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At what moment do I actually have to purchase my own insurance coverage?

During school, study and education, children are generally insured with their parents until the age of 25. This on the condition that they do not earn more than 365 Euros/month (or 450 Euro on a mini-job basis). With the start of the first job or the end of their studies, family insurance coverage – regardless of age – no longer applies. Many job starters are surprised when all of a sudden they will get called by a bank or insurance company, who offer them insurance products, and rashly decide for the nearest solution.

Our advice: Make sure to inform yourself beforehand – or at least get an independent second opinion before signing any contract!

What insurance do I need at this moment?

As a job starter it is easy to feel overwhelmed by all the new things that are connected with this new phase of life. How do you know which insurance is important, which one is even required by law, and who is there to help you find your way around in this confusing minefield of offers? Here’s a general advice: Comply with the GAU principle (worst-to-be-taken accident)! In simple terms this means: at least the risks of death, disability and personal liability should be covered by an insurance.
We are happy to go through these topics with you thoroughly and step by step. If you have any questions, never hesitate to call or contact us.

These insurances you should turn your attention to right away:

  • Compulsory insurances (required by law; depending on occupation and life situation)
  • Insurance “Must haves” (absolutely recommended for your current life situation, because they could save you from a potential financial total loss)
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These Insurances are compulsory

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    Health Insurance
    Even for job starters the question arises whether or not to get a public or a private health insurance. Maybe you were previously covered by your parents’ private health insurance plan, then it might well be that you will benefit if you stay in a private health insurance plan – this is of course dependent on contract conditions just as well as on your own health. Our advice for young people who start their first job: Inquire in advance which health insurance plan includes which (additional) benefits, compare prices and services and make sure to inform your employer immediately about your choice. Because if you miss certain due dates, it might as well be that your employer has already started a health insurance plan in your name. Sometimes it’s not so easy to swop to another health insurance company or an insurance plan at that time.

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    Motor Vehicle Insurance
    If you drive your own car, you need a motor vehicle insurance. For novice/young drivers, the insurance fees are quite high, due to their lack of or low driving experience. This is why many families decide to co-ensure their kid’s car with their own insurance. Yet this has the following downfall: the novice driver does not collect or build up so called “SF-classes” (damage-free years) on his own from the beginning. As a consequence the damage-free years can often also not be transferred to their own contract in later years. So think about this twice and ask for professional advice. In some cases it could really make sense to insure your own motor vehicle from the beginning. If you need someone to help with calculations – we are happy to help!

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    Employment Liability Insurance
    In Germany all civil servants or public employees need an employement liability insurance (“Diensthaftpflicht”). This insurance is really a very important one, because you are personally liable – with all your private finances and own possessions – for damages caused in the course of your office duties. Making a small mistake can already result in claims of damages amounting to millions! We advise you to please not choose or sign this insurance “last minute” or based on an online offer. According to your occupational group, details and conditions might vary a lot. Ask for professional support when making your choice.

These Insurances are “Must haves”

  • General liability Insurance

    There’s no doubt about this: Everyone needs a general liability insurance. It pays for damages that you have inflicted on someone else (third party). Of course only, if this damage did not happen intentionally. In the past, the reason why one needs to have a liability insurance was often argued as follows: “You help your friend with moving, you drop the TV, it breaks and you have to pay for the damage. The cost will then be paid by your private liability insurance.” In our opinion, this should not be considered the main reason why one needs a general liability insurance. There are much bigger and more severe damages like a broken TV, for instance if you are riding a bike, you are unmindful for a second and hit someone else. Then this accident may lead the person to suffer a serious injury and you having to pay hundreds of thousands of Euros as a consequence. This could easily and quickly mean a total financial loss for you, if you do not have an insurance. Our advice here: have a very close look at what exactly your insurance at hand covers, compare prices and services – but: please consider that the insurance with the lowest fees is not always the best option!

  • Disability Insurance

    According to statistics, every forth employee becomes disabled during his working life. By the way, anyone who only thinks of serious illnesses or an accident when it comes to occupational disability, is wrong. Because frontrunners among the reasons for an occupational disability are increasingly mental illnesses – a trend that affects especially younger workers. So if you think you are save simply because you work in an office – a place you consider quite hazard free compared to a factory for instance – then you are completely mistaken.  Without a disability insurance, in case you get sick, it is very likely that you will not be able to maintain your standard of living for quite a long time, because soon you will have to live off Hartz IV and on a monthly budget of roughly 800 Euros or less. So think twice and don’t put off the risk of getting sick simply because you feel young, strong and invulnerable right now.

Good To KnowDisability Insurance

Isn’t there a state disability Insurance/pension? Yes, that’s true. It is called “Erwerbsminderungsrente”. Unfortunately the payments are quite low and in most cases insufficient. Especially if you are a job starter, you might not even be able to claim any payments at all, because you have not yet paid into the social security system long enough (minimum is five years). And please also consider the following: This kind of state disability pension is only provided if you are not even able to work 6 hours/day in any kind of profession. Let’s assume you are an architect who is no longer able to withstand the mental pressure at work, you suffer from severe sleeping problems and are not able to lead any project or take over responsibilities for your company, but you are still physically able to fill in goods in a supermarket – then this is what you will have to do. Regardless of your former qualifications.

Please never sign an occupational disability insurance online! The application form with all its questions about your health and your health history must be filled out very carefully and absolutely correctly. Make sure you really know all your diagnoses, doctors’ visits, all physiotherapy sessions of the last five years by heart. All your answers must be absolutely without failures. Follow-up examinations can be of importance. Get advice and help from an expert! Only an experienced consultant can help you document everything the insurance company wants to know in a proper way and knows what to ask for, when requesting documents from your doctors, etc. This is the only way you can make sure you are on the safe side.

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As as a young person, you should take advantage of these benefits: 

  • Low fees, if you sign your contract while still a student.
  • Admission to the insurance without exclusions or risk surcharges, due to less pre-existing conditions.
  • Lower fees due to low entry age. The older you are, the more expensive it gets.
  • Often there are discounts of up to 50% in the first 5 years (if insurance was signed while still under age 25).

Trust our experience, we’d love to forward you our advice.

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Shaping your Future

  • The offers on the market are diverse. In a personal conversation, we show our customers how best to assess their own financial health and what steps to take so their life will not all of a sudden get out of balance due to some unexpected events.

Save money – from what?

With an ultimate goal clear in your mind, you know what it’s worth saving for. Of course this is always dependent on your income. So let’s start with your goals and create a clear plan on how to achieve it, how to even realize big dreams with little amounts of savings. Of course, the less you have, the more important it is to have it well invested. In other words: it’s the investment strategy that counts. 

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    • How does budget planning work?
    • Build up assets step by step
    • Analysis of monthly expenses
    • State Subsidies
    • Hedging according to the GAU-principle
    • Targeted concepts for retirement planning
    • Everything that’s concerning property ownership
    • Tax and social security savings

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    • All questions about health insurance
    • Accident and occupational disability insurance
    • Physiotherapy and health prevention course (Partner offers)
    • Nutrition and fitness coaching (Partner offers)

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