Alternative investment to expensive R+V insurance for retired mom

TL;DR: Mother (65, just retired) was sold an expensive unit-linked R+V pension insurance in 2022 (~2.7% costs p.a., current value ~€107,700). I'm thinking about terminating it and simply and cheaply switching the money into overnight money/fixed-term deposits + a small ETF share. Am I missing something? (Text is structured somewhat with LLM) About the person My mother is 65, recently retired, has a paid-off house and will soon receive a small statutory pension. Important for you: capital preservation,