Insure yourself when you start your apprenticeship: This insurance is essential!

Insure yourself when you start your apprenticeship: This insurance is essential!

When starting training, it is crucial for many young people to find out about the different types of insurance. Basic protection is one of the most important aspects of financial security and can have long-term consequences on the lives of those affected. Loud Yahoo Finance Trainees should focus in particular on three essential insurance policies: health insurance, occupational disability insurance and private liability insurance.

Health insurance is required by law and ensures basic care. Occupational disability insurance, on the other hand, offers financial support in the event of occupational disability due to accident or illness. Experts recommend taking out this insurance early on, as the amount of the premium depends heavily on age and possible pre-existing conditions. Personal liability insurance is also very important because it covers damage you cause to others. Trainees are often initially covered by their parents' insurance while they are still in school or training.

Additional insurance and recommendations

Should be used when using your own vehicle: Motor vehicle liability insurance is essential. In addition, comprehensive insurance is recommended, especially for vehicles that were financed through credit. Partial insurance protects against damage caused by theft or natural events, while fully comprehensive insurance also covers damage caused by vandalism and self-inflicted accidents. The Consumer advice center also emphasizes that household contents insurance can be useful to protect against damage to personal property.

Supplementary health insurance, such as supplementary dental insurance or options for elective benefits, should also only be considered once the main life risks have been covered. For most young people, it is advisable to take out occupational disability insurance as a priority, as accident insurance does not offer comprehensive protection against loss of income.

Long-term provision and protection

A topic that is often neglected is preparing for one's own death. Term life insurance may be necessary if surviving dependents need to be financially protected. In addition, every young person should think about private retirement provision. The statutory pension is often not enough, which is why products such as the Riester pension or company pension provision should be considered. According to experts, starting your retirement planning early is very important.

Residential building insurance is not relevant for trainees who live in a tenancy, while owners of residential buildings are well advised to take out such insurance in order to be prepared against damage caused by fire, tap water and natural hazards.

In summary, choosing the right insurance for trainees is essential. It not only enables financial security in everyday life, but also gives a feeling of protection in unforeseen life situations.