Insurance for students: The essential policies
Anyone who starts studying has a lot to organize: a new apartment, new learning, and a new life. Insurance policies also need to be adapted to this stage of life.pressSplit
The essentials in brief:
- In many areas, students do not need their insurance at all. They are often also insured through their parents.
- If the study visit occurs in a non-European country, for example, the USA, the statutory health insurance does not cover anything. In this case, private health insurance is recommended.
- Many students need to take out occupational disability insurance. The younger you get insurance, the cheaper the premiums are.
Table of contents
- Health insurance
- Health insurance abroad
- Private liability insurance
- Occupational disability insurance
- Supplementary insurance
Insurance companies like to advertise to students. The consumer advice centers find it immensely worrying if insurance distributors can even conclude contracts on campus. Not everything that is advertised is essential.
University students only need their insurance in some areas, as their parents also insure them. And even where your insurance is necessary, it's essential to compare offers and, above all, read the small print!
Health insurance
One of the most important protections is your health insurance. Many first-year students are still insured by their parents. In statutory health insurance, this applies up to the age of 25.
This family insurance is free. Anyone with private health insurance through their parents must decide whether they want to remain privately insured during their studies. Once you have decided on private health insurance during your studies, you can no longer switch to statutory health insurance for the entire duration of your studies!
After age 25, students enrolled at state or state-recognized universities must have student health insurance. This membership is possible until you reach the age of 30. As for all other health insurance members, the contribution consists of a uniform basic amount and an additional contribution specific to the insurance company. This means that students also pay a different contribution rate - depending on the additional assistance of their health insurance company.
Privately insured students pay an individual contribution rate depending on the scope of services of the selected tariff.
Essential for students with family insurance
Family insurance ends if you have a monthly income of more than 485 euros (mini job up to 520 euros). Students then usually have to insure themselves.
You can only go back to statutory health insurance if you become insured. This mainly affects the unemployed and employees whose income has fallen below the compulsory insurance limit for at least a year. 2023, this income limit will be an annual gross salary of 66,600 euros.
Health insurance abroad
Many students spend one or two semesters abroad during their studies. The choice of health insurance depends on the location where you continue your studies.
- If the university is in Europe, social agreements usually apply between the countries. Like people with statutory health insurance abroad, students studying abroad will receive the same benefits as fellow students on site; however, the benefits there can be lower than here in Germany. In addition, services such as medical repatriation or private medical treatment are not reimbursed. It is, therefore, advisable to take out supplementary international health insurance.
- If the study visit occurs in a non-European country, for example, the USA, the statutory health insurance does not cover anything. In this case, private health insurance is recommended.
The insurers' offers vary, including the price. The contracts have fixed terms that are usually not extended. Insurance with a period of one year costs between 500 and 1,500 euros. Before concluding a contract, you should compare several offers. The conditions and benefits are essential, not the premium. Private international health insurance generally does not cover costs arising from chronic illnesses or disability.
Private liability insurance
Private liability insurance is recommended for everyone, including while studying. Private liability insurance pays if you negligently cause damage to another person. Personal injuries, but also property damage, can quickly run into the hundreds of thousands. The minimum sum insured should be at least ten million euros.
During your studies, you are usually still insured through your parents, provided they have liability insurance. Protection applies to adult unmarried children in school or immediately following vocational training. After completing your first vocational training or when you reach a contractually agreed age limit (usually from 25 years), you need your liability insurance.
Caution: If there is a break between the end of school and the start of your studies, insurance coverage may be lost if you travel abroad for several months. Report your student status to the insurance company and ask under what conditions insurance coverage is available.
Occupational disability insurance
Occupational disability insurance is essential for almost all students. Students and young employees who can no longer work due to illness or accident usually do not even receive a small statutory disability pension. Occupational disability insurance secures your future income and, therefore, your livelihood.
The earlier you take out insurance, the cheaper the premiums are. Studying is an excellent time to take out such insurance - if you still need to, that would be even better. Then, you can take out occupational disability insurance with favorable conditions and low premiums. The insurance conditions differ in many aspects, for example, the subsequent insurance guarantee. It is advisable that the pension can be increased subsequently without a health check-up to the highest possible age. Insurance companies refer to this as a subsequent insurance guarantee. An increase is possible, for example, if you get married or your income increases at work.
In rare cases, it is not possible to take out occupational disability insurance. If no insurance company wants to offer you a disability contract, consider alternatives. Consult experts such as insurance fee consultants or specialized insurance brokers when concluding the contract. Accident insurance is not a replacement, as it only pays in the event of permanent disability due to an accident and not in the event of illness.
Be careful with offers that combine protection against occupational disability with retirement provisions. These combination products combine insurance against occupational disability with retirement provision products in a package - classic or unit-linked life and pension insurance. The problem is that while occupational disability insurance is almost always recommended, there are many alternatives to life and pension insurance for retirement provision. It would be best if you first clarified the advantages compared to your retirement provision. And even then, it would be unlikely that an insurer could offer both occupational disability insurance tailored to individual needs and, at the same time, the best life or pension insurance. So, there is no reason to give up flexibility.
Supplementary insurance
Household insurance?
First of all, it must be clarified whether, in this specific case, the household goods in the dormitory or student room are insured under the parents' contract. Otherwise, taking out household contents insurance is often only worthwhile if the household goods are expensive.
Liability insurance for mopeds, motorcycles, or cars?
With this compulsory insurance, you should also pay attention to the prices, but primarily to the benefits of the insurance tariffs because not all insurance is the same. Damage insured under one tariff is not covered under the other tax. Partial or fully comprehensive insurance may make sense under certain circumstances. You must prioritize your life risks: What can happen to me, what damage will occur, and is it insurable? Risks with high possible amounts of injury should be insured first.
You can get provider-independent advice and support on individual and necessary insurance coverage questions at the nearest consumer advice center.
