Life insurance in Germany

Life insurance in Germany (Lebensversicherung) comes in a wide variety of tariffs and packages. In general, life insurance provides financial security for dependants after a person’s death (and makes payments to the family) or provides additional benefits during retirement.

Why is life insurance in Germany necessary?

When you buy life insurance (Lebensversicherung) in Germany, or in other words private pension insurance, you first provide financial security for your family in the event of your death. Secondly, it provides you with a guarantee to repay your loans or debts. Finally, it can help you earn additional income in retirement. By the way, insurance premiums are tax deductible, which can make it easier for you to save money.

Insurance coverage example

Private pension plan
Lucas secured private pension insurance as soon as he began working in Germany. Upon his retirement in Germany, Lucas will receive funds from his private pension plan, with the amount varying based on the policy, in addition to the payments he will receive from the state pension fund.
Lump sum payment after death
In Germany, the Davis family faced the unfortunate loss of their father, who was the sole breadwinner in the household. It will be a significant amount of time before the mother can fully recover and re-enter the workforce. Fortunately, depending on the policy type, the family was able to receive a substantial payout from the life insurance policy that the father had obtained previously.
Insurance premiums and tax deductions
John holds a life pension insurance policy in Germany. Annually, he computes the insurance premiums and includes them in his tax return to benefit from a tax deduction.
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Sample coverages above represent life insurance for expats in Germany and varies depending on the insurance company and tariff type. The applicable coverage is specified in your insurance tariff.

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© 2023 Vasistdas. All rights reserved.

© 2023 Vasistdas. Her hakkı saklıdır.