What you need to know
PayPal provides life insurance to all employees in Germany, except those who are not contributing to the Social Security Scheme, apprentices (including trainees), or interns. You are automatically enrolled in this cover starting your first day of employment.
How life insurance works
In the event you die while employed with PayPal, your dependants or those you designate as beneficiaries will receive a lump-sum cash benefit of twice your annual contractual base salary without bonuses.
Since this benefit is fully paid by PayPal, including taxes, you won’t have taxes taken out of your net salary. And if the benefit is paid to your beneficiary, it is tax-free as well.
Your cover is:
- Applicable 24 hours a day, 7 days a week
- Applicable while at work or in leisure time
It will not pay a benefit for the following circumstances:
- Suicide within the first 3 years
- Active participant in a war
- Victim of a biological or chemical terrorism attack
Who receives the benefit?
The following hierarchy applies for life insurance recipients:
- Your spouse, to whom you are married at the time of your death, is the first to receive this benefit. If you don’t have a spouse, it will go to your partner in a life partnership.
- If that isn’t an option, it will go to your children.
- If you don’t have children, it will go to your parents.
- And if your parents are not an option, it will go toward your legal heirs.
You may choose someone else other than the options given above. To change your beneficiaries, submit the Beneficiary Form (this page is only accessible within the PayPal firewall) to Walter Münker or Claudia Konirsch.
Who contacts my beneficiaries?
A skilled consultant from Alte Leipziger will reach out to your dependants directly to make these arrangements.