Are you expecting a baby? Congratulations! Family additions are one of life’s greatest joys. Expectant parents have many questions particularly when it’s their first child. Do we need to rethink our living situation? What about our family budget and pension provision? Alongside the expenses for initial baby equipment, various other costs also await the expectant parents. To ensure you also remain well protected in this new phase of life, you should continuously adjust your insurance policies and consider new ones. You should consider these family planning costs before your life is turned upside down.
Living with a family
Perhaps you’d like to move into a larger apartment, swap city living for rural life or realise your dream of home ownership. The fact is that you’re going to have to create room in your living situation for a small person. In most cases this entails new acquisitions in the form of furniture, equipment and clothes. Your security needs can also change and you might wish to take appropriate precautions in your home.
In view of all this, you are well advised to update both your household insurance and your liability insurance. These insurance products generally cover all persons living in your household regardless of age – and therefore also your offspring. But because your personal property and therefore its replacement value are changing, an amendment is essential if you wish to avoid losses in the event of a claim.
Family welfare provision: financial protection for your family members
You should start thinking about additional provision at the latest when new family members are on the way. Your security needs can change radically from the day you become a parent. Consider with your partner which potential risks exist in your life and whether you wish to safeguard them with an insurance policy.
In the worst case scenario that something should befall the parents, a term life insurance policy offers the necessary protection. The protection is important for the survivors if anything should happen to mum or dad. The AHV and occupational pensions generally do not suffice to guarantee your family a continuation of their accustomed standard of living. Whole life insurance from Baloise Insurance will secure your family financially if anything should happen to you. If you’ve bought your own home, whole life insurance also safeguards the requisite repayment of mortgage debts.
No gap in pension provision in the event of occupational disability
It is particularly advisable for the main earner of your family to protect his most valuable asset against the consequences of an accident or illness – his own capacity for work. If for one of these reasons you are no longer able to work, your salary will no longer be paid after a given period. Your salary will be replaced by pensions from Federal Disability Insurance (IV) and accident insurance (UVG) or the pension fund (BVG). The pensions from UVG are generally high enough so that hardly any income gap arises.
However, a different situation holds if you are prevented from working due to illness – which at 90% is far more frequently the case: If you are only insured in BVG with the minimum benefits, the pensions from IV and BVG will together amount to only around 60% of your previous salary. Above all where there are certain liabilities such as mortgages or the children are still small, it is highly advisable to take out disability insurance. Together with these benefits from the social insurance schemes, the pension will enable you and your family to maintain your standard of living even if you are no longer able to work.
The ideal start for young families wishing to protect themselves
The ready-made Baloise Safe Plan life insurance packages offer young couples starter packages for Pillar 3a that can be flexibly adjusted to their future life situation.
Starting a family with security
Take your responsibility seriously and protect your loved ones. We can offer you insurance cover that is tailored to your situation so that you can enjoy your domestic happiness in a carefree and confident manner.