1. What is a life insurance policy?
Life insurance does not protect you against premature death, but it does protect your loved ones from the financial consequences.
With life insurance, you decide who should be the beneficiary - and you are not bound by inheritance law or similar laws.
With a life insurance policy, you can often also determine whether there should be a "one-off payment" or a pension to your beneficiaries.
2. When does a life insurance policy make sense?
If you are financially responsible for your partner or children, you should consider taking out life insurance. Or could they make ends meet without your income?
Another reason could be a joint home. A life insurance policy ensures that the partner could also bear the mortgage alone.
Insurance is, therefore, selnsible when you do not yet have the financial means to compensate for your loss of income, especially when you are young. If you already have a larger cushion, you no longer need the insurance.
3. What do I need to consider when buying life insurance?
You can only take it out as long as you are physically and mentally healthy. Otherwise, the premium will be expensive or there will be reservations.
Think carefully about how high the insurance sum should be. 3x annual salary is a good rule of thumb. However, if you have a mortgage, you should use it as a guideline.
Do not combine saving and insurnace! One has nothing to do with the other. When you look at the real cost, there is no more nonsensical way than so-called "blended" insurance. The supposedly low insurance costs are compensated by excessive fees in the savings portion.
As young parents we have a life insurance, but whether it makes sense for you only you can decide
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