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Life insurance is a commonly-held policy in Germany. It guarantees the family of the insured person a fixed cash sum if he dies.

Life Insurance

Types of life insurance...


Endowment insurance
(Kapital-Lebensversicherung)

Endowment insurance requires you to pay premiums for a certain number of years and pays out the capital accrued at the end of the agreed term. If the insured person dies before this time, the money is paid out directly to his beneficiaries.

In most cases, life insurance premiums are tax deductible and the proceeds are often considered as a supplement to pension insurance.

Normally term up to the age of 60 to 65.

 

Term life insurance (Risiko-Lebensversicherung)

Term life insurance is a commonly held policy and guarantees the family of the insured person a fixed financial sum should the insured person die.

It is a much cheaper type of life insurance as there is no benefit pay at the end of term. It is a pure death risk policy.