Having health insurance is a must in Germany. This also applies to motor vehicle liability insurance. As a rule, you do not have to take out additional insurance. But doing without certain policies can be expensive in an emergency. An overview:
Term life insurance: Such a policy can pay off for families with underage children. If a parent or partner dies, a financial gap may arise that could not be filled by pensions or own assets.
“The disaster can be particularly great if a real estate loan still has to be paid off and the deceased may have been the main breadwinner,” said Stecher. Having term life insurance would be a good option in such a case.
Anyone who opts for such a policy should compare the prices of several providers – “the services are more or less the same for all of them,” emphasizes Stecher. He warns against taking out endowment life insurance instead of term life insurance with the aim of saving money for old age at the same time. “It’s not worth it because there are more profitable options for retirement provision.”
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Disability insurance: Anyone who can no longer work for health reasons quickly gets into financial difficulties. The occupational disability insurance (BU) protects against this risk with a monthly pension.
Such protection is not necessarily cheap, however, depending on the industry in which you work. Therefore, not everyone can finance a BU. “There are similar products, but they are not really alternatives,” explains Böhne.
There is, for example, disability insurance (EU insurance). But the protection is not the same. With a BU insurance, the insured receives a monthly pension as soon as he can still carry out a maximum of 50 percent of his last professional activity. However, EU insurance only pays if the insured person can work for less than three hours in any profession. An electrician who can still work as a truck driver could therefore not make any claims.
Another alternative is what is known as dread disease insurance. The insured person does not receive a monthly pension, but an agreed amount of money in one sum if a doctor diagnoses a contractually named serious illness such as cancer or a stroke.
Personal liability insurance: A slight inattention can cause damage that can drive you into financial ruin – whether a carelessly disposed cigarette butt causes a major fire or a cyclist accidentally collides with a pedestrian and seriously injures him. A personal liability insurance covers the damage. “Such a policy is essential,” says Julia Alice Böhne from the Association of Insureds.
However, not everyone needs their own contract. “A family tariff is sufficient for spouses or people in a marriage-like community,” explains Roland Stecher from the Bremen consumer center. In the case of cohabiting partnerships, it is important to mention the partner in the policy. With the family tariff, children are also insured – provided they are still in training.
Residential building insurance: Homeowners insurance is an absolute must for property owners. “It pays if, for example, a house is damaged or completely destroyed by fire,” said Böhne.
It is also responsible for all damage that can result from tap water and natural hazards such as storms and hail. In addition, additional damage caused by flooding, landslides or snow pressure can be covered by additional insurance against natural hazards.
Household insurance: Noble furniture, expensive musical instruments and paintings – the more valuable the home furnishings, the more useful it is to take out home insurance. After a break-in, it pays the replacement costs for stolen items and bears the costs of repairing broken windows and doors.
The policy also protects against damage caused by fire, storm or tap water. “Anyone who does not own valuable household items and can easily cope with possible damage to their apartment financially does not need household insurance,” says consumer advocate Böhne. (Sabine Meuter, dpa / tmn)
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