Insure against disability?
This makes sense for all employees
Created: 08/12/2022, 07:30
By: Carina Blumenroth
Losing the workforce, for example for health reasons, brings with it financial worries.
Do you benefit from disability insurance?
If you are healthy, you may not think as much about what happens if you become seriously ill and lose your ability to work.
Assume that you can no longer practice your profession - this can present you with financial challenges.
You can protect yourself, for example, with disability insurance.
But is it actually worth it?
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In many cases, you have chosen your job because you like the work or because you enjoy it.
However, this joy can quickly pass if you can no longer access your performance as usual.
There may be health reasons that make it impossible for you to continue doing your job.
The German pension insurance describes occupational disability as follows:
Insured persons who, for health reasons, cannot work or earn half as much as other employees with similar training, equivalent knowledge and skills, neither in their learned nor in a reasonable occupation.
Website of the German Pension Insurance, as of December 7th, 2022
The result of the disability is often a reduction in earning capacity.
There are gradations that classify whether someone is fully or partially disabled.
The Deutsche Rentenversicherung describes people as fully incapable of work who “can work less than three hours on the general labor market”.
If this is the case, you may be entitled to a full disability pension.
Anyone who can work more than three but less than six hours is partially disabled.
The German pension insurance states that those affected who cannot find part-time employment may also be considered to be fully disabled.
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Disability insurance: How can I prepare?
The consumer advice center states on its own website that every fifth person who retires is already receiving a pension due to reduced earning capacity.
Those responsible at the consumer advice center see it as a problem that few people take out private insurance against possible occupational disability.
This is due to the fact that many are not aware of the "supply gaps" in an emergency without private insurance.
However, gaps in knowledge are also difficult when disability insurance is taken out.
Anyone born after January 1, 1961 will receive a disability pension.
On average, it pays well below the basic security level.
Some disability insurance companies pay an average of 400 euros per month.
Some insured persons are not aware of this and this creates a “deceptive uncertainty”, as reported by the consumer advice center.
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What should disability insurance include?
There are basically many insurances - these often differ in contribution payments and conditions, when the insurance takes effect and you can claim it.
The consumer center has summarized tips on what you should pay attention to if you want to take out insurance.
Payment of the insurance in the event of illness, physical injury or more than age-related loss of strength if at least 50 percent of the work performance in the respective profession can no longer be fulfilled.
An examination is excluded as to whether another profession could be practiced.
The pension is also paid in arrears, often for up to a six-month period.
Contract applies worldwide.
In the event of late notification, the pension will be paid retrospectively for at least three years.
As with all other insurance policies, you should always read the fine print and make it clear which conditions apply in each case.
