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Insurance covers a financial risk that you cannot or do not want to bear yourself. In return you pay a certain contribution to the insurance. However, not all insurance makes sense. You can find out which insurances are mandatory and which insurances fall into the “important insurances” category and should not be missing in your insurance folder in the following article or directly in the video.

Important insurance (Compulsory insurance)

The following insurances are compulsory insurances in Germany. That means you have to have this insurance, whether you want it or not.

1. Health insurance (GKV or PKV)

Anyone living in Germany needs health insurance. This can be a statutory health insurance his or one Private health insurance . Which of the two variants make the most sense for you depends on many factors. You can find out more about private health insurance and who can take out private health insurance at all here . Health insurance also includes compulsory long-term care insurance. You also have to pay into this. However, the benefits from this are by no means sufficient for a nursing case. But more on this below in the text.

2. Motor vehicle liability insurance

As soon as you want to travel in Germany with a car (e.g. car, motorcycle), you need one Motor vehicle liability insurance . Without this, your vehicle will not even be registered. Partial or fully comprehensive insurance is then optional, which you can also book.

Additional MUST insurance

In addition to the mandatory insurances mentioned, there are other insurances that are an absolute MUST for you. While there is no legal obligation that you should have this insurance, the following types of insurance are really extremely important.

It follows the “Top 5 Important Insurance Companies”.

1. Private liability insurance

A private liability insurance pays for damage you have caused to another person or to someone else’s property. Mishaps and accidents happen very quickly and with private liability insurance you are covered here. In addition, this costs relatively little. You will find the right provider for you here .

2. Disability insurance

What if you can no longer do your current job due to illness, accident or mental health problems? Are there usually benefits from the state? Yes or? Not correct!

No to few benefits from the state

Too many people still believe that this is the legal one Disability pension (Video) steps in. This only works if you really can’t work in any available job (and not just in your job). In addition, the amount of the disability pension is – with all due respect – really ridiculous. And this leads us to private disability insurance.

Disability insurance is vitally important

If you are no longer able to work 50% of the time in your job for at least 6 months (current standard definition of occupational disability in the conditions of the insurer), then the agreed disability pension will be paid out to you. So should you be unable to work (and yes, office workers are also affected! Burn-out and Co. are Desk offenders are currently the most endangered occupational group (Video) and if you don’t have a very good occupational disability insurance, you will end up in the worst-case scenario with basic income support.

Occupational disability insurance ensures your standard of living

But you will not be able to maintain your usual standard of living with it. And that’s why this insurance is so important. Experience more about disability insurance here or in the video below and how you should seek advice.

3. Term life insurance (family)

If you have a family, you should Term life insurance Complete (video). If something happens to you or your partner, the term life insurance pays the agreed amount to the surviving dependents. This ensures that, in addition to the emotional damage, there is no financial damage to the bereaved.

Protect both parents

Please don’t make the mistake of only covering one parent here. Both parents need to be covered, regardless of who is the main breadwinner. In the following video I will explain why this is so important.

4. Private long-term care insurance

Private long-term care insurance is becoming more and more important and those who are clever take out one at a young age. It’s no secret that people in Germany are getting older. The baby boomer generation will retire in the next few years and there are more retirees than other age groups.

The number of old people is increasing sharply

This in turn means that the number of people in need of care will increase. One reason why your parents should perhaps also take out private long-term care insurance. Because the benefits from the compulsory long-term care insurance are – who would have thought – not enough in the back and front. As a child, you also have to step in and pay for the parents’ care costs, if your Income over € 100,000 gross per year . New case law with effect from 01/01/2020.

Deal with this uncomfortable topic

But private long-term care insurance is also extremely important for yourself. The likelihood that you will get very old increases every year. And with it the probability that you will one day become a nursing case. That’s only natural. And it doesn’t help very much not to deal with the subject just because it is a mega uncomfortable subject.

5. Cyber insurance

Last but not least is the Cyber insurance an insurance that is becoming more and more important. Most people think this is just something companies should get into. That’s where all the data is, etc. But what do you do if your credit card details are stolen? Who bears the cost of restoring the data on your hard drive after a virus has deleted it? Who covers the costs if you order something on the Internet but never receive the goods because you have been caught by a fraudster?

Cyber security is the only way to fight back

“But I’m careful. It won’t happen to me! ”

Yes no, it is clear … The fact is that cyber insurance is the only way to cover the damage you suffer. The police can do very little here. Think of private cyber insurance as your personal digital baseball bat to hit back with. You won’t hurt anyone, but at least you won’t be left with the damage and the costs.

Conclusion on “important insurance”

There really is a lot of insurance that nobody needs. It is a fact. But there are a few insurance companies that really matter. And these five insurances are definitely one of them. The first two insurances in particular are extremely important. If you do not yet have any private liability insurance or no occupational disability insurance, then you should try to get this insurance as soon as possible ;-)