Social insurance is based on five pillars:
Statutory health insurance
Statutory health insurance helps you and your family in case of illness and will pay for many healthcare costs (for example, visiting the dentist or giving birth). If you are unable to work for an extended period due to illness and are therefore not in receipt of your salary from your employer, the statutory health insurance company will pay you sick pay in compensation.
Statutory care insurance
If you are unable to look after yourself in old age or due to a serious illness and you are reliant on care, you will receive financial support from statutory care insurance.
Statutory pension insurance
As an employee, you are compulsorily insured with statutory pension insurance. This means that you are entitled to a pension when you retire. Pension insurance will also provide you with support during your working life if you can no longer work at all or you can only work on a part-time basis due to an illness or disability.
Statutory unemployment insurance
Has your contract been terminated by your employer or has your contract not been extended? You’re not alone. Thanks to statutory unemployment insurance, you will not only receive financial support but you can also contact the Federal Employment Agency to help you find a job. The Agency will help you find a new job or training and further education.
Statutory accident insurance
Have you had an accident at work or on the way to work or are you suffering from an occupational illness? In such cases, accident insurance can provide you with financial support for the direct consequences.
Which private insurance policies are worthwhile?
All supplementary insurance policies cost money. Do you need occupational disability insurance or additional protection for your family? It is not possible to make an all-encompassing statement regarding which additional insurance policies are really needed. Each individual needs to weigh up their own personal life situation and factor in the potential risks.
Private liability insurance is a fundamental must-have. Have you been clumsy and caused your friend’s laptop to fall onto the floor? Or perhaps your six-year-old son has broken your neighbour’s window with a ball? If you unintentionally cause damage to another person, your liability insurance will cover the costs. But only up to the agreed cover amount. We recommend a tariff that covers personal injury, property damage and financial losses and provides cover for at least 10 million euros – more is better.
As the different policies on offer from insurance companies are very varied, we would advise you to read the terms of contracts very carefully and to find a suitable tariff.
You can read more about private liability insurance here (in German).
