Life insurance in Germany

• Anyone that is responsible not just for themselves but responsible for someone else. This can be a partner, a child, or a relative that is financially dependent on you.

• If you have a mortgage together with your partner, it makes sense to get term life insurance for the main earner, or for both of you if you’re contributing equally.

• If you have a business with a business partner that would suffer if you die, this can also be a scenario where someone is 'dependent' on you.

You can apply for life insurance if you’re aged 18 to 65, employed or self-employed, and living in an EU country. Your eligibility also depends on your health and lifestyle. Not sure if you qualify? Get a quick quote — it’s the easiest way to check.

The cost of life insurance depends on your age, health, and lifestyle. In general, your premium will increase over time, with the rate of increase depending on your age.

Once your cover is active, you can choose who you’d like as your beneficiary. This could be your partner, child, a relative, or even a company — like your bank.

A good way to estimate your cover is to add up what your loved ones would need financially:

1. Around €10,000 per child, per year, until age 18 (or 23 if you’d like to support university)

2. The remaining balance on your mortgage (if you have one)

3. 3–5 years of living expenses if your partner depends on your income

4. An amount to cover funeral costs

If that's too complicated, you can get 3-5x your gross yearly salary, and it will be a good approximation.

You can be covered up to age 65, and there’s no minimum term. In most cases, it makes sense to keep your cover until your main financial responsibilities are behind you. For example, when your mortgage is paid off or your youngest child has finished school or university (whichever comes later). As your situation changes, you can adjust your cover amount.

Yes, you can adjust your cover sum at any time. Changes take effect from the 1st of the following month. If you increase your cover, you’ll need a new health assessment. You can also cancel your policy at any time, with no fees.

The policy pays out if the insured person passes away. It doesn’t include a savings component. It’s designed purely to provide financial support to your beneficiaries.