A good retirement provision adapts to your personal circumstances and individual needs. Therefore, no two insurance policies are the same. What they all have in common is that life insurance is basically a long-term retirement provision and always has a protection component. The policy has a fixed term: In pillar 3a, the restricted pension plan, the insurance runs until retirement age or until shortly before. In pillar 3b, the term is freely selectable; for a tax-free payout, it must be at least ten years for insurance financed with a single premium. The insurance is financed either by annual premiums or by a one-time payment (single premium). Risk life insurance is exclusively about protecting against the consequences of a life risk, either death or permanent disability, referred to as biometric risks. It is only paid out when the insured event occurs. In the case of term life insurance, a one-off sum is paid out; in the case of disability insurance, it is usually an annuity. Savings insurance, on the other hand, serves to build up capital for old age. So there is a payout in any case. But even with savings insurance, there is always a risk coverage component; the premium would at least continue to be paid by the insurance company in the event of disability.