
FoCus OnJob Starters
your InsuranceIs now your business
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)
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.

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.
Insurances are important – and what else?
Ask questions! For instance ask the employer if he offers asset-based benefits. What exactly that is and what you can do with it, we will show you in our consultation.
Save away a certain amount of money! Of course there’s nothing better than spending your first self-earned money “like there was no tomorrow”, everyone should have fun and enjoy being able to afford certain “luxuries” for the first time.
Yet you should not get used to doing so too much and start putting aside a little amount of your monthly income on a regular basis from an early stage on. But, what amount this should be and how to get state subsidies – this we will talk about in our first personal appointment.
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.
Can I decide for myself what to invest in?
Of course! Each person has different preferences, everyone is interested in different topics and has a different prior knowledge. Our concepts range from high-return investment types to means of reserve accumulation to sustainable investments with a focus on environmental protection. What kind of investment is suitable for you, we will find out in the course of our consultation. But: make sure to start as early as possible.
