Expats will need to be wary of insurance agents attempting the “hard sell” because, sadly, some unscrupulous agents will use the risikolebensversicherung sales pitch as an opportunity to sell other products that may be superfluous to your individual needs – for example, education insurance, passenger accident insurance or travel luggage insurance.
Unfortunately, the unique and complex German system together with the sheer variety of products on offer, mean that it can be difficult to ascertain which policies are necessary and which are not. This is why securing local and professional insurance advice from an independent broker who has experience of the broader German insurance market can prove invaluable, particularly if the adviser can help you understand how cover fits in with a broader portfolio of potentially beneficial insurance products – for example, your health, contents, accident, legal, pensions, property and vehicles cover.
Too many insurance agents sell products on a commission basis, meaning that the client’s needs run the risk of becoming secondary to those of the salesperson, so receiving advice from Germany-based wealth management specialists can be a good way of finding out exactly which products will be best for you..
Blacktower advice for expats in Germany
For clients who come to us unsure about what they need in respect of Term Life Insurance (risikolebensversicherung), our first priority is to find a product that will provide reliable cover to their loved ones in the event of death.
Typically this means that, at the very least, the policyholder would have enough cover to settle the balance of any outstanding loans and mortgages. However, in most cases it is also prudent to provide your family or other named beneficiaries with an additional financial cushion at the time of your passing.
We can also help you decide how long you would like your cover to run because it can be difficult to know how to strike the right balance between length of cover and cost of cover.
For help finding the right life insurance cover for your needs contact Blacktower today; Germany wealth management advice from specialists with local knowledge, who understand the dilemmas faced by expats.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
John Westwood, Blacktower Financial Management’s Managing Director, founded the firm in 1986 after previously forging a career with Schroder Financial Management that saw him develop a reputation as one of the leading financial advisers in London.