If something happens to me – what happens to my partner or family? This question should not remain a game of ideas, but seriously addressed and answered with the appropriate death protection. Only then can surviving dependents be protected in the long term and financially relieved.
A risk or life insurance, but also a survivor's pension can serve the death protection. The contract stipulates a sum which the insured person regularly pays to the insurance company by an agreed date (end of contract). In the event of death, the saved sum is then paid out to the descendants.
Payment of term life insurance
If the death of the insured person occurs within the contract period, the insurance company pays the insured sum agreed upon to the person or persons with subscription rights in the case of a term life insurance. It is usually the family of the bereaved.
If the death of the insured person does not occur during the contract period, the insured will not receive any money back. The paid-in money served in this case only to the risk protection. Therefore, the contributions for the insurance are also set relatively low.
Why is death protection important?
One should take care of a death protection especially if the dependents are dependent on the insured person's income and there are no large financial reserves to cover them. Especially for primary and sole earners a term life insurance is therefore important. Because the payment of insurance secures the existence of many families – especially if the financing of a house or apartment should not be jeopardized and expenses for children must be paid. Incidentally, the statutory widow's and orphan's pensions tend to be low and can not compensate for the loss of earnings. Therefore, it is worthwhile to supplement the statutory provision by a private death protection.
When is there no life insurance cover?
There are exceptional cases in which the insurance does not have to pay in the event of death. This applies, for example, if the beneficiary is associated with the death of the insured person and the suspicion of murder is due to greed. Furthermore, the insurance only pay for a suicide if the death is more than three years after the conclusion of the contract. An exception applies if the insured person is incompetent.
When the insurance is completed, the insured must inform his insurance company about personal circumstances. These include, for example, previous illnesses, dangerous hobbies or the profession. From this information the insurance calculates the contribution amount. If false information is provided in order to reduce the contribution amount, the insurance does not have to pay in the event of death.
If the insured can no longer pay his contributions to the life insurance, the insurance can terminate the contract. However, a second option would also be to make death benefit free of contributions. A contribution exemption, however, is only possible in the case of term life insurance in some cases, in any case the possible sum insured drops drastically.
Related topics International health insurance Occupational disability Occupational disability insurance Survivor's pension Sickness benefit Sickness insurance Compulsory health insurance Personal injury Guide to the topic
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