Understanding residual debt insurance!
You've probably heard of residual debt insurance. But what does it mean and do you need it?
Thanks to a savings account you can easily start building up capital for your child. You can choose BCEE’s Fit4Future account, which is frozen until your child’s 18th birthday. It offers good remuneration and there is no account closing balance fee.
You can also opt for the classic Tweenz savings account, which also offers a favourable remuneration. However, here the money is not frozen up to the child’s 18th birthday. In fact, until the child’s 12th birthday, the legal representative is the only person to have access to the account. Then from age 12 to 15, the child can access their money with the legal representative’s consent and finally, once they reached 15, the child is free to decide how to use their savings.
The savings account for children between the age of 0 and 12.
Once your child turns 12, the TWEENZ savings account is converted into an axxess savings account, also offering preferential remuneration for the young holder.
Thanks to the axxess card, your child benefits from a number of advantages, notably reductions in certain restaurants and other establishments, on membership cards or language courses! Whatever your choice, children aged between 6 and 12, are automatically part of the Tweenz-Club, which offers advantageous conditions with many business partners as well as fun activities adapted to your child’s age. They will love it!
Once your child turns 12, the TWEENZ savings account is converted into an axxess savings account, also offering preferential remuneration.
Soft, gentle and sweet, they light up our lives! So, to congratulate you on the birth of your bundle of joy, BCEE offers a new-born gift of 50 euros, deposited directly into a Fit4Future account, on condition that you have taken out the account before your child’s 1st birthday. If you also choose to take out the lalux Study Cover insurance product, you benefit from an additional gift of 50 euros, deposited into your child’s account.
Life insurance policies offer you the opportunity to form a financial package to enable your child to pursue studies or to achieve other dreams. Combining a provident fund and security, certain insurance products such as lalux Study Cover, can be taken out without medical formalities until your child is 12 and leaves you free to decide on the amount to invest. Once the child becomes an adult, the amount saved will be allocated to him on a quarterly basis. The payment of allowances is already guaranteed after 5 years of premiums.
Furthermore, the saved capital benefits from a guaranteed rate of interest, fixed by the Luxembourg Insurance Commission (Commissariat aux Assurances) and a participation in the profits of the lalux insurance company. This amount is fixed year by year and granted from the 2nd year of the contract! As with any insurance product, the premiums can be deducted from taxable income, if the contract is taken out for a minimum term of 10 years.
You might not like the idea of it, but one day your children will move into their own home! A BHW building savings account is a good way of guaranteeing them a start-up capital that will make their life easier when they apply for a housing loan. You can easily take out a contract in your child’s name today and determine the amount that you want to transfer. Once the allocation date has been reached, the savings are free to be invested in property.
Whatever you decide, BCEE will support you and your children in all your saving plans. Feel free to arrange a meeting with a Young Customer Advisor to discuss in more detail the different possibilities according to your children’s ages!