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Insurance for Family with children: what you really need
Children change the priorities: protect the income the family lives on, with term life and disability cover for the main earner. In liability insurance, check the clause for young children, because under German law children under seven are not liable and a neighbour's claim is otherwise refused.
You can skip
- Education savings insurance
It combines saving and life cover, both at higher cost than separately, and cancelling early loses money.
- Child disability insurance before your own cover
Useful, but expensive. Secure the parents' income first, then consider it.
The policies one by one
Personal liability
In Germany, anyone who negligently causes damage to someone else pays for it in full, with no upper limit. Private liability insurance (Privathaftpflicht) pays justified claims and fights …
Occupational disability
Berufsunfähigkeitsversicherung, usually shortened to BU, pays a monthly pension if illness or injury leaves you unable to work in your own occupation. It is the closest German equivalent to …
Term life insurance
A Risikolebensversicherung pays a fixed sum if the insured person dies during the term. It has no savings element and is inexpensive. For expats, it often matters more than for Germans, …
Contents insurance
In Germany, the insurance for your belongings is called Hausratversicherung. It pays new-for-old after fire, burst pipes, burglary, storm and hail. Unlike renters insurance in the US, it …
Accident insurance
If you work in Germany, you are covered by statutory accident insurance at work and on your commute, but not at home, on holiday or while doing sport. German private accident insurance pays …
Legal expenses insurance
Legal expenses insurance pays for lawyers, court fees and experts when you need to enforce your rights or defend yourself. In Germany it is widespread and sold in modules: private life, …
Dental insurance
German public health insurance covers check-ups, fillings and basic treatment well. For crowns, bridges and implants it pays only a fixed subsidy based on the simplest solution, and the …
Supplementary health
If you are in German public health insurance, you are well covered for medical treatment, but not for everything you may be used to. Supplementary policies from private insurers add …
Travel insurance
German insurers sell up to six different travel policies, but only one is essential: Auslandsreisekrankenversicherung, travel health insurance. Statutory health insurance pays only partly …
Why this order
The rule: existential risks first, expensive ones second, comfort last
First insure what could ruin you financially: unlimited liability towards others under the German Civil Code, the loss of your income through illness, and your house if you own one. Then losses that hurt but will not ruin you, such as replacing the contents of a flat. Comfort cover such as dental top-ups or travel extras comes last.
Pay small losses yourself. Every premium carries administration costs, so insuring a phone or glasses costs more over the years than it pays out. Compulsory in Germany are health insurance with long-term care cover for everyone, motor liability for every registered vehicle and, in several federal states, dog liability.