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Choosing occupational disability insurance sensibly: Contributions to health issues, risk management

Not only should you choose the job that you want to do your whole life long, but also the right disability insurance. What should you watch out for?

Calculate the risk of occupational disability in good time

There are countless jobs and professions, the choice is huge. From new, still unusual professions such as health coach to everyday jobs such as waiter, cashier or construction worker. But especially those who are at the beginning of their professional career have to weigh up many advantages and disadvantages, think about career opportunities, think for themselves what they actually want to do with their life and where their interests lie.

After all, every working person normally has a few decades ahead of them in their working life. What many forget, however, is the risk of incapacity for work later in life. However, anyone who can no longer pursue their work can quickly find themselves in financial difficulties. In most cases, the gap between the last income earned and the state support in the event of occupational disability is enormous. This can be remedied by an occupational disability insurance, which everyone should think about at an early stage, like this ZEIT reported, citing the magazine Finanztest. But how can you find the right insurance for you and what do you have to consider when choosing?

Disability insurance vs. disability insurance: what is the difference?

Not only those who work in a dangerous job should take out insurance in the event of disability. After all, life always involves a degree of risk. Due to illness, accidents or psychological problems, occupational disability can occur quickly. However, if you do not take out adequate insurance, things can get financially tight. Because the state pension that one receives in such a case is too low to be able to maintain the accustomed standard of living. It is therefore important in any case to take out disability insurance.

The difference to incapacity for work is, by the way, that the disability insurance takes effect when you can no longer pursue “only” the job you last worked. To be considered incapacitated, you must not be able to work at all. For example, a pilot whose foot has to be amputated as a result of an accident can no longer practice his original profession. However, he can certainly still take on office work at his desk and is therefore not unable to work, but is unable to work. On the other hand, the contributions for disability insurance are slightly lower. Which insurance makes sense should be clarified individually.

How are the contributions calculated?

Certain ones apply to every occupational disability insurance Insurance terms, costs and conditionswhich also result from different criteria.

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1. The contribution amount

The amount of the contributions is based on how high the pension should be in the event of occupational disability. Each person to be insured determines this individually.

An amount is advised that closes the gap between the early retirement one receives from the state and the income last received, in order to maintain one's own standard of living even in the event of an occupational disability.

2. The duration of benefits

The maximum age up to which the disability pension is paid, the so-called benefit duration, also plays a role in the amount of your contributions: the longer the disability insurance pays, the more you pay.

3. The duration of the insurance

Deviating from this, you can agree on the duration of insurance, i.e. the age up to which the insured event must occur, separately for many contracts.

For most insurance companies, the maximum insurance or benefit age is 65 or 67 - the age at which you normally retire. And you should also agree on this duration.

Choosing the Right Insurance: You should be aware of these pitfalls

But not all insurance is the same; as with all contracts, there are also certain differences in occupational disability insurance.

1. Health issues: Beware of previous illnesses

These include, for example, the previous illnesses: In order to be accepted by an insurance company at all, you have to answer a few health questions. Here you will be asked what your current state of health is in order to weigh up the risk of occupational disability. In addition, the current job is decisive.

Based on your information, the contributions and conditions for the entire term of the contract will then be determined. You will be assigned to a community with an equally assessed so-called risk profile based on your health characteristics and medical history. If it later turns out that you have intentionally or unintentionally forgotten something, this can result in the termination of the entire contract.

2. Those who work in a so-called risk occupation pay more

For example, those who work in the office reduce the risk of becoming incapacitated and pay correspondingly lower contributions. After all, a sedentary job can be carried out earlier even with a possible disability or other illness than one that requires physical fitness.

This is because, in contrast to disability insurance, the BU already takes effect when you can no longer practice the job you last had. In a job with high physical activity, for example, scaffolding, the probability of becoming incapacitated due to an accident is much higher than in an office job that only involves working at a desk. On the one hand, the job itself is already burdened with a high probability of accidents, on the other hand, only those who are physically completely fit can work here.

Your own profession can therefore be the decisive factor in being rejected by the insurance company or having to pay high premiums. But be careful: The occupational disability should not influence the career choice. Not everyone in a high-risk profession, such as a pilot, scaffolding or firefighter, will be involved in an accident in the course of their career, and not every office worker can do their job for a lifetime. There are many factors that should influence this decision so that, in the best case scenario, you can continue your job well into retirement age.

3. Be careful with the abstract reference

It is also important to ensure that abstract references are generally excluded. This regulation exists for the reason that benefits cannot be refused on the grounds that the insured person can still pursue another profession despite his or her limitations.

In plain language, this means that you will not get any money from the insurance company as long as you can still carry out such an activity, even if you could only do the other work in theory, but in practice there is no need for your (health-impaired ) And you therefore cannot find a job or if you earn less.

4. The self-employed and start-ups should pay attention to this

If you want to become self-employed during your professional life, you should also calculate carefully, because special provisions apply to self-employed persons with employees when taking out disability insurance. For them, their “job” does not only include the job they do themselves. It is also checked whether you could delegate certain tasks after an illness or an accident.

Such a reorganization of the company can be expected of a self-employed person under the following conditions: You must continue to have a meaningful work area (no casual work) that corresponds to your knowledge, skills and workforce as well as your position as a company owner. In addition, the reorganization must be spatially possible and not result in significant financial losses or investments. In an emergency, however, you have to prove that reorganization is out of the question (for example because of your health). The general economic risk is not taken into account.

additional information

Furthermore, there are still differences between the individual providers as far as the contributions are concerned. There are also exciting alternatives to disability insurance such as basic skills or dread disease and life insurance.

It is therefore worthwhile to deal extensively with the topic in advance and to compare the various offers. Further information on pensions can be found online.

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