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Disability insurance - opportunities and risks: 3 tips for financial protection

In most cases, those who are firmly established in their working life hardly think about what will happen when they can no longer do their job. An occupational disability insurance can help.

insurance

What does disability mean?

Occupational disability is when the employee can no longer work for health reasons before reaching retirement age. But young people in particular do not want to deal with this topic, because it is inconceivable for them that they could one day become unable to work.

The illnesses that can lead to this circumstance include, for example, mental illness. Heart and back problems, cancer or severe limitations in the musculoskeletal system can also be counted. It is possible to take out financial provision with an occupational disability insurance.

One in four must give up their profession prematurely

Even serious accidents leading to permanent disability can be responsible for this. According to statistics, it happens to every fourth person that he has to give up his profession for one of these reasons prematurely.

Since the state can hardly expect sufficient financial support, so that the disabled person has to accept enormous losses, occupational disability insurance should be available.

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Why a hedge can be important

The insurance is especially important for all those who, according to the 01. January 1961 are born. Since the reform of the pension system, they have not been able to secure adequate coverage by statutory pension insurance.

The statutory occupational disability or incapacity for work, from which the pension benefits resulted, have been replaced by the disability pension. This has created a significant gap in coverage, so that private coverage can be viewed as extremely important.

Disability insurance is of limited use

The full disability pension is paid only by the employee, who is able to pursue a profession less than three hours a day. The amount is around 34 percent of the last gross income.

Anyone who is able to work for three to six hours must be content with about 17 per cent, who can work for more than six hours, does not receive any benefits. It may also be required that the employee pursue a profession which is completely unrelated to the sector.

Private occupational disability insurance

If a private security exists, this immediately provides benefits for a professional and proven restriction and this in the agreed pension level. It is not necessary to pursue another profession which has nothing in common with what has been learned.

However, it is important to make a comparison before the conclusion, in order to get the best offer for the most reasonable contribution. Above all, attention should be paid to the fact that the payment of the pension is selected in such a way that no financial losses have to be made.

Sticking points with disability insurance

However, there are some sticking points to consider with every disability insurance, such as certain contractual clauses or

1. Attention abstract reference

In addition, the duration up to retirement age should be selected. In addition, it must be ensured that abstract references are generally excluded. This is 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.

If your insurance contract contains a phrase such as "... if the insured person is unable due to health reasons to carry out his or her job or any other activity that can be carried out on the basis of his / her training and experience and which corresponds to his previous position in life": leave it Fingers away. It is a so-called abstract reference.

This means that you will not get any money from the insurance 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) There are labor and you therefore cannot find a job - according to current legislation this can also mean that you earn 20 percent less.

2. Correctly state previous illnesses

When you take out occupational disability insurance, it is more important to know which medical history your medical history is. Because in order to determine the contributions and conditions for the entire contract period, each insurance company also checks the health risks beforehand.

Then you will be assigned to a community with an equally assessed so-called risk profile based on your health characteristics and medical history. To do this, you must answer a number of questions about health in writing in the five to ten years prior to submitting the application.

When many or difficult pre-existing conditions exist, many require Company a risk premium in the form of higher contributions. It is possible that the health impairment is too substantial to offset this with a premium supplement. In some cases, applicants are also unwilling to pay an increased premium.

3. Attention self-employed

Special provisions apply to self-employed persons with employees when taking the occupational disability test when taking out occupational disability insurance. For them, the “job” does not only include the activity that they carry out themselves. It also checks whether you can delegate certain tasks after an illness or an accident.

Such a reorganization of the business should be expected of a self-employed person under the following conditions: You must continue to have a meaningful workspace (not a casual job) that matches your knowledge, skills and workforce and your position as a farmer.

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.

Check alternatives to occupational disability insurance in good time

Since, for the reasons mentioned above, occupational disability insurance is not possible for many people, those wishing to take out insurance should also consider alternatives so that in an emergency, you are not left without insurance altogether.

This also includes so-called basic skills or dread disease and life insurance, which only cover certain risks. Although they cannot offer comprehensive disability protection, they can still be a viable alternative.

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8 answers to "Disability insurance - opportunities and risks: 3 tips for financial protection"

  1. Lars says:

    I did not even know that you can also take out private insurance for disability. Very interesting. A friend of mine is also looking for reliable insurance in the event of disability. I will recommend this blog to him to find the right insurance!

  2. Agnes Josetti says:

    I'm not that much of an online reader
    your sites really nice, keep iit up! I'll go ahead and bookmark your website to come back later
    on. All the best

  3. Isabel says:

    Today, I'm on the beach with my children. I found a
    sea ​​shell and gave it to mmy 4 year old daughter and said "You can hear the ocean if you put this to your ear." She put
    the shell to her ear and screamed. There's a hermit crab inside and it
    pinched her ear. She never wants to go back! LoL I know this is totally off topic but i had to tell someone!

  4. Gerd says:

    Yes - BU insurance would be important for most professionals. Unfortunately, the BU insurers have introduced professional groups in recent years and have continuously increased their number. As a result, the contribution became cheaper and cheaper for doctors, engineers and office workers - for craftsmen and physically active workers, however, more and more expensive or even unaffordable. If a tiler, bricklayer or roofer has to pay 120 to over 200 euros a month for a BU protection that is reasonable in amount and duration, this is no longer affordable for most of them.
    Thus, BU insurers no longer do justice to their social policy tasks today. BU insurance is important for all professionals. And therefore, all professionals should have a fair chance to complete such insurance.

    • Simone Janson says:

      Hello Gerd,
      I agree with you. However, it is always difficult when services that should be socio-politically important are in the hands of private companies that aim more at their own profit than for the common good - which, by the way, cannot be blamed for them. In addition, most of the reasons for disability are of a psychological nature - perhaps that is also a reason for the increase in contributions?

    • Artur Jauk says:

      An insurance for craftsmen is expensive. But some insurance companies offer a tiered rate. You pay a lower fee in the first 5 years, which subsequently increases. And only from the 11. Year you pay the full fee and still enjoy full insurance cover.
      While this is a risky business for some insurers, this is a big market. Thus the disability insurance would be affordable for some.

      • Simone Janson says:

        Hello Mr. Jauk,
        thank you for the hint. Perhaps you should fairly say that you as a financial consultant probably get commission from insurance companies.

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