Choosing units of account for life insurance requires a good understanding of risks and performance prospects. This file offers cost-sensitive savers and investment security a practical analysis: what you need to know before selecting the appropriate supports for your profile (shares, SCPI, ETF, etc.), with particular attention to operation, taxation and criteria of choice according to the objective (growth or stability).
What is a unit of account for life insurance
Life insuranceunit of accountmeans an investment medium representative of a share of financial or real assets, the value of which changes directly with the markets. Unlike the euro funds, there is no guarantee on capital, only the number of units is held. UCs provide access to a range of actions, obligations, SCPI/OPCI,ETF (index trackers)or money funds, with higher volatility exposure and potential returns depending on the horizon.
Diversifying its portfolio across units of account implies accepting the associated risk, and adjusting the share according to its objectives: a balance between euro funds and UC (Multisupport contract) makes it possible to spread the risk and increase the performance potential for a long-term investment.
Differences between euro funds and life insurance units of account
The selection criteria are based on three aspects: level of risk, expected return and capital protection.
| Characteristics | Euro funds | Units of account | Eurogrowth Fund |
|---|---|---|---|
| Capital guarantee | Yes, integral | No | Yes, partial |
| Annual performance | 1-2 % | 4-8 % (unsecured) | 2-4 % expected |
| Risk | Low | High | Medium |
| Investment horizon | Short to medium term | Long-term medium | Long term (minimum 8 years) |
The allocation depends on the investor profile: a dominant euro security fund and a share of the UC for growth. Eurogrowth funds offer a compromise but require patience and a suitable duration.
The main types of units of account available
- Actions: growth but high volatility; ideal in the long term.
- Obligations: stability, fixed income, moderate risk according to the note of the issuer.
- SCPI/OPCI: recurrent income via real estate, attention to the taxation of these supports (see our SCPI folder).
- ETF: immediate diversification, low fees, market-indexed volatility.
- Monetary funds: quasi-total security, low return, for a very conservative part of the portfolio.
The balance between these categories makes it possible to match the accepted level of risk and the duration of placement. For prudent profiles, limit UCs to 20-30% and favour real estate or bonds. For dynamic profiles, combine ETF, actions and diversified thematic funds.
Operation and valuation of units of account
The value of a unit of account, calledLiquidative value (NAV), is recalculated daily according to the underlying assets. At each payment, your capital is converted into units according to the day's NAV. This valuation involves regular monitoring to anticipate variations: it is important to consult the NAV especially during times of turbulence (exchange crash, real estate crisis...).
Owning UCs amounts to holding rights in the performance of assets and not in the initial capital. Any losses are borne by the insured, hence the need for a vigilant strategy and a distribution adapted to the economic situation.
Historical performance and associated risks
UCs have yields ranging from 4 to 8 % on average, but can fly in the event of a leading market (e.g. +14% in 2019 on shares) or fall sharply in times of crisis (–0.3% in 2020). Sectors like technology or real estate have shown superior performance over 2021-2025. However, the risk of loss is real and concerns both the general economy and sectoral crises.
- A minimum investment horizon of 8 years is recommended to smooth the volatility.
- Diversificationand regular monitoring of the portfolio are essential to mitigate risks.
- Rebalancing allocations through business cycles to avoid point overexposure.
Ranking of performing UCs for 2025
| Type | Examples | Performance | Contracts |
|---|---|---|---|
| SCPI | Corum Origin, Primovie | 5% (2023) | Linxea Spirit 2, BforBank Life |
| ETF Nasdaq | Lyxor Nasdaq 100 | 20% (upper 2021-2023) | Boursorama Life, Yomoni Invest |
| ISR Fund | Mirova Europe ISR, Ecofi Climate | 8–12% (2024) | Fortuneo Life |
Varying its distribution with these UCs can improve the final yield, to be adjusted according to risk appetite and the life insurance contract chosen.
How to choose UCs adapted to your profile
- Determine your risk tolerance via bank questionnaires and simulators (insurer, online banks).
- Diversify according to objectives: shares, real estate, obligations and themes ISR. Do not focus its assets on a single class.
- Select the management mode (free, controlled, profiled) according to your expertise and availability.
- Press theDICIto compare fees, objectives and performance (key investor information document).
- Embed itLife insurance simulatorto visualize the impact of fees/taxation over several years.
Fees and taxation of units of account
- Annual management fee: 0.5 to 1% of the UC amount.
- Entry fee: 0 to 2% depending on the broker or bank (often negotiable).
- Arbitration fee: 0.5%, sometimes included (check the terms of the contract).
- TaxationPPU (30%) with 8-year discount (4,600) € for one person alone, 9 200 € for a couple).
This combination of costs and taxes can affect net profitability. Use the contract's regulatory documents and plan your buybacks taking into account the limits and discounts.
Tips for an effective UC strategy
- Divide the allocation: security in euro funds, return withUnits of account.
- Diversification between several types of assets to limit volatility.
- Schedule regular follow-up and adjust the portfolio according to your actual markets and goals.
- Avoid impulsive decisions in the event of temporary decline; focus on long-term management.
Impact on Retirement Preparation
Units of account offer future pensioners the opportunity to boost their savings over 10 years or more. Mixing equities, SCPI and ISR funds captures market growth while securing a share with the euro fund. Take care to calibrate the risky share according to your aversion and your investment horizon to limit disappointments when redeeming or converting to an annuity.
User testimonies show that the gradual integration of real estate and technology UC has made it possible to compensate for the decline in euro funds and to improve diversification without over-exposing the contract to a single sector.
- To go further, compare UC offers and calculators onMultisupport life insurance.
- Check out reviews and feedback on SCPI tax and performance in our dedicated section.
The choice of units of account is not limited to a question of potential performance. It is based on the adequacy of your profile, goals and ability to track contract developments. Are you ready to adjust your allowance regularly or would you prefer a piloted management? Have you ever adjusted your UC strategy to prepare for retirement or optimize taxation after eight years?
Share your questions or experiences in the comments and consult our practical tools to simulate a personalized distribution. If these tips have helped you, spread the article to your loved ones to enable them to improve their savings!
Sources:
Service-public.fr : Life insurance and units of account
Bank of France
Author: Fabien Durand, savings analyst for 01bank.com. Update 2024.