What is a financial product in insurance
Which financial products are suitable for young professionals?
There are certain types of insurance that are essential even as a young professional. These often cover very expensive risks and ensure that everyday life can be dealt with a little more safely.
1. Liability insurance: protection against recourse claims
In everyday life it can all too easily happen that we cause damage or injure other people through an accident. Since the polluter is liable for damages, liability insurance is now part of the standard insurance coverage. She always steps in when claims for damages are due. Young professionals should pay attention to the following aspects:
- High coverage (at least 5 million euros)
- Rental property damage as a performance feature
- Bad debt coverage
Fortunately, liability policies do not entail excessive premiums, so that everyone can put together the features that appear relevant in their own situation.
2. Health insurance: compulsory in many cases
As a young professional, the question of health insurance is in many cases obsolete. Employees are subject to compulsory insurance up to the annual wage limit (as of 2020: 62,550 euros annual earnings) and are therefore insured through the health insurance company. Nevertheless, additional insurance can be interesting. Supplementary dental insurance, in particular, only makes small contributions at a young age.
3. Occupational disability insurance
A BU policy covers the risk of being unable to practice one's own job due to an accident or illness. This insurance protection is also one of the absolute basics. After all, your own labor is the guarantee for an income and the statutory disability pension is far from sufficient. Anyone interested in a BU policy should take a closer look at these aspects:
- No tariffs with "abstract reference" (insurance can refer to another occupation with BU)
- Good reviews of the tariffs
- Set the BU pension high enough (all costs should be covered)
In addition, young professionals also have to think about private pension provision. State models such as the Riester pension are particularly suitable if they are started early or if many children are expected, as hefty allowances can then be paid into the contract. In most cases, due to the current low interest rates, unit-linked contracts or residential Riester plans are particularly worthwhile if a home is planned.
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