Social security

New fund members with children to support and with significant financial obligations should seriously consider buying additional insurance to protect their family from loss of income if misfortune strike. A life insurance policy can be crucial upon death to protect the family against the loss of income if the fund member dies. At death, a pension for the surviving spouse will be paid by the pension fund until the youngest child has reached the age of 18 (some pension funds make payments for surviving children for a longer period).

The rights during the first three years of contributions to a pension fund are often insubstantial since there is no right to extrapolation. It is therefore important to assess the need for additional insurance, such as life insurance and medical cost insurance

In general, it takes new fund members three years to acquire the right to a full disability pension. This means that young people who are starting work in the labour market have no disability insurance during their first years. This is bad, considering that these are the years when people are starting a family and setting up their home. Therefore, it would be sensible for new fund members to buy their own disability insurance.