What are some good term insurance

Term life insurance in the test & tariff comparison

Current tests 2021, tips for comparison & free tariff comparison

the essentials in brief

  • in the Term life insurance test of the IVFP 2019 can convince a number of insurance companies with good and very good rates. I.a. alliance, Old Leipzig and the German life insurance.
  • In 2019, the DFSI determined the best term life insurance for various occupational groups. The tariff of the Ergo can score points in almost all professions. Also the Hannoversche, Europe and dialog offer suitable tariffs.
  • Current tests for 2020 does not yet exist for term life insurance.
  • The providers Europe, DLVAG and WGV emerged as test winners in the test of the German Institute for Service Quality in 2017.
  • At the Comparison of term life insurance you should take care to correctly determine the sum insured. A waiver of grace period should also be noted in the insurance contract.

Note: There are currently no new test results for professional liability insurance for 2020. The most recent test results are from 2019. As soon as new tests are available, you will find the results here. You can also use our free comparison form further down on the page to compare current tariffs.

Term life insurance tested at IVFP 2019

The Institute for Prevention and Financial Planning (IVFP) published a comprehensive test on term life insurance in March 2019. 68 tariffs from 35 insurance companies were assessed. Tariffs in the premium and in the basic category of term life insurance were examined (source).

The test winners in the IVFP rating 2019 in the premium area

Model customer: employee, non-smoker

insurerTariffOverall grade
allianceAllianz Risk Life Insurance Plus1,1
Bavaria insuranceRisk life1,1
Public life insurance Berlin-BrandenburgRisk life1,2

Model customer: employee, smoker

insurerTariffOverall grade
Bavaria insuranceRisk life1,1
allianceAllianz Risk Life Insurance Plus1,2
Public life insurance Berlin-BrandenburgRisk life1,2

The test winners in the IVFP rating 2019 in the basic category

Model customer: employee, non-smoker

insurerTariffOverall grade
German life insuranceTerm life insurance1,2
dialogRISK-vario®1,3
WürttembergischeTerm life insurance compact1,4

Model customer: employee, smoker

insurerTariffOverall grade
German life insuranceTerm life insurance1,2
dialogRISK-vario®1,3
Old LeipzigRiskAL - term life insurance1,4

So was tested

The experts took two model customers who appeared as smokers and non-smokers. One of the model customers works as a craftsman. The other is employed and works in the office. The overall result shows that there are a number of good and very good tariffs on the market. The overall results are made up of four sub-areas that were weighted differently.

Sub-areas and their weighting

  • Company: 20%
  • Value for money: 50%
  • Flexibility: 20%
  • Transparency and service: 10%

You can determine which term life insurance tariff suits you best with an individual tariff comparison. Feel free to use our free form and request a tariff comparison now - including the 2021 test winners.

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DFSI tests term life insurance for professional groups in 2019

The German Finance Service Institute (DFSI), in cooperation with Focus Money 2019, has prepared an extensive study on term life insurance. The DFSI experts checked the providers' conditions in categories such as fee structure and creditworthiness (source). The results were drawn up for various customer groups and professions:

  • Employees: insurance salesman, tax clerk, computer scientist
  • Officials: educator, correctional officer, elementary school teacher
  • Health professions: pharmacist, physiotherapist, medical assistant
  • Self-employed: architect, accountant, hairdresser
  • Career starter: retail salesman, mechanical engineer

The best term life insurance for employees

Model customer: insurance salesman

  • Married
  • Smoker
  • Entry age: 30 years
  • Insurance period: 30 years
  • Sum insured in the event of death: € 125,000
  • Office work 70%, travel work 30%
insurerTariffrating
Cosmos DirectComfort protection - CRC tariffoutstanding
dialogRISK-vario Premiumoutstanding
ErgoErgo term life insuranceoutstanding

The best term life insurance for civil servants

Model studies: educator

  • Married
  • Non-smoker
  • Entry age: 25 years
  • Insurance period: 30 years
  • Sum insured in the event of death: € 100,000
  • Office work 70%, physical work 20%, travel work 10%
insurerTariffrating
ErgoErgo term life insuranceoutstanding
EuropeEUROPA term life insurance premiumoutstanding
HannoverscheT1 plusoutstanding

The best term life insurance for the health professions

Model customer: pharmacists

  • Married
  • Non-smoker
  • Entry age: 35 years
  • Insurance period: 30 years
  • Sum insured in the event of death: € 250,000
  • Office activity 100%
insurerTariffrating
ErgoErgo term life insuranceoutstanding
HannoverscheT1 plusoutstanding
allianceTerm life insurance plusvery good

The best term life insurance for the self-employed

Model science: Architect

  • Married
  • Smoker
  • Entry age: 36 years
  • Insurance period: 30 years
  • Sum insured in the event of death: € 250,000
  • Office work 70%, travel work 30%
insurerTariffrating
Cosmos DirectComfort protection - CRC tariffoutstanding
dialogRISK-vario Premiumoutstanding
ErgoErgo term life insuranceoutstanding

The best term life insurance for young professionals

Model customer: retail salesman

  • Single
  • Smoker
  • Entry age: 20 years
  • Insurance period: 30 years
  • Sum insured in the event of death: € 50,000
  • 90% office work, 10% travel work
insurerTariffrating
ErgoErgo term life insuranceoutstanding
HannoverscheT1 plusoutstanding
allianceTerm life insurance plusvery good

Term life insurance with Stiftung Warentest

Term life insurance was last examined more closely by Finanztest in May 2017. In this context, they checked 40 offers for their price-performance ratio. The experts have set up several model customers for this purpose. The offers of numerous well-known insurers such as Axa or R + V Versicherung were checked (source):

  • 35, 45 or 55 years old
  • Industrial mechanic or administrative assistant
  • No health problems, no dangerous hobbies
  • No increased benefit in the event of accidental death

Stiftung Warentest has taken these criteria into account

  • Current annual fee
  • Maximum annual fee
  • From what amount do you need a medical certificate?
  • Maximum age
  • Non-smoker - year
  • Follow-up insurance guarantee

 

If you have any questions about term life insurance, please contact our independent insurance brokers. We are happy to support you in finding the right insurance. By phone at 030 – 120 82 82 8 or by email at [email protected] You can also use our free comparison form.

DISQ examines term life insurers in the 2017 test

The German Institute for Service Quality (DISQ) examined the providers of risk provision insurance with regard to their price-performance ratio. The services are weighted with 70 percent, the costs flow into the overall result with 30 percent. Since the benefits of term life insurance differ only slightly, the costs have a major influence on the placement. All offers were rated for terms of 10, 20 and 30 years (source).

The result of the term life insurance test 2017

More than half of 42 providers are good or very good. Only five insurers fail and cannot get beyond the verdict “poor”.

Places 1 to 3 are occupied by the following providers:

  • Europe (100 points = maximum number of points)
  • DLVAG (96.7 points)
  • WGV (96.3 points)

Term life insurance in comparison: what to look out for

Your own private retirement provision or the protection of relatives is a very individual topic. Test results can be a good guide to get an overview of the market. However, independent studies often use model customers to compare term life insurance. The conditions of the model customers do not always have to match their own. An individual tariff comparison or a detailed consultation with one of our insurance experts can help you to find the right product. Please do not hesitate to contact us.

Find the right sum insured

Choosing the right sum insured is crucial for term life insurance. There are different approaches for calculating the appropriate height. However, the sum insured should not be less than 150,000 euros. Your own family situation, monthly expenses and current annual income should be taken into account. A family without children should plan around three, a family with children around 5 gross annual income as a guide. Ongoing loans should also play a role in the determination.

Health examination

Before closing, the first step on the program is to check the risks. During the health check, questions about the state of health, such as private health insurance or occupational disability insurance, are asked. Those who are healthy, vital and young do not have to fear a risk premium. In addition to the health check, it is important whether the customers pursue a high-risk hobby or smoke. Life insurance will check whether a risk premium is necessary. However, it is important to answer all questions about the health examination conscientiously and truthfully. Otherwise, the insurer threatens to refuse or reduce benefits in the event of a benefit.

Death benefit and waiting period

There are some insurers who include a waiting period in their contract conditions. This time, so to speak, must first pass before the insurer pays the money to the surviving dependents in the event of a claim - i.e. in the event of the death of the policyholder. Policyholders should make absolutely sure that, if possible, no waiting period is agreed. At least this should be omitted in the event of accidental death.

Conclusion

Term life insurance pays an agreed sum insured to the surviving dependents in the event of death. In contrast to capital life insurance, however, no assets are built up for old age. It is purely a death protection for the relatives. When comparing term life insurance, it is noticeable that there are sometimes enormous price differences in the insurance premiums. A well-founded tariff comparison or expert advice help to find the right product. Contact us by phone at 030 120 82 82 8 or by email to [email protected]