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Disability insurance: an investment in your future
How disability insurance protects you against financial risks
One's own labour is one of the most valuable assets - it secures one's income and thus one's livelihood. However, on average, one in four employees retires prematurely from working life: More than 380,000 insured persons in Germany apply for a reduced earning capacity pension every year.
Since 1 January 2001, claims under the statutory pension insurance scheme can only be based on reduced earning capacity. Nevertheless, the concept of disability still exists and is currently used in the private insurance industry. The statutory reduced earning capacity pension only provides basic security for anyone born after 1 January 1961. In addition, it only provides benefits if the insured person is unable to work more than six hours a day in the general labour market due to illness or disability.
The professional qualification does not play a role
Professional qualifications are irrelevant. The decisive factor is the ability to perform on the general labour market in any job. Those affected can be referred to a simple, significantly lower-paid job. With regard to the benefit, a distinction is made between full and half reduced earning capacity pension. The full reduced earning capacity pension amounts to around 34 per cent of the last gross income, while the half reduced earning capacity pension amounts to around 17 per cent of the last gross income.
- Less than 3 hours a day: full pension
- 3 to less than 6 hours a day: half pension
- 6 hours or more a day: no entitlement to a pension
As the statutory reduced earning capacity pension does not serve to secure your own labour force, private occupational disability insurance is all the more important. Disability tariffs offer a more favourable alternative to occupational disability insurance.
The definition of disability differs greatly between the various insurers.
As a rule, this applies if the insured person is expected to have been unable to work more than three hours a day on the general labour market for an uninterrupted period of six months as a result of a medically certified illness, physical injury or loss of strength.
However, some providers also provide benefits in the event of a need for long-term care. In our advice, we therefore pay particular attention to the forecast period, retroactive benefits in the event of late notification and the temporal definition of incapacity for work.
This is an important form of cover, and it will always be documented in the appointment what options are available to you, what it costs to underwrite the risk and how it can be integrated into your personal cover structure.
Ask us, we will be happy to help you further. We will find a solution in a joint appointment, in person or online.
