Personal Accident Insurance
When you work in Germany, you automatically become covered by the German Social Accident Insurance.However, this generous accident insurance provides limited coverage. You get cover for accidents that occur at work and during all your journeys to and from your workplace.
Almost all accidents come with linear benefits (dark blue area in the below-appended diagram) up to a 25% degree of disability. After that, you can choose between progression or linear. Progression means if your degree of disability is higher, you will receive more payment in relation to the base amount you have chosen. The progression table becomes effective at 26% degree of disability and leads up to the highest agreed progression of your base amount, with a degree of disability of 90% or more (see diagram below – €100,000 base amount).
For Example, If You Have €100,000 As The Insured Base Amount With A Maximum Agreed Progression Of 500%,You Would Receive The Following Benefit Payments Depending On The Tariff.
- Loss Of Finger (10%) €10,000
- Loss Of Smell (20%) €20,000
- Loss Of One Eye (60%) €160,000
- Loss Of One Leg Above Knee (75%) €250,000
- Loss Of One Leg Above Knee (75%)
And One Finger (10%) €350,000 - Loss Of Sight In Both Eyes (100%) €500,000
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Personal Accident Insurance– Key Things to Know
- It also provides cover for accidents occurring at educational establishments, children’s daycare facilities, and during voluntary work. But there are many other potential activities that this accident insurance does not cover. This is the reason many people opt for private accident insurance (Unfallversicherung).
- This personal accident insurance ensures that if your full abilities do not get recovered due to a personal accident, you get financial protection. Here, you get different options to receive financial protection depending on your chosen tariff. You may opt for a lifetime annuity, where you will receive fixed payments at fixed intervals till you are alive. There is another option of receiving a lump-sum payment. You may also choose to receive a combination of both these options.
- Unlike state insurance, private insurance provides you with around-the-clock worldwide protection. It operates on the concept that all costs, which occurred through your disability, should be recovered by the sum insured. These costs may include care costs, whether permanent or temporary, alterations to your house or your vehicle, etc.
- Unlike state insurance, private insurance provides you with around-the-clock worldwide protection. It operates on the concept that all costs, which occurred through your disability, should be recovered by the sum insured. These costs may include care costs, whether permanent or temporary, alterations to your house or your vehicle, etc.
- It is important to note that this insurance does not cover loss of earnings. Therefore, you need to take out an Occupational Disability Insurance to have the loss of income covered.
- As the Occupational Disability Insurance provides protection in the event of disability through illness as well, you should go for this if you are looking for better coverage than an accident insurance annuity. This is the reason choosing an accident annuity proves to be a prudent decision only when, due to health reasons, you cannot take out Occupational Disability Insurance.
- An extremities table is utilized when it comes to determining the extent of the disability and calculating the benefits to be paid to the insured. In this table, different body parts appear with different percentage values.
- These values are used to calculate the overall diminution in your full physical and mental abilities. For example, loss of a finger is worth 10% of the sum insured, loss of one leg above the knee is worth 75%, both taste and smell are worth 20% each, sight on a single eye is worth 60%, and sight on both eyes is worth 100%. Note that, depending on your personal accident insurance provider and tariff, these values may slightly vary
- When planning on the insured sum you should have, first consider how much money you would need to live your life as conveniently as possible in case you lose your full abilities due to an accident. Once you have figured out the amount, start exploring different available options. Depending on your preferred insurance model, configure your accident insurance cover concerning the benefits in the event of an accident. Then you can work out the base sum insured amount that you need get your desired coverage.
Many landlords today insist on you having home contents somehow when talking about accident insurance for tenants.
In case you’re renting a furnished apartment, many landlords today insist on you having home contents insurance for tenants. However, it’s important to note that fixtures and fittings that you don’t own but which are attached to the building are usually not covered under home contents insurance for tenants. This is because your landlord or house owner is responsible for them and would cover them under his/her own separate insurance policy.
