If your children are older, you may only need coverage until they enter the labour market. Coverage that helps in taking care of household expenses, bills, daycare, recreation fees, courses, college. You need life insurance if you belong in one of the following categories: An exception could be when the family can live comfortably on savings or the other spouse’s income. Many adults start thinking about life insurance once they become parents because they instantly have a person who will directly rely on their income. On the other hand, if no one is dependent on your income, then you likely do not need life insurance in Germany. You can consider purchasing a life insurance policy if you have people who are financially dependent on you, which could be a child, spouse, or parent. Whether your dependents, such as children, need your financial income for their education, or you have a loan that needs to be paid off, a life insurance policy in Germany assures that the lack of income, as a result of death, will be compensated. The advantage of life insurance coverage is that in the event of death, dependents will not need to go through financial difficulties which were previously covered by your income.įind everything you need to know about life insurance in the sections below: What is German Life Insurance?Ī life insurance policy in Germany will ensure that in the event of the death of the insured person, the insurance company will pay a select sum of money to the dependents (pre-selected beneficiaries) of the deceased. It is one of the many types of insurance in Germany, including health insurance for expats or residents, legal insurance, liability insurance, or home insurance.
In Germany, life insurance is also referred to as risk life insurance, written as Risikolebensversicherung (RLV).
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