For readers unfamiliar with the term: in France, assurance-vie is not life insurance in the anglo-saxon sense. It's a flexible, tax-efficient savings and investment wrapper, closer in spirit to an ISA (UK) or a 529 plan (US) — used both to invest over the long term and to pass on wealth to chosen beneficiaries. See our glossary entry on assurance-vie.
Choosing an assurance-vie is a heavy commitment: fees weigh on your returns year after year, and while it is possible to close a poor contract, a bad initial choice will cost you time and money. In 2026, the market is dominated by a few online contracts that sit well ahead of traditional bank offerings on every criterion that counts: fees, performance and the quality of the funds on offer.
Why you should avoid bank assurance-vie contracts
The contracts sold by the big banks carry features that penalise the investor over the long run. Entry fees: still frequently 2% to 3% — a €10,000 contribution starts out as only €9,700 to €9,800 of actual savings. Annual fees on unit-linked funds: between 0.85% and 1%, against 0.30% to 0.50% for the best online contracts. And an investment universe that is often limited to in-house funds.
An extra 1% a year in fees over 25 years on a €100,000 portfolio means a shortfall of more than €40,000 (assuming a 6% gross annual return). Fees are the silent enemy of your savings.
The reference contracts in 2026
Lucya CNP — the lowest fees on the market
Launched in early 2026 and underwritten by CNP Assurances (€370 billion in assets under management). Unit-linked management fees: 0.30% a year — the absolute floor of the market. Entry fees: 0%. Fund-switch fees: €0. Access to ETFs and individual stocks (0.07% transaction fees). Euro-fund bonus that can reach 4.5% to 5% in 2026–2027 under conditions (contribution above €5,000, unit-linked share). Read our full Lucya CNP review.
Louve Infinity — ultra-low fees and optimised SCPI
Launched in late 2025 by Louve Invest and underwritten by Corum Life. Unit-linked management fees: 0.39% a year (0.35% for life for the first subscribers under the launch offer). Fees on contributions, fund switches and withdrawals: 0%. A deliberately narrow universe: 8 Amundi ETFs (MSCI World, S&P 500, Nasdaq, Stoxx Europe 600, Euro Stoxx 50, CAC 40, MSCI Emerging Markets, money market), 7 SCPI with 100% of gross rents passed through (a rare advantage in assurance-vie, as the foreign tax credit is not deducted), and in-house Corum bond funds. Minimum entry ticket: €5,000. A limitation to be aware of: the Corum EuroLife euro fund (4.10% in 2025) is capped at 10% of the capital — Louve Infinity mainly suits an investor who accepts a predominantly unit-linked allocation.
Linxea Spirit 2 — a safe bet
Underwritten by Spirica (Crédit Agricole). Unit-linked management fees: 0.50% a year. Euro funds among the best on the market (3.08% and 3.26% in 2025). An excellent choice of SCPI for property diversification and a wide selection of ETFs. A versatile contract: a solid euro fund, ETFs and paper-property exposure.
Lucya Cardif — for those who like individual stocks
Underwritten by BNP Paribas Cardif. It stands out with more than 1,000 stocks available directly and two euro funds. Unit-linked management fees: 0.50% a year. Interesting for combining ETFs, funds and stock-picking.
How do you choose between these contracts?
If your priority is to invest in ETFs at the lowest possible fees, Lucya CNP is the clear choice in 2026. Louve Infinity is a relevant alternative if you are looking for ultra-low fees on a narrow ETF universe — provided you accept the €5,000 entry ticket and the 10% cap on the euro fund. For an established contract with a solid euro fund and a wide choice of ETFs, Linxea Spirit 2 remains the reference. To invest in individual stocks as well, Lucya Cardif stands out for the depth of its catalogue.
In most cases, the best strategy is to open two complementary contracts — for example Lucya CNP for ETFs and Linxea Spirit 2 for its euro fund — so as to diversify across insurers and investment universes.
There is no single “best” assurance-vie. The right contract is the one that matches your allocation strategy and your objectives. An independent MiFID II adviser can help you make that choice without any conflict of interest, since he or she receives no retrocessions on the products recommended to you.
The criteria to check every time
Entry fees: 0% is a must. Unit-linked management fees: the benchmark is 0.30%, so avoid paying more than 0.50% a year. Quality of the euro fund: net yield, access conditions, capital guarantee. Strength of the insurer: assets under management, rating.
Choice of ETFs — a point that is often misunderstood. Quantity matters little: a good contract does not need to offer hundreds of trackers. What counts is having the reference ETFs from the major asset managers (BlackRock/iShares, Amundi, UBS, Vanguard) on the main indices (MSCI World, S&P 500, Stoxx Europe 600, MSCI Emerging Markets) with ongoing charges at the market standard (0.05% to 0.25% a year). Conversely, “exotic” ETFs — thematic, smart beta, niche geographies — carry higher fees and a debatable usefulness for wealth building. That is the main criticism that can be levelled at Finary Life, whose selection does not include the main benchmark index trackers.
Let's talk
paro conseil supports you with full independence, to identify the contracts and structures best suited to your situation and objectives.
Book a callFrequently asked questions
What is the best assurance-vie in 2026?
In 2026, the best contracts on the French market are online contracts with around 0.30% in management fees on unit-linked funds, a broad investment universe (hundreds of funds, including ETFs with ongoing charges of 0.03% to 0.15%), a quality euro fund, and no fees on contributions or on fund switches. Lucya CNP has established itself as a reference on these criteria, but other contracts remain relevant depending on your profile and objective.
Which fees should I compare when choosing an assurance-vie?
There are three layers of fees to analyse: (1) entry fees on contributions (ideally 0%), (2) annual management fees on the unit-linked balance (ideally 0.30% to 0.50%), and (3) the fees of the underlying funds themselves (ideally 0.03% to 0.30% for ETFs, against 1% to 2% for actively managed funds). The total recurring annual cost (management + underlying funds) is the real deciding criterion: aim for under 0.55% a year for the best contracts.
Can you have several assurance-vie contracts?
Yes, with no legal limit. It is often worthwhile to combine two contracts: one geared to self-directed management at minimal fees for the diversified portion (ETFs, your own allocation), and another, possibly more specialised (euro fund, managed allocation). Each contract keeps its own tax seniority (8 years for the allowance).