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The world is upside down in the truest sense of the word. The corona virus and above all its effects determine our everyday life. Many existences are at stake. And that is precisely why it is important right now that your personal insurance situation is also “crisis-proof”. By that I mean that you now really have all the insurance that will secure your existence. You can save yourself a lot of insurance at the moment. But a few are existential. You can find out which insurance you should have during the Corona virus in the following expert article.

Overview of the article “Corona crisis – you should have this insurance now!”


Health insurance

It goes without saying that your health insurance is extremely important in times of a virus pandemic. She pays for the medical expenses incurred. Of course, also for those who are caused by the corona virus (COVID-19). This applies to statutory health insurance as well as to private health insurance.

Best possible health insurance coverage

If you have been thinking about the Private health insurance to change (e.g. as an employee because you earn above the annual wage limit of € 62,550) to “upgrade” your sickness benefits, then now could be a good time to tackle this topic again. Better treatments / preferential services in the hospital or the possibility that doctors can bill for services outside of the fee schedule are just a few examples of the additional services provided by private health insurance.

Health insurance companies only offer adequate protection

Even if this is often dismissed as pure advertising for private health insurance, everyone can read in the Social Security Code that the services provided by statutory health insurance only have to be “sufficient” and “medically necessary”. There is no mention of “best possible medical care” anywhere. But this is exactly what can be existential in many cases. This is exactly why I switched to private health insurance. Not to save money, but to be able to drive the “Mercedes in our health system”.

People with statutory health insurance can also increase insurance coverage

But even as a statutory health insurer you can have your care situation on a higher level in the event of illness. But then in the point ” Supplementary health insurance “more.


Private liability insurance

After health insurance, private liability insurance is definitely the most important insurance in Germany. With or without a crisis. This insurance protects you against claims from third parties if you have injured someone else’s property or body. For example through an accident or inattention on your part.

Statutory Liability

As the name of the insurance company suggests, there is statutory liability. This means that if, for example, you damage someone else’s property, you can be held liable. You can read about this in §823 BGB.

Children are not always automatically insured

Even if you have a family tariff for private liability insurance, this does not automatically mean that your children are fully insured. If your children are under 10 or 7 years of age, the module “children incapable of tort” must be included in the insurance. Only then will payments be made for damage caused by your children (who are younger than 7 years old). There is no statutory liability under this age. In road traffic this applies even up to the age of 10 years.


Occupational disability insurance

After health insurance and personal liability insurance, protecting your workforce is the next hugely important insurance. In other words, occupational disability insurance is nothing more than income protection or expenditure protection. Should you no longer be able to work in your last job due to illness, an accident or an age-related decline in strength, your disability insurance will take over. Of course, insurance is a lot more complex than I could explain in a few sentences. There is a separate one for that Expert article on disability insurance , which will answer all your questions about the BU.

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Mental health and lifestyle diseases are the main causes

Contrary to public opinion, everyone really needs a disability insurance. Unless you are not dependent on your earned income. Then not. But that should not be the case for very few people. Since, according to the latest studies, mental illnesses (burn-out, nervous diseases, depression, etc.) and lifestyle diseases (e.g. cancer) make up almost 50% of the newly reported occupational disabilities, no job description is left out here. These diseases / causes can affect anyone. I would even go so far that “office workers” in particular are particularly at risk due to pressure to perform, little exercise and often unhealthy diet.

Term life insurance

If you have a family and want to protect your loved ones from financial ruin in the event of your unexpected death, this is this Term life insurance indispensable. Term life insurance only covers death. No coupling with a pension insurance or the like. This means that term life insurance is also relatively cheap. I don’t want to be a black painter now, but especially in a situation like the Corona crisis, where a few deaths have to be expected, term life insurance can be extremely important for the financial survival of your family.

Always protect both parents

One of the biggest mistakes when it comes to term life insurance is that you only ever have to insure the main breadwinner. But this is wrong. The parent who is at home with the children must also be covered. If this parent disappears, there are also high costs for childcare and co., Because the working parent cannot suddenly stay at home. So please always cover both parents with term life insurance.


Supplementary health insurance

As mentioned briefly above, you can expand your health insurance coverage, especially during the Corona crisis, in order to be optimally insured in the event of an emergency. It is an open secret that private patients receive preferential treatment in the hospital or at the doctor’s. It’s just like that. This is because you can simply bill a lot more through a private patient.

Private patient as statutory health insurance

Even as a person with statutory health insurance, you can raise yourself and your family to a private patient level. For example in the hospital. With clever in-patient supplementary health insurance, you get the status of a private patient in the hospital with all the amenities that go with it. Twin rooms and head doctor treatments are just two of the benefits you could get from this.

Further supplementary health insurance

Of course, you can also improve your performance at the dentist or with outpatient treatments with the appropriate supplementary health insurance. Especially with Dental treatments this is not to be underestimated. The benefits of the health insurance are very limited here and you quickly end up with a larger budget.


Pension provision in the corona crisis

Yes, your personal retirement provision is also important now. I realize that the topic of old-age provision has about the charm of a colonoscopy even in “normal times”, but this does not change the fact that you already have to think about your existence in the future today. Especially now!

Termination of the pension insurance has fatal consequences

Some people are likely to be canceling life and annuity insurance. With fatal consequences for your pension. Often one is not even aware that one is jeopardizing one’s entire future existence with an act that has not been considered today. As a rule, you can never catch up on what you have built up so far in terms of old-age provision if you interrupt or even cancel it now. I am of course aware that in some situations there is no other way and that it is better to pause your pension insurance for 2-3 months before you touch your disability insurance or liability insurance.

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Favorable entry prices on the stock market

My private pension insurance are currently running normally. I will even increase this. Why? Because I can currently buy shares in companies in the form of stocks, ETFs, etc. at extremely low prices. The economy will recover sooner or later and if I now have the chance to get shares in very good companies at extremely low prices, then I would be – with all due respect – really stupid if I didn’t take advantage of it. Of course, the prices can go further down, but due to the cost-average effect (I always buy shares for 200 € every month through my pension insurance), this doesn’t bother me. In the long term, over the next 20-40 years, I will benefit to the maximum from it.

Invest when everyone else is fearful

I would even go so far that right now you have the incredible chance to give your retirement savings an extreme boost. Many people are anxious and more likely to sell stocks and cancel retirement plans than to invest. But as Baron Rothschild (one of the richest people in history) said:

“You have to buy when there is blood in the streets”.

Baron Rothschild

That may sound a little macabre now and hopefully we won’t see any blood on the streets, but the statement still gets to the point.

With this strategy, there is a high probability that you will get more returns and more pensions for yourself than the people who are now anxious and hesitant.


About the author:

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Bastian Kunkel holds a degree in business administration, is a financial specialist and is a trained insurance salesman. He operates the largest independent company under his brand “Insurance with a head” Insurance YouTube Channel and also provides daily insurance knowledge on his Instagram account with over 10,000 followers. Bastian was one of the first insurance brokers to completely digitize his company and, together with his team, provides comprehensive advice to his customers across Germany online and still personal. Bastian Kunkel is also Young Broker of the Year 2017 and Education Prize Winner 2018.