One Life Assurance Vie Review 2026: Is It Worth It For Expats in France?
For British expats in France, One Life is one of the most commonly recommended Luxembourg assurance vie providers.
But higher costs and more complex structures mean it is not automatically the right solution for everyone.
In this review, we explain how the One Life assurance vie works, the pros and cons, typical costs, French tax treatment, and whether it is genuinely worth considering for expatriates living in France.
Who Is One Life?
OneLife Luxembourg is a Luxembourg-based life assurance company regulated by the Commissariat aux Assurances (CAA).
Its products are primarily designed for expatriates and internationally mobile investors rather than domestic French residents.
Unlike many French assurance vie contracts, One Life focuses heavily on:
international portability
multi-currency investing
bespoke investment management
higher-net-worth planning
For French tax purposes, properly structured Luxembourg assurance vie policies can still qualify for standard French assurance vie tax treatment.
Why Expats Consider Luxembourg Assurance Vie
The main attraction of Luxembourg assurance vie is flexibility.
For internationally mobile clients, French domestic contracts can become restrictive if you later move country. Luxembourg structures are generally easier to retain and administer across multiple jurisdictions.
Key attractions include:
stronger investor protection
portability
broader investment choice
multi-currency capability
estate planning flexibility
access to discretionary portfolio managers
For larger portfolios, these features can be genuinely valuable.
For example, a British couple who may later relocate from France to Spain or Portugal will often value portability far more than someone permanently settled in France.
The Luxembourg Triangle of Security
One of the biggest selling points of Luxembourg assurance vie is the “Triangle of Security”.
In simple terms:
client assets are held separately from the insurer
assets sit with an independent custodian bank
the Luxembourg regulator supervises the structure
policyholders rank ahead of creditors if the insurer fails
This is often viewed as a stronger protection framework than the standard French insurance model, particularly for larger portfolios.
Investment Options
One Life offers access to:
UCITS funds
ETF portfolios
discretionary fund managers
dedicated managed portfolios
alternative investments
multi-currency portfolios
Unlike many French assurance vie providers, One Life is not heavily focused on guaranteed “fonds en euros”.
This is fundamentally an investment-oriented structure designed for clients comfortable with market exposure.
Minimum Investment Requirements
One Life is aimed primarily at affluent and high-net-worth investors.
Typical minimums are often:
€125,000 to €250,000+ for standard structures
higher for bespoke or dedicated fund arrangements
For smaller portfolios, lower-cost solutions are often more appropriate.
One Life Charges
This is one of the most important areas to understand properly.
Costs usually include:
insurance wrapper charges
fund management costs
adviser fees
possible setup charges
In practice, total annual costs commonly fall between 1.5% and 2.5% per year once all layers are included.
That is typically higher than a basic self-managed investment arrangement. However, when compared against many international expat-focused solutions, offshore bonds and fully managed cross-border structures, pricing is often broadly in line with the wider expatriate market.
The trade-off is greater flexibility, portability, cross-border functionality and broader planning capability.
As advisers, we would typically compare a structure such as One Life against a range of alternative international planning solutions depending on the client's country of residence, objectives, tax position and long-term plans, rather than purely against domestic French contracts alone.
French Tax Treatment
When structured correctly, Luxembourg assurance vie can receive broadly the same French tax treatment as a domestic French assurance vie.
Potential advantages include:
tax-efficient withdrawals
favourable treatment after 8 years
estate planning benefits
beneficiary nomination flexibility
French residents must still declare the policy annually using Form 3916 as a foreign account.
For British nationals with UK pensions, ISAs or investment accounts, proper cross-border planning remains essential.
One Life Pros and Cons
Pros
Strong Luxembourg investor protection
Portable internationally
Broad investment flexibility
Multi-currency investing
Strong estate planning features
Suitable for internationally mobile families
Cons
Higher ongoing costs
High minimum investments
More complex structures
Limited guaranteed fund options
Usually adviser-dependent
Often excessive for smaller portfolios
Who Should Consider One Life?
One Life may suit:
British expats living in France
internationally mobile families
higher-net-worth investors
clients seeking bespoke investment management
those prioritising portability and flexibility
Who Should Avoid It?
One Life is often not suitable for:
smaller investors
clients wanting simple low-cost investing
investors primarily seeking guaranteed funds
those unlikely to move internationally again
DIY investors looking for direct low-cost access
In our experience, One Life is sometimes positioned as a premium solution when, in reality, some expatriates could achieve similar outcomes through simpler and lower-cost structures.
The right solution depends far more on the underlying planning, investment strategy and long-term objectives than the wrapper itself.
Our View
One Life is a credible Luxembourg assurance vie provider and, for the right client, can be an excellent structure.
However, many expatriates end up inside expensive, unnecessarily complex offshore arrangements that add cost without materially improving outcomes.
The quality of the investment strategy, tax planning and adviser usually matters far more than the wrapper itself.
For portable clients with larger portfolios, One Life is one of the options to consider however their higher costs can be offputting.
For others, a simpler and lower-cost solution may be more appropriate.
Frequently Asked Questions
Is One Life regulated?
Yes. One Life is regulated in Luxembourg by the CAA and operates across the EU.
Can British expats in France use One Life?
Yes. The structure is commonly used by British expatriates resident in France.
Is One Life tax-efficient in France?
Potentially, yes. When structured correctly, it can benefit from standard French assurance vie tax treatment.
Does One Life offer guaranteed funds?
Not in the same way as major French domestic providers.
What are the typical costs?
Usually between 1.5% and 2.5% annually once all layers are included.
Is Luxembourg Assurance Vie safer?
Many investors view Luxembourg’s Triangle of Security framework as offering stronger asset protection than standard insurance structures, particularly for larger portfolios.
About The Wealth Genesis
The Wealth Genesis specialises in cross-border financial planning for British expatriates living in France and internationally mobile individuals.
We provide independent advice on:
Tax-efficient cross-border financial planning
Our focus is straightforward, transparent advice designed specifically for expatriates navigating multiple tax systems, currencies and jurisdictions.
If you are considering a Luxembourg assurance vie, or would like an independent review of an existing arrangement, we would be happy to help you assess whether the structure remains appropriate for your long-term objectives and residency position.
