Which insurances are particularly important for young adults?
August 23, 2022 | 40,00 EUR | answered by Katrin Sontheimer
Dear insurance law attorney,
My name is Björn Bauer and I am a young adult who is thinking about the right insurances. I am about to finish my studies and will soon enter the workforce. In my current situation, I am already insured through my parents' health insurance, but I have not yet taken out any insurance of my own.
I am worried that I may not be adequately protected and would like to know which insurances are particularly important for young adults. Which insurances should I definitely take out to protect myself against unforeseen events and risks?
I have already thought about liability insurance and disability insurance, but I am unsure if these are sufficient. What other insurances should I consider to fully protect myself?
It would be very helpful if you could give me an assessment of which insurances are particularly important for young adults like me and what aspects I should consider when choosing insurances. Thank you in advance for your support.
Sincerely,
Björn Bauer
Dear Mr. Bauer,
Thank you for your inquiry regarding important insurances for young adults. It is very responsible of you to already be thinking about your security in your current situation. As a lawyer specializing in insurance law, I would be happy to assist you in your decision-making process.
First of all, it is very positive that you have already considered liability insurance and disability insurance. These two insurances are indeed among the most important protections that a young adult should have.
Liability insurance protects you against claims for damages that third parties could make against you. An accident or mishap can quickly incur high costs that would have to be borne by you without liability insurance. Therefore, this insurance is truly essential.
Disability insurance is also very important, as it financially secures you in case you are no longer able to work due to illness or accident. Especially as a young professional, it is crucial to protect yourself against the risk of disability.
In addition to these two insurances, there are others that can be useful for young adults. These include private health insurance, accident insurance, legal expenses insurance, and retirement provision in the form of a private pension insurance or occupational pension scheme.
Private health insurance can be particularly interesting if you are no longer covered by your parents' family insurance and need to insure yourself. Accident insurance provides additional protection in case of accidents, legal expenses insurance assists you in legal disputes, and retirement provision ensures financial security in old age.
It is important to tailor your choice of insurances to your individual needs and life situation. Consider which risks are particularly relevant to you personally and which insurances you really need. It may also be beneficial to seek advice from an independent insurance specialist to find the right protections.
I hope that I could help you with this information and am available for any further questions.
Best regards,
Katrin Sontheimer
