Insurance for the family should be of interest to you at the latest after the birth of your first child. However, it is best to inform yourself in advance and take a close look at your previous insurances. Because with your new role as a parent, your need for hedging and provisioning changes . From now on, you are no longer only responsible for yourself, but also for your children.
Which insurance for families are really important and how you can best protect yourself and your loved ones, we clarify for you in today’s blog post. In our first part of “Insurance for Families” you will learn in a nutshell what a private liability insurance for your family and why a term life insurance is important for young families.
The personal liability insurance for families
One of the most important voluntary insurance is private liability insurance , so it should not be missing in any household. If you want to cover more than one person, you have to take out a family liability insurance .
This policy provides all family members insurance coverage who live in the household of the policyholder. Family liability insurance must be provided by only one parent and protects you and your family in the event of personal injury, property damage and financial loss. The liability insurance for families applies not only to married couples, but also to life partners. Unmarried partners must be listed by name.
Good to know: “Parents are (not always) responsible for their children!”
“Parents are responsible for your children!” You may have heard or read this sentence before. This statement is true only with restrictions ! After all, according to the law, children are not able to commit to the crime until they are seven years old . So they are not liable automatically if they damage something with friends or neighbors. This means that even you as a parent are not liable for the damage. However, if you have neglected your duty of supervision as a parent, the family liability insurance applies.
If you, as a parent, feel morally obligated to pay for any damage, you have the option of taking into account “disabled children” in your personal liability insurance . In some insurance companies this is already insured without any contribution. If this is not the case with your insurance, you can have this module subsequently added to your insurance for a small additional contribution.
If you have any further questions on the subject of “disabled children”, please contact us. We are happy to advise you!
The term life insurance – insurance coverage in the event of death
No one at a young age likes to deal with their own death or the death of their partner. In order to secure your loved ones financially in case of emergency, you should think about a risk life insurance . Term life insurance is one of the most important insurance policies for families. If the insured person dies , the survivors receive a predetermined amount of money, also called death sum. If there is only one main earner in your family, it is especially important to think about a term life insurance . Without financial security, your family faces financial ruin in the worst case scenario. For example, the death benefit may be used for funeral services, running costs, education of children or the repayment of a loan.
In addition, term life insurance can also be used to hedge loans. This is always an option if you have to take on a very high amount of credit, for example for mortgage lending.
Good to know: “The younger the cheaper!”
Basically it can be said that the younger and healthier you are, the lower the monthly contribution for the insurance. However, even with low monthly contributions, financial protection can be built up. An optimal sum insured is characterized by the fact that the survivors receive an income replacement with which they can pay off all existing liabilities.
Do you still have questions about insurance? Or would you like more detailed information on mortgage financing, financing , subsidies or similar? Your TGI financial partner in Kiel, Hamburg and Flensburg is always at your side with help and advice. For TGI your wishes and possibilities are the focus of personal consultation.