(Personal Accident Insurance)<\/em><\/strong><\/h3>\n <\/p>\n
This one is sometimes offered by employers as a staff perk. You should also check with your employer what the policy is for cover when you are on business trips if travelling is a requirement of your job.<\/p>\n
Some of the cover offered by this insurance is also covered by insurance against incapacity or long-term sickness (see below). The main difference here is that this insurance protects you in case of an accident<\/strong>, especially in free time or sport activities, as opposed to an illness<\/strong>. There are many different policies and grades of cover and it requires extensive research to identify the correct policy, should this be of interest to you.<\/p>\nPersonal accident insurance may be especially relevant if you participate in hobbies which have a higher than average risk of accidents, or if you are reliant on being in good physical health for your job.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”|90px||90px” custom_padding_tablet=”|0px||0px” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/liveworkgermany.com\/wp-content\/uploads\/2019\/05\/non-essentials-2-min.jpg” align=”center” align_tablet=”center” align_phone=”” align_last_edited=”on|desktop” _builder_version=”3.23″ max_width=”60%” module_alignment=”center” z_index_tablet=”500″ border_radii=”on|10px|10px|10px|10px” border_width_all=”2px”]<\/p>\n
[\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|phone” _builder_version=”3.25″ custom_padding=”|90px||90px” custom_padding_tablet=”|0px||0px” custom_padding_phone=”” z_index_tablet=”500″][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Berufsunf\u00e4higkeit” _builder_version=”3.27.4″ text_orientation=”justify” z_index_tablet=”500″ text_text_align=”justify”]<\/p>\n
Berufsunf\u00e4higkeitsversicherung (Incapacity To Work Insurance)<\/em><\/strong><\/h3>\n <\/p>\n
Try saying that one after a few beers!<\/p>\n
Berufsunf\u00e4higkeitsversicherung<\/em> (literally translated as incapability to work insurance) is there to cover you in case an illness, disability or accident renders you incapable of working for a significant length of time.<\/p>\nThis can be anything from covering a small gap when your statutory or employer\u2019s sick pay runs out up until the time you return to work, all the way through to permanent incapacity and a supplementary income to any state pension you would be due.<\/p>\n
Pensions are not a universal benefit in Germany, and what you would be due depends to a large extent on how much you have contributed into the German social security system over your working life.<\/p>\n
If you\u2019re planning on staying in Germany permanently, this one is definitely something to consider. It really depends on how risk-averse you are, your age, general level of physical and mental health, and how physically demanding your job is.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”|90px||90px” custom_padding_tablet=”|0px||0px” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Private Rentenversicherung” _builder_version=”3.27.4″ text_orientation=”justify” z_index_tablet=”500″ text_text_align=”justify”]<\/p>\n
Private Rentenversicherung (Private pension insurance)<\/em><\/strong><\/h3>\n <\/p>\n
This one is also another topic within itself, and is far more complex than the scope of this article.<\/p>\n
All I will say here is that the current state pension system is based on a social contract of the current working population funding those who are currently in retirement. This raises some serious issues:<\/p>\n
<\/p>\n
\n- The demographic pyramid and fertility replacement rate in Germany makes for pretty worrying reading.<\/li>\n
- It is highly unlikely that the positive effects of immigration will completely plug this gap, whatever the optimists say.<\/li>\n
- The major political parties do not have the appetite to completely and radically reform the current set-up.<\/li>\n<\/ol>\n
<\/p>\n
Whether you take out a private pension, or instead decide to invest in gold, bitcoin or real estate, I would strongly recommend that you don\u2019t depend on your sole source of retirement pension being what \u201cPapa Staat\u201d<\/em> theoretically promises you.<\/p>\nI genuinely believe that anyone under 40 cannot rely on this as a source of retirement income.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”|90px||90px” custom_padding_tablet=”” custom_padding_phone=”” z_index_tablet=”500″][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Risikolebensversicherung” _builder_version=”3.27.4″ text_orientation=”justify” z_index_tablet=”500″ text_text_align=”justify”]<\/p>\n
Risikolebensversicherung (Life Insurance)<\/em><\/strong><\/h3>\n <\/p>\n
Life insurance in Germany works in a similar way as it does in most developed economies.<\/p>\n
It\u2019s something that is likely to be of interest if you are leaving behind a partner, dependent children or others who may be financially dependent on you in the case of death. Otherwise it is not something most other people would really need to consider as a must.<\/p>\n
This is a complex topic which is beyond the scope of this article. Speak to a specialist financial advisor if you are seriously considering taking out life insurance in Germany.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|tablet” _builder_version=”3.25″ custom_padding=”|90px||90px” custom_padding_tablet=”” custom_padding_phone=”” z_index_tablet=”500″][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Pflegeversicherung” _builder_version=”3.27.4″ text_orientation=”justify” z_index_tablet=”500″ text_text_align=”justify”]<\/p>\n
Pflegeversicherung (Care Insurance)<\/em><\/strong><\/h3>\n <\/p>\n
This is an add-on to most private health insurance policies, covering cases where you require care assistance in old age.\u00a0If your move to Germany is not likely to be permanent, it\u2019s unlikely that you need to worry much about this.<\/p>\n
Something which may be worth considering though is an offshoot of this insurance, which covers care costs associated with being rendered disabled.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”3.25″ custom_padding=”|90px||90px||” custom_padding_tablet=”|0px||0px” custom_padding_phone=””][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”Disclaimer” _builder_version=”4.3.2″ text_font_size=”15px” text_orientation=”justify” z_index_tablet=”500″ text_text_align=”justify”]<\/p>\n
DISCLAIMER:<\/strong><\/em><\/h4>\nThis is meant to act as a guide and to point you in the right direction in terms of where your priorities may be. You should inform yourself adequately before making decisions which could influence your future financial situation. Speak to an insurance professional if in doubt.<\/em><\/p>\nLive Work Germany is an affiliate of Coya and Lemonade as such earns a modest commission from any insurance Germany sign-ups generated through this article. This has no bearing whatsoever on the cost of your insurance.<\/em><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.5.7″ global_module=”46139″ saved_tabs=”all”][et_pb_column type=”4_4″ _builder_version=”4.3.2″][et_pb_text admin_label=”AFFILIATE LINKS” _builder_version=”4.5.7″ text_font=”|300|||||||” custom_margin=”0px||0px||false|false” custom_padding=”0px||0px||false|false”]<\/p>\n
Disclosure: Some of the links contained in this article are affiliate links, meaning we receive a small commission for any sales resulting from these clicks. This has no bearing on the price of the product or service. Thank you for supporting us – we appreciate it!<\/em><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.5.7″ _module_preset=”default” background_color=”#f8f8f8″ width=”80%” width_tablet=”75%” width_phone=”100%” width_last_edited=”on|tablet” module_alignment=”center” custom_margin=”2vw||2vw||false|false” border_radii=”on|15px|15px|15px|15px” border_width_all=”1px” global_module=”47539″ saved_tabs=”all”][et_pb_row _builder_version=”4.5.7″ _module_preset=”default” custom_margin=”|auto|0px|auto|false|false” custom_padding=”1vw||0vw||false|false”][et_pb_column type=”4_4″ _builder_version=”4.5.7″ _module_preset=”default”][et_pb_text _builder_version=”4.5.7″ _module_preset=”default” custom_margin=”0px||0px||false|false” custom_padding=”1vw||1vw||true|false”]<\/p>\n
Looking for helpful content on another topic?<\/h4>\n
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Insurance in Germany is a HUGE industry. Germans seem to love their insurance almost as much as the British enjoy talking about the weather. I often joke that given half a chance, a German would insure his shower curtain against water damage. Although this is obviously a bit of an exaggeration, it is important to […]<\/p>\n","protected":false},"author":1,"featured_media":39134,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"_links":{"self":[{"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/pages\/39126"}],"collection":[{"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/comments?post=39126"}],"version-history":[{"count":34,"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/pages\/39126\/revisions"}],"predecessor-version":[{"id":49072,"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/pages\/39126\/revisions\/49072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/media\/39134"}],"wp:attachment":[{"href":"https:\/\/liveworkgermany.com\/wp-json\/wp\/v2\/media?parent=39126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}