Finally stand on your own two feet! You have completed your studies and with the new job you are taking the first steps into a new phase of your life. It's exactly the right time to take care of good insurance cover for your future professional life. For students, their own insurance coverage usually doesn't play a big role: most insurance is provided through their parents, and it's too early to start planning for retirement. However, when you start your career, insurance suddenly becomes important: otherwise, an accident or illness can quickly become a threat to your existence. The good news: Many insurance policies are particularly affordable for you at this stage of your life. We look at the most important insurance companies.
Liability insurance
First and foremost is private liability insurance: it covers all damage that you cause to third parties; Intent and gross negligence are excluded. If you have previously been insured through your parents, now is the time to get your own policy. After all, a mishap happens quickly. If a person is injured, the amount of damage can be so great that it threatens their existence. Private liability insurance can protect you from lifelong obligations. It should therefore cover damage to people and property with at least 3 million euros.
Health insurance
Health and nursing care insurance is just as important; it falls under the general insurance requirement. Your non-contributory statutory family insurance expires when you start your career; you now have to take care of your own insurance. Most career starters start in a dependent employment relationship and initially achieve a gross income below the annual salary limit of currently 53,550 euros. This means you are insured in one of the statutory health insurance companies. If you earn a higher income, you can also take out private insurance. This is particularly worthwhile if you are aiming for a career as a civil servant: then a large part of the medical costs will be covered by the allowance. If you become self-employed after completing your studies, you can choose between statutory and private health insurance.
Occupational disability insurance
Do you have to be able to live from your work? Then you need occupational disability insurance now at the latest. You can use it to insure your workforce in the job you are currently carrying out. If you can no longer perform this activity to at least 50 percent of the time due to illness, injury or loss of strength, the occupational disability insurance will pay you a monthly pension. This is particularly important for those starting out in their careers: If you become unable to work within the first five years of your career, you are usually not yet entitled to your statutory pension. And even after that, the statutory benefit of around 15 to 30 percent of your last gross income is rarely enough. Entitlement to a disability pension often only exists for a certain period of time and is also subject to strict requirements. Self-employed people and freelancers have no right to this. It's best to take out occupational disability insurance as soon as possible. Another plus: the younger you are and the less risky your job, the cheaper the tariff is.
Accident insurance
As a career starter, you are legally insured against accidents through your employer. However, this insurance coverage only applies at the workplace and on journeys to and from the workplace. Activities outside of work are not covered. Private accident insurance can help here: it makes a one-off payment in the event of an accident-related disability or pays an accident pension. In contrast to occupational disability insurance, accident insurance always comes into play when it comes to the direct follow-up costs of an accident. This insurance then provides significantly more benefits immediately, for example for rescue or operation costs. In the event of serious injuries, advance payments can also be made. This is an advantage if the accident does not result in occupational disability, but causes high costs in the short term. If you lead an active life and engage in risky sports and leisure activities, accident insurance is a sensible option in addition to occupational disability insurance. This guide explains the differences between these two types of insurance.
Household insurance
What is quickly forgotten: Your household contents insurance should also be adjusted if you move into a new apartment or your first apartment when you start your career. It is important to avoid underinsurance. Also make sure that you not only insure the equipment in your four walls against fire, tap water, storms, hail, theft and vandalism. The expensive bicycle should also be insured as part of external insurance.
Retirement insurance
When you start your career, your priority is probably not yet retirement planning. Your starting salary should be manageable, but you may also have to pay back BAföG or a student loan. You should still start your private pension provision as soon as possible. It is currently expected that the statutory pension will no longer be sufficient to guarantee the previous standard of living in old age. Because demographic change is leading to insufficiently filled pension funds . It therefore makes sense to take additional precautionary measures such as the state-funded Riester pension or fund-linked pension insurance. You should also find out whether your employer offers a company pension plan: a certain amount is deducted directly from your gross salary. There are no costs to you for this form of insurance - on the contrary: because your taxable income decreases by the amount invested, your tax burden is also reduced. So now all you have to do is compare tariffs and throw your worries about insurance overboard!
Finally stand on your own two feet! You have completed your studies and with the new job you are taking the first steps into a new phase of your life. It's exactly the right time to take care of good insurance cover for your future professional life.
