Insurance and finance are not among the most popular topics of most students. Many assume that they automatically remain covered by the parents or underestimate many risks. But whether you have a bicycle accident on your way to university, a broken vase at the house party or a panic attack before the next exam – even for you as a student there are risks for which you need insurance cover. Even before starting your studies, you should take the time to clarify your insurance needs. Even with financial products, with the right choice, you can avoid unnecessary costs and inconvenience.
There is a health insurance obligation for every student in Germany. You can decide whether to insure yourself legally or privately for up to three months after enrollment. Even after expiration of the free statutory family insurance, you can switch to private.
If your parents, spouse or registered partner are insured by law, you can be insured free of charge until your 25th birthday. However, only if you do not work more than 20 hours a week during your lecture period and do not exceed an income of 365 euros per month (for mini jobs 400 euros). You may work beyond the 20-hour limit if you perform the job in the evenings, weekends, or during the semester breaks.
If you have exceeded the age limit, you can use the statutory health insurance for students. This is particularly cheap, but offers the normal benefits of the statutory health insurance. Subject to the maximum duration of study, this fee is available to you until the 14th semester or until the age of 30.
Private health insurance is not free for students, but it is highly discounted. In addition, it offers a preferred treatment, for example, shorter waiting times at the doctor. You can use some private student tariffs beyond the age of 30 and the 14th semester.
- If you want to switch from statutory to private health insurance, you must not exceed the three-month period after enrollment.
- Saving: If you opt for a private health insurance, you can save by choosing a deductible. This will take you up to a certain amount of treatment costs yourself, but your monthly contribution will decrease. This is worthwhile if you rarely go to the doctor.
- More information about health insurance for students.
Private liability insurance
Personal liability is one of the most important insurance ever. Although it is not required by law, it is indispensable for students. It jumps in when you’ve done damage to others. These may be personal, property or property damage. It is a legal requirement that you pay for self-inflicted damage in unlimited amounts. The liability insurance can pay damages of several million euros and thus save you a big financial disaster.
Students are usually insured with their parents’ liability insurance. All others should urgently take out private liability insurance. Cheap and good policies are already available for less than 50 euros a year.
- Choose an insurance that also comes in case of complacency damage. Such is when you do someone a favor and get hurt, such as helping a neighbor move and slipping a TV from you.
- Save: The insurance is even cheaper if you insure your partner and / or your children. Condition is that you live with you in a cohabitation.
Especially for young people, a private pension is indispensable. The state retirement pension will not be enough for your usual life later by far. At present, pre-tax net asset value is only 50 percent. This net pension level is based on the ratio of an average pension (net of social security contributions) after 45 years of employment to the average net income (net of social security contributions). In 2030, the net pension level before taxes should only be at a lower limit of 43 percent.
This significant difference can only be compensated with a private pension. The options include the Rürup pension, private pension insurance, endowment life insurance and the Riester pension. They all offer you a guaranteed lifetime pension.
The annual supplements of the Riester pension can be obtained as a student only under certain circumstances. This is possible, among other things, if you are legally liable for a pension or married to a person subject to statutory pension insurance. Many benefits of the Rürup pension, the private pension insurance and life insurance, especially the life insurance policy, you can already use as a student. Which variant is best for you, you should determine together with a knowledgeable consultant.
- If you wait too long, you may receive lower interest rates. At the end of 2011, the minimum interest rate for all types of old-age provision will be reduced from 2.25% to 1.75%. If you now conclude a tariff, it will not be affected by the reduction.
- Saving: The sooner you start saving for the elderly, the more you benefit from the compounding effect and the less you have to pay for your desired rake. If you start with a savings plan at the age of 45, you’ll have to raise about twice as much as someone who starts with 25.
Occupational disability insurance makes sense for students, even if they do not have a job yet. Because since the year 2001 all born from 2 January 1961 born in the case of occupational disability only a very small statutory pension. Another condition is that they have paid contributions to the statutory pension insurance for at least five years.
As a student you are therefore not covered by the state during your studies and in your first years of employment. Private occupational disability insurance, on the other hand, can pay you for a pension previously determined by you in the event of occupational disability. It is one of the most important insurance companies today.
In principle, it is advisable to take out occupational disability insurance as early as possible. Young healthy people are often offered cheaper contributions and a particularly comprehensive insurance coverage.
However, not all companies offer students a real disability insurance, often only the conclusion of an occupational disability insurance with disability clause is possible. You should definitely check and compare the training clauses of different providers. Because many companies only pay a pension if they are already in a higher semester. It is best to choose a policy that offers sufficient protection right from the start.
- It is very important that the contract reveals an abstract reference. Then, in the event of occupational disability, the company can not easily demand that you accept any occupation that you could still perform. The contract should also provide for a reinsurance guarantee. Then you can increase the pension later at times without re-examining your health.
- Saving: You can combine the insurance as a so-called “occupational disability insurance” with another provision product. Particularly recommendable here are a private pension plan or a term life insurance. Such a coupling is cheaper than the conclusion of two separate tariffs.
With a household insurance you can insure almost all moving objects in your home. These include, among other things, furniture, electrical appliances, carpets, pets and food. Among other things, the insurance pays for damage caused by fire, tap water, storm, hail, burglary and vandalism.
Whether a home insurance for you makes sense, depends primarily on the value of your inventory. If this is top quality, you should always take the home insurance policy. For all others, it pays less. A household insurance is not to be confused with a building insurance.
- Choose a sufficient sum insured. Otherwise, you will not receive enough money to buy the damaged item in mint condition after a claim.
- Saving: The costs of household policies vary widely. Compare several rates with an advisor to find an offer that is value for money.
Many important financial products are free for students at some banks. So also the checking account. In most cases, students not only benefit from an account without management fees, but also receive a free credit card from numerous credit companies. Some banks – especially direct banks – also offer a special student bonus: From the free Bahncard 25 via a fuel rebate – it is worthwhile for students to compare the offers before graduation.
- The terms and conditions under which you can withdraw money for free differ between checking accounts. Find out about this before your choice.
- Save: Inquire about age restrictions. Not all current accounts are free of charge for students regardless of age.
For most banks, students receive free or very cheap credit cards. These can be used around the globe, make cashless payments, Internet shopping or, in some cases, toll-free withdrawals at the ATMs of other banks possible.