For whom is the protection useful?
"For everyone who works. After all, anyone who is no longer able to work due to illness or an accident can easily find themselves in financial difficulties. State support, i.e. the statutory reduced earning capacity pension, is not enough to compensate for this. Moreover, employees only receive this if they have paid into the pension fund for at least five years."
When will I receive money from the insurance?
"If you are permanently unable to carry out 50 percent of your last occupation for health reasons. In addition to occupational disability insurance, there is also private disability insurance, but this only pays out if you are no longer able to do any work that is usual on the labor market for health reasons."
When is the best time to take out the policy?
"As early as possible and when you are in good health, then the premiums are cheaper than if you take out the policy later. The best time is when you start your vocational training or studies."
How do I find the right offer for me?
"Important: Take your time to compare. And get independent advice, for example from insurance advisors. Because the tariff, the agreed monthly pension amount and other benefits should be tailored to you. Also take enough time to answer the questions about your state of health; everything here must be complete and truthful."
What is the advantage of a premium dynamic?
"Depending on the contract, the insurance premium increases by two to five percent annually, resulting in a new, higher pension. It also makes sense to have a pension dynamic in the event of a claim, i.e. when the pension is drawn. Anyone who has agreed this will receive an annual percentage increase in their pension."
What does the "abstract reference" clause mean?
"If it is included in the contract, the insurer not only looks at the last occupation to determine occupational disability, but also reserves the right to refer the customer to another, comparable occupation. This means that the customer can be expected to do another job that corresponds to their professional experience. Therefore, make sure that the insurer waives this clause before concluding the contract."
Where can I get help if the insurance company doesn't pay out?
"Have your contract checked by an independent insurance advisor, lawyer or consumer advice center. For members, the advisors from the Bund der Versicherten will do this. You can also contact the arbitration board: www.versicherungsombudsmann.de"