Scientists. They are required to apply for exemption by proving they are insured elsewhere at least to the level of the Swiss compulsory basic health insurance) Parents are also allowed 3 months in which to insure their newborn children.

The insured may choose any health insurer, and the insurer must accept the applicant irrespective of their age and state of health, and without any reservations or qualifying period. The compulsory basic health insurance ensures that everyone has access to high-quality, comprehensive health care. It offers the same range of services and benefits to all insured people. Compulsory health insurance can be obtained from any branch of the approximately 90 health insurance companies operating in Switzerland.

The compulsory basic health insurance scheme covers illness, accidents and maternity although for accidents it intervenes only when the insured person has no other compulsory or optional coverage. It also covers certain preventive measures. All insurers who offer compulsory basic health insurance must provide the same benefits, which are defined by law. “Optional benefits” can be insured under the complementary insurance scheme.

Accidents

If you work more than eight hours per week, you are insured through your employer against work-related and non-work-related accidents under the Accident Insurance Law. If you have an accident, this insurance will provide benefits. If you don’t have compulsory accident insurance, you must take out accident insurance with your health insurance company. If you have an accident, your health insurance must then provide the same benefits as it would if you were ill.

The complementary insurance scheme

Compulsory basic insurance cover can be supplemented by the complementary insurance scheme which allows for coverage of some of the treatment categories not covered by the basic insurance. Premiums are based on the “risk” that an individual represents to the health insurer. Here, the health insurer can refuse to insure certain people or may attach conditions to the insurance policy because of the individual’s state of health. Age, region and gender are considered for the premium calculation.

Examples of complementary insurance cover: Semi-private cover allows the patient to stay in a hospital room with 2 only beds whereas private cover allows for a  single room. Private and semi- private insurance cover usually means the senior doctor or surgeon is responsible for you. Additional covers include for example:  alternative medicine, choice of hospitals and clinics, a contribution towards the cost of fitness centre membership etc.     

Changing health insurers

If you have a basic insurance policy with a standard excess, you can cancel this policy annually with three months’ notice at the end of June or December. This means that your notice of cancellation must reach your health insurer by March 31 or September 30 in order to be effective.

If you have a health insurance policy with a higher deductible or with a restricted choice of doctors/hospitals, you can only cancel it at the end of the year, usually with three months’ notice, i.e. by September 30. If your health insurer however notifies you of a premium increase, you can change to another insurance provider by giving just one month’s notice at the end of the month preceding the month in which the new premium will commence. Your health insurance provider must inform you of the new premium at least two months in advance and is required to inform you of your cancellation rights when notifying you of the new premium.