Term Life Insurance Calculator
Choosing the right amount of coverage for your term life insurance is crucial to protect your loved ones. But how do you determine the ideal amount?
Our Term Life Insurance Calculator takes the guesswork out of the process. With just a few details, it provides a personalized recommendation based on your unique financial situation.
The calculator ensures you’re neither underinsured nor overpaying for the life insurance coverage.
Term Life Insurance Calculator
Best Term Life Insurance Plan in Germany
Allianz’s term life insurance plan* (RLV Plus) is rated the best by all the rating agencies in Germany.
We checked the ratings of the following rating agencies.
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- Morgen & Morgen
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- Franke Bornberg
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- IVFP
Allianz is the biggest term life insurance provider in Germany. It also meets our criteria of stable insurance company with healthy financials.
Who should get a Term Life Insurance Policy?
A term life insurance policy is worthwhile in the following situations.
You bought a property on credit
Buying a house in Germany is expensive. Usually, you take a mortgage to pay the property price.
If you have a mortgage and meet an untimely death, the real estate loan can become a financial burden for your partner. So, to protect your family’s financial well-being and to ensure they don’t have to sell the house, you should get term life insurance.
The same applies to unmarried couples who have purchased a property together.
There is another option to secure loan payments in Germany. It’s by taking residual debt insurance.
However, residual debt insurance is not worth it as it’s expensive and offers poor benefits. You should get term life insurance instead.
Secure your family’s financial well-being
If you are the sole earner in your family, you should get a life insurance policy. This way, you don’t have to worry about your family’s financial security after you die.
Even if you and your partner earn, it makes sense to take term life insurance. Being a single parent is tough. Your partner might have to reduce or limit their working hours to care for the child.
Moreover, widows’ and orphans’ pensions are usually significantly lower than your salary. With your income gone and your partner’s reduced net income, your family’s lifestyle is greatly affected.
Thus, you should get term life insurance to secure your family’s future.
Living together but not married
If you are not married, your partner will not receive the widow’s pension when you die. So, if you have children, term life insurance is particularly important.
Single parents
It’s critical for single parents to take out a life insurance policy. If the worst happens, their children will receive the insured sum.
If your child is a minor, you should mention the guardian in your policy. If you don’t, the court will name the guardian.
Your child won’t recieve the insured amount till a guardian is determined.