Is the investment in child accident insurance a sound decision?
In a world where the safety and wellbeing of our children are paramount, the question of accident insurance often arises. This article explores the benefits and drawbacks of private accident insurance for children, comparing it to the statutory accident insurance available in Germany.
Private accident insurance offers comprehensive, 24/7 coverage, extending beyond school and supervised environments. Unlike statutory insurance, which typically only covers accidents on the way to/from school, during school hours, supervised activities, or at recognised sports clubs, private insurance provides protection at all times and places, including accidents at home, during weekends, vacations, unsupervised play, visits abroad, and rare incidents such as poisoning, allergic reactions, or insect bites.
One of the key advantages of private plans is the array of additional benefits. These often include tax-free lump sums for permanent disability, rehabilitation, therapies, medical treatments, home adjustments (such as stair lifts or ramps), and reimbursement for costs like private tutoring or child care after accidents. Some plans even cover altitude sickness or diving accidents.
However, private accident insurance comes at a cost. Premiums must be paid, unlike statutory accident insurance, which is generally funded by employers and statutory bodies, making it essentially free for the insured family members. Choosing the right private plan may require careful comparison and understanding of different tariffs, benefits, and exclusions, possibly involving budgeting challenges.
Another potential disadvantage is the possibility of overlap with statutory benefits. Some families may have adequate protection for particular situations, such as school-related accidents, provided by statutory insurance, making private insurance somewhat redundant depending on individual circumstances.
The cost of accident insurance for a child varies depending on the provider, starting on average at around 30 € and going up to around 100 €. The so-called "hospital and convalescence money" is paid by the insurance company in case your child is hospitalized after an accident. The disability benefit is a one-time payment that depends on the degree of disability, the amount of insurance, and whether progression has been agreed upon.
Parents must decide individually whether accident insurance for their child is necessary. Experts recommend an accident insurance with a disability sum of at least 150,000 € for children. If you choose an accident insurance with progression, this means that in the event of partial or total disability of your child, you will receive an amount that can exceed the total insurance sum. Alternatively, an accident daily sickness allowance can be chosen, which will be paid to your child daily after an accident, regardless of whether they are in the hospital or not.
It's worth noting that private accident insurance is always valid worldwide, making it valid for your child even when travelling abroad. To find the best price-performance ratio for your offspring, you can compare children's accident insurance using a calculator.
In conclusion, while private accident insurance for children offers comprehensive, 24/7 coverage and numerous additional benefits, it comes at a cost and requires careful consideration. Statutory accident insurance, while free, provides limited coverage generally tied to school or work-related activities. Parents must weigh the advantages and disadvantages to make an informed decision that best suits their family's needs.
[1] Source: German Insurance Association (GDV) and various insurance providers.
In the realm of health-and-wellness and additional benefits, private accident insurance offers tax-free lump sums for incidents like poisoning or allergic reactions, beyond the scope of statutory insurance. (The first sentence)
Parents, when choosing private accident insurance for their children, can utilize a calculator to find the best price-performance ratio, making it practical for families who travel abroad. (The second sentence)
