Term insurance / Payment protection insurance
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A risk insurance protects the surviving dependents, helps with credit protection and is also gladly used as partner insurance in business life.
Purpose of the risk life insurance: The risk life insurance serves only the protection with a premature death.
No capital is created through this insurance. It provides high levels of financial protection for the surviving dependents at low contributions during the contract period; However, in the event of survival, no insurance benefit is paid.
For young families, the need for care is particularly great. In the event that the income of the provider fails permanently, the family must be long-term secured.
Although the statutory pension insurance pays a pension to widows or widowers, as well as orphans and divorced spouses. However, the pension does not outweigh the income of the deceased. In order to close this pension gap, a risk life insurance policy can be taken, the amount of which should be selected so that the family members are covered until they earn an adequate income themselves.
Credit Hedging – Risk life insurance is also used to hedge loans. Because who takes a loan, for example, To buy an apartment or a house will need to consider such a hedge. Upon conclusion of such a contract, the survivors receive the opportunity to repay the loan with the insurance benefit in the event of death.
With this form, even in the context of setting up a business, the heirs can be paid the part of the company they are entitled to, without withdrawing liquidity from the company.
Payment protection insurance
A special form of risk insurance is the so-called “residual debt insurance”, which is particularly recommended for installment purchases.
Risk life insurance with exchange right
The risk life insurance with exchange right is particularly interesting for young families and young professionals. Here, a risk life insurance is initially concluded. The policyholder has (usually) for 10 years the opportunity to convert this into a capital-forming life insurance on the death and survival case. The advantage is that a new health check does not have to be made and the retirement age is correspondingly lower. The time for the exchange is given when the young family after the early years “out of the woods” out and in addition to the survivor’s pension is also thought of their own financial provision.