A Preview of Insurance Types In Switzerland

Switzerland is one of a few countries where getting an insurance will save you much distress. Given the high cost of living in the country, it might be wise to spend money on insurance. In this blog we take a closer look at the types of insurance you might need to get i.e. health, unemployment, social security, driving, civil liability, and disability insurance.

Health Insurance

Health insurance in Switzerland is compulsory for foreign nationals. Even if you have a short-term work contract, basic health insurance is compulsory. A few exceptions may apply for pensioners or people who live in an EU or EFTA state, students who are temporary residents and have similar insurance, and staff of embassies and consulates.

The way health insurance works in Switzerland isn’t complicated; you simply have to choose an insurance company and pay for it. The amount of money required of you or the monthly premium, depends on the insurance company, the canton you live in, and varies from one insurer to the other.

Unemployment Insurance

If you are a Swiss national and you are unemployed you are liable to get unemployment benefits, nevertheless you are required to start looking for a job immediately. You will need to present all relevant documents related to your job search i.e. job offers, applications and registration letters.

Social Security Insurance

In Switzerland there are different types of social insurance, which offers residents and their dependants extensive protection from financial risks and consequences, which could not be covered without insurance. The Swiss social security system is all encompassing it includes old-age survivors and disability insurance, protection against consequences of illness and accidents, income compensation, and family allowance.

 

Driving Insurance

Insuring your vehicle is compulsory in Switzerland. Furthermore any vehicle driven on the public highway must be covered by third party liability insurance. This type of insurance covers the vehicle owner and the individuals for whom the owner is responsible.

 

Civil liability Insurance

Liability is incurred when you intentionally or unintentionally cause loss or damage to another person. You are liable to compensate another individual if you break his eyeglasses for example, or if you accidentally break your neighbours window, or if a pot falls from your apartment’s balcony and damages the car parked below. Liability insurance covers the cost for such damages i.e. for personal injury, damage prevention cost loss of income or defending unjustified claims.

Disability Insurance

Individuals with disabilities are entitled to insurance benefits if their disability leaves them unable to work as a result of a physical, psychological or mental impairment. The term for such insurance is referred to as ‘invalidity insurance,’ in Switzerland.

Everyone living and working in Switzerland is covered by the invalidity insurance; additionally this type of insurance can also apply to individuals who are unable to work for an extended period of time as a result of a physical, psychological or mental impairment. An individual is also entitled for such benefit if he/she cannot preform regular household chores because of such an impairment.

Claims for invalidity insurance are covered by the invalidity insurance office in the local canton. It is advisable to register early when your application has been accepted you will be informed of the type and amount of benefits you will receive corresponding to your own case.

 

FERZ SA will aid you in finding the right insurance company and offer practical advice for large and difficult claims, call or email us for a consultation.