Private unemployment insurance

13 posts in this topic

Hm, this was new to me today. I opened an email from a well-known insurance company with details of a brand new insurance, which (as far as I know but I´m not sure..they couldn´t confirm either when I phoned them ) is unique on the German market and pays you a monthly sum to top up your loss of income if you lose your job.

 

Now, normally, if you claim unemployment/dole benefit, you get c. 60% of your last net salary/wage. So 40% is missing in your budget to pay for your regular living costs, loans et al .

 

You can sign up for this supplementary private insurance if:

 

...you´re between 18 and 51

...you´ve been employed in Germany for at least 12 months

...you´ve been with your current employer for at least months

 

How much can you insure?

Up to 1,500 euros a month with a minimum of 100 euros per month.

 

How long can you insure for?

Up to 12 months

 

Other prerrequisite?

 

Losing your job must be through no fault of your own eg your company is shedding staff to save money, has gone bust, you get seriously ill.

 

Good news: the insurance payment you would get would NOT be deducted from your unemployment money :D

 

The bad news: I couldn´t open the price sheet as I´ve lost the password to the company´s intranet pages and have had to order a new one! :(

 

If interested, just send me an email and I can pass on details SOON!!!

I am a professional independent insurance broker and authorised advertiser. Contact me.
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Whoops, you´ve been with your current employer for at least SIX months..sorry!

I am a professional independent insurance broker and authorised advertiser. Contact me.
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Now, normally, if you claim unemployment/dole benefit, you get c. 60% of your last net salary/wage.

 

That's not per se correct for ALG1. You get 60% (or, if a parent, 67%) of the Bemessungsentgelt. The Bemessungsentgelt is the average gross daily income of the last 12 months (capped at €195.6164) minus income tax, solidarity tax and a Sozialversicherungspauschale of 21%, taken times 30. This may seem the same, but it's highly relevant if your actual income varied over the last year, or included performance-based variables or regular bonus payments and such.

 

The product might be interesting for self-employed who slip straight into ALG2 though. Although i doubt they can legally make that income "not count" for your Bezüge under ALG2.

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Thanks for the imput, kato. I still have to check a whole bunch of stuff but I can´t yet access the intranet with all the details and I don´t know yet if it´s worthwhile. It is an interesting topic, though, for many ( I presume ) .

 

It won´t work for self-employed people, though. They can´t get fired by an employer! :D They should have an insurance in place for loss of income due to severe illness/accidents etc.

I am a professional independent insurance broker and authorised advertiser. Contact me.
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I wish I could do that, kato! I need a holiday - a long one!!! :D

I am a professional independent insurance broker and authorised advertiser. Contact me.
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I saw billboards in the ubahn advertising something similar today. The boards must have been freshly changed, as only a few days ago, the boards had something about a language school on them. Sad, I know, but the train always gets held up at that stop, so my eyes go wandering... Anyway, I wonder if some law has recently been relaxed and a new market is opening up.

 

The first thoughts that crossed my mind when I saw the advert was "What? In Germany? No, not possible". It sounded very much like a distant cousin of one of those fishy payment protection plans that Clydesdale Bank just got sued for. Cue the lunchtime adverts "Were you mis-sold PPI? Did you slip on a molecule of water at work? Give us a call and we'll be your new BFF..." Lol, I'm such an optimist lately.

 

I'm going to keep my eyes open for it when I pass tomorrow - it sounded really unusual.

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One i saw today had canada life behind it. I knew it would have involved a foreign company. That said it did have loads of endorsed by focus logos slapped all over it.

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It´s a German company behind it, paulwork ( a well-known one ). Canada Life is something else - they have some of the most popular and highly-rated income protection products on the market but doesn´t kick in for you if your employer fires you!

I am a professional independent insurance broker and authorised advertiser. Contact me.
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...

Losing your job must be through no fault of your own eg your company is shedding staff to save money, has gone bust, you get seriously ill.

...

for the private as well as the govt unemployment insurance, do you get anything if fired due to performance issues?

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I don´t know about public unemployment insurance, MunichDesi , but I made a phone call and, yes, cover is there IF a company is simply dissatisfied with your performance and you didn´t do anything wrong to deliberately get fired.

 

Please bear with me. I´m trying to find time to read all the gumpf carefully. They emailed me all the Ts and Cs at my request...faster than waiting for a password renewal in my case.

 

By the way, there is also a self-employed person´s variation! Haven´t read it yet.

 

Have found out: there´s a three month waiting time to use the insurance ; ie if you take out the insurance on 1st May and get fired on 1st June, you´re not getting anything.

I am a professional independent insurance broker and authorised advertiser. Contact me.
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Hi,

 

i am necroposting here because I was evaluating to look for a product like this. Background of this is that I am evaluating my affordability for a mortage not only in my current situation (me and her, both working and with good(?) salaries) but also in cases where one or both of us loose his/her job.
Furthermore, the 60% or 67% mentioned above is anyway capped to a gross salary of, at least for this year, 85200 euro. In my case my gross salary goes over that number and then the hit would be bigger in case i loose my job.

 

Anyone knows any insurance product that can let me and my gf to bring at home in total (ALG I plus private insurance ) at least  around 80% of the last averaged netto salary in case we loose our job ?

Also some simple german keyword to use in google would be enough :)

 

 

 

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Ok, I found a pair of product from r+V and segura.

I am quite sure that the monthly payment you receive in case of unemployment is a gross sum that then, after declaring them in the yearly tax claim, will be subject to taxes and deductions. What I can''T figure out is how to calculate the taxes I will have to pay on this sum and then what is the real netto they will provide me though this insurance.

 I could "reverse engineering" and from the max Arbeitlosgeld i can take (around 27600 netto per year) I could calculate the corresponding fictitious gross salary. Then add on top of that the private insurance payments and see how they will be taxed. But I am not sure this would be the correct way.

Any ideas ?

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