In times of pandemic, you ask yourself, how do disability and Corona match together? This article is intended to help you to better understand this issue. The aim is to answer this question adapted to your specific needs within the framework of your individual case analysis.
How can I protect my existence well?
The answer is called disability insurance, means in short, if you are too sick for the job, it applies to be already really well insured. In principle, please do not hesitate too long, the younger and healthier, the lower the premium and more all-round protection.
Why exactly do I need disability insurance?
Unfortunately, the government does not help a lot, so your private initiative is needed! Did you know that, on average, people have to leave their job at around 47 years of age due to illness or accident? And that’s exactly the point, because ¼ of working people are affected by this according to statistics.
How do I develop the personal answer to the question of existential protection?
We advise you to get an accurate overview of your current financial situation. A good example of this can be an income/expense list. With the help of this list, estimate how much money you need per month to live on the premise that you can no longer work in your profession for health reasons. Do you still have money from other sources of income? No? Then we advise you to take out a good and, above all, affordable disability policy!
What do I need to consider when purchasing an occupational disability policy?
There are certain questionnaires for this topic, which require demonstrably documented information. Let’s start with simple questions, which must be considered in advance, so that the monthly premium still makes economic sense for you in the long term. Generally, questions along these lines are:
“Do you have any pre-existing conditions?”
“Do you have a risky job?”
“Do you have a dangerous hobby?”
Not every provider asks the same questions. In general, it can be said that low-risk occupations are less expensive than high-risk occupations. There is a rule of thumb: The more physically demanding, the more expensive the protection. We can also say that it pays to compare! Recreational athletes should specify their hobby, certain sports may be the reason for rejection.
Why do I have to answer all these health questions? Isn’t that going too far?
First, let’s explain why these questions are asked in such detail. This is known as risk assessment. But why do such questions have it in them? The answer is relatively simple and quickly explained. As mentioned above, on average people have to leave their job in their late 40s due to illness or accident. Let’s assume that this would be the case at age 50. In this case, the insurance company would have to pay a four-figure amount every month until the contractually stipulated retirement age is reached, depending on the conclusion of the monthly pension. Calculated over the years, this results in high sums in the six-figure range and more.
What questions do I have in this area?
Questions can be, the indication of your body mass index (BMI). Are you a smoker? Do you take medication?
Please note the pre-contractual duty of disclosure. If the insurer notices that the customer does not answer the health questions truthfully, this can lead to disputes.
When buying an insurance policy, please tell us about disability and Corona.
Recent experience shows that insurance companies ask about COVID-19 diseases. Even flu is being asked about. At present, it is possible that applications are deferred, for example 3-6 months. Furthermore, it is requested to have a healing without consequences confirmed by the doctor.
What do I have to do if I have already taken out disability insurance at a young age?
Please check whether the guaranteed pension from your old policy is still sufficient today to cover your current standard of living. Does the term correspond to your actual retirement age or are there gaps? Have the conditions on the part of the insurer also changed?
Further, there are several options that you should review with an independent professional. Please check them as follows:
- Can I increase the annuity of the existing policy?
- Can I take out a second policy?
We advise you to first increase your pension via the so-called subsequent insurance guarantee.
What else do I need to know about disability and Corona?
The offers for your customized disability insurance are often not so easy to understand. The reason for this is that the specialist jargon, i.e. the technical terms and abbreviations, are not readily familiar to everyone, as you come into touch with them little or not at all in everyday life. What is an SBU? What is the difference between dynamic contributions and dynamic benefits? What is a surplus system?
Who will help me with this?
We advise to contact an experienced independent partner. Please contact us, we are pleased to help! With our experience, since our founding in 1945, we cover almost all topics of the German insurance industry. We trust in more than 30 well-known partner insurance companies. Arrange a consultation with us in Hamburg Schnelsen today! Contact us!
