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The right insurance cover for family life

Expecting your first child? There are a few aspects of insurance that you need to consider when you start a family. Helvetia explains what insurance cover you need at each stage of your new family life, and what you need to pay particular attention to.

17 May 2018, author: Hansjörg Ryser, photo: Helvetia

A man is sitting on the ground holding a baby.
Having the right insurance cover can save you a lot of worry, leaving you free to enjoy family life.

Are you starting a family? First of all, congratulations. And secondly, having the right insurance cover in place will save you a lot of worry.

Register your child with a health insurance scheme within the first three months

The first thing you need to do is register your child with a health insurance scheme within three months of their birth. If you wish to take out supplementary insurance then it is best to do that right now, as there is less probability of restrictions on the policy. Dental insurance is not such a rush, but you should definitely organize it before your child reaches the age of three . Treatment costs in the event of an accident are also insured via the health insurance provider.

Disability insurance policies that pay a capital sum in case of illness or accident

There is, however, a lack of cover when it comes to incapacity for work. If your child under the age of 18 is disabled as a result of illness or an accident, statutory disability insurance will provide only minimal benefits. For this reason we recommend you take out disability insurance from a health insurance provider that will pay a capital sum in this case. However, you must ensure that the capital insured is payable in case of illness and not just in case of accident. Another sensible additional option is a disability pension which will pay out regular pension benefits until the person covered reaches pension age.

Insuring the parents in case of incapacity to work

As parents, too, you should ensure you have sufficient insurance cover in case of death or incapacity to work. This is particularly important for mothers, as they often reduce their working hours or temporarily cease work completely. If they are then disabled or die, there will be a loss of income and additional childcare costs in addition to the emotional pain for the family. Moreover, for cohabiting couples, if the mother is no longer working she must continue to pay the minimum AHV contribution.

Don't forget accident cover in case of reduced capacity to work

If gainful employment is reduced to fewer than eight hours per week or if the person ceases to work entirely, then if they are insured with a private health insurer accident cover must be incorporated into their policy. This covers treatment costs resulting from non-occupational accidents, for example in private everyday life.

Notify insurers of any additions to your family and any additional purchases you might make

The value of your household contents will rise as you buy the various items needed for your new family member. For this reason you should check the sum you have insured and raise it if necessary. And finally you should notify your liability insurance provider that your family has increased in size. Insurers will usually cover children on the family policy until they turn 25 with no increase in premiums.

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