If you have a job that requires social security contributions, you are insured under the social security system, which covers the major risks in life: illness, unemployment, accidents and the need for long-term care. Information about social security benefits and contributions can be found here.
This insurance covers the contents of your house or flat. For example, it pays if your furniture or clothing is stolen or damaged by fire, storm or water. The cost depends on the size of your home, among other things. It is particularly worthwhile if you keep valuable items in your home.
You are a member of the statutory accident insurance through your employer. This means that you are covered in the event of an accident in the workplace or on your way to work. However, most accidents happen when you are not at work, and this is where private accident insurance can help. While medical treatment is covered by statutory health insurance, private accident insurance can help mitigate financial consequences. Most importantly, private accident insurance covers you if you become disabled as a result of an accident and are no longer able to work. The insurance company pays disability benefits. You can purchase coverage for types of rehabilitation that are not paid for by statutory health insurance.
Germany’s statutory pension insurance is the most important and strongest component of our old-age security system. To maintain your existing standard of living, however, it is advisable to have an additional retirement plan. Since 2002, the government has subsidised such supplementary pensions. The principle is both simple and effective: If you supplement your statutory pension, whether privately or at your workplace, the government will help – by providing subsidies and tax and contribution exemptions.
Federal Office for Migration and Refugees
German Insurance Association