There are many insurance policies on the German market, the main thing is to choose the most necessary ones
However, as Deutsche Welle notes, consulting a private advisor will cost more (on average – 140 euros per hour). And to get a complete picture, you need to plan from two to five hours.
In Germany, three main types of insurance can be distinguished that will help protect you from trouble: health insurance (Krankenversicherung), liability insurance (Privathaftpflichtversicherung), and occupational disability insurance (Berufsunfähigkeitsversicherung).
A young specialist starting work in Germany must have health insurance. There are two options: a policy from one of the statutory health insurance funds or private insurance, but the latter is only available from a certain income level.
In addition to the statutory health insurance contract, you can take out dental insurance. For example, if you need to get an implant, without insurance you will pay from three to three and a half thousand euros. By taking out an insurance policy, for 10-15 euros per month you will be able to get reimbursement of your dental costs up to 50 percent.
Liability insurance and occupational disability insurance are voluntary. Nevertheless, experts advise everyone to have a liability insurance contract. For as little as five euros a month, you can insure yourself against damages of up to five million euros. This insurance policy guarantees protection against third parties claiming compensation for damages.
And finally, the third type of insurance is occupational disability insurance. The amount of insurance premiums depends on both the profession and age. The more dangerous the profession and the greater the risks, the more expensive the insurance. Therefore, it is better to decide at an early stage of your career or even during your studies. If you decide to first establish yourself in your profession and then conclude a contract with an insurance company around the age of forty, the monthly premium may increase threefold by that time.
Occupational disability insurance ensures a stable financial situation. In the event of an insured event, the insured person will receive a lifelong pension, the minimum amount of which is 1000 euros. Without such insurance, a young specialist will be dependent on the state and will be paid about 30 percent of his salary.
However, it must be understood that this is a risky investment. Let's take the minimum premium – 30 euros. Suppose you take out insurance at age 30, in that case, by retirement you will invest more than 13,000. If the insured event does not occur, that is, you are healthy and work until retirement, this premium simply disappears.
And one more important nuance: when concluding an insurance contract, foreign specialists should always pay attention to ensuring that the insurance is international.
Experts advise not to take out occupational disability insurance bundled with a savings product or a private pension insurance policy, nor for 20-25 years. In this case, the contract with the insurance company ends when you turn 50-55 years old. But it is precisely from the age of 50 that the risk of disability is disproportionately high.