A family with a child needs special protection – but which insurance is really indispensable? Which one should you have? In principle, all insurance policies that protect your family against existential risks are important. We have summarised here which insurance is important for your child and family:
Personal liability insurance
Every family needs this home insurance – with or without a child. Sure, you can pay for a broken window or a car door scratched by a scooter out of your own pocket – but imagine your child running out onto the street and causing an accident with serious personal injury and property damage.
In personal liability insurance, your child is automatically covered and you reduce the risk of being liable with your personal assets in such cases. This is important in the case of liability insurance that is intended to protect your family and child: Damage should also be covered if the children are not yet liable – i.e. under seven years of age and under ten years of age in road traffic.
The term life insurance
A term life insurance is indispensable for the financial security of your family. If you are mainly responsible for your total income, your relatives, your family or your partner will face a financial catastrophe in the event of your death. A term life insurance at least mitigates the material consequences of such a stroke of fate:
An existing real estate financing can be paid off and your family can stay in your own home.
The livelihood of your spouse or family is secured until your children are big enough to pay for it themselves.
The financing of your children’s vocational training or studies is secured.
Tip: Of course, you must include these costs in the sum insured for your term life insurance. To find out how much coverage you actually need, you can use our needs analysis.
Occupational disability insurance
An occupational disability insurance protects your worker – but it is also an important insurance for the family and your child. Because if you are the main or even sole earner, your salary is the existential basis of your family. Imagine that you can no longer work, for example due to an accident or a serious illness. Where does your family get money to live from?
The state assistance for this case through the disability pension, if it is paid at all, is far too small to maintain your accustomed standard of living. So that this does not happen, you should also secure your income accordingly. An occupational disability insurance makes sense for this.
Ideally, you should not only insure yourself, but also your spouse – even if he or she is not the main breadwinner in your family. The reason: Even the absence of a spouse who does not earn much or earns little can cause a family serious financial problems. Especially if he or she has previously taken care of the household and raising the children – and now there are costs for domestic help or child care.
Tip: You can find out in our calculator how much protection will cost you and your partner.
Important insurance: Protect your child against disability
Another existential risk you should protect your family from is child invalidity. Or to put it simply: with child invalidity insurance, you can make sure that one of your children is seriously disabled – by an accident or (far more frequently) by a serious illness. With the money from the insurance, for example, additional care costs can be paid – and your child will later have a lifelong basic income in the case of a permanent disability. In contrast to (usually cheaper) accident insurance, child invalidity insurance covers not only accidents but also illnesses as a cause of disability.
Health protection: compulsory insurance for family and child
In Germany, health insurance is a compulsory insurance for the family and the child. If the parents are insured in the statutory health insurance, the child can usually be insured free of charge. If the parents or a parent are privately insured, the child can often no longer be legally insured and must also receive private insurance. The advantage: If the child is registered directly after birth in the private health insurance of the parents, no health check is necessary.
International Health Insurance: Protect Family and Child on Holiday
The international health insurance also offers important protection for families with children. It is taken out if you or a member of your family becomes ill abroad. The statutory health insurance funds in Europe do provide social security benefits within the framework of social security agreements. But the catalogue of benefits is thin, trouble with the account is pre-programmed. On the other hand, a private international health insurance scheme covers the costs of private treatment abroad and, in an emergency, also provides transport home.
The homeowners insurance
If you live with your family in their own four walls, you should urgently think about a housing insurance. Especially today, when the frequency and severity of thunderstorms is increasing extremely – because the repair (or in the worst case the reconstruction) of a property is enormously expensive. With a homeowners insurance, your home is also insured against damage caused by these risks:
Fire, lightning and explosions
Tap water and frost
Storm and hail
Since natural catastrophes such as floods are becoming increasingly common in our latitudes, you should also take out supplementary insurance against natural hazards.