August 4th, 2021 – The analysis company Franke und Bornberg has launched a “product rating care pension insurance” for the first time. 108 offer variants of Swiss Life Germany performed best with “FF +” (“good”). Better grades were not given. A total of 33 self-employed foster ducks with 246 variants were examined.
the Franke and Bornberg GmbH (FuB) published the premiere of its “Pflegerenten-Versicherung product rating” on Tuesday.
In the background, FuB managing director Michael Franke explains that one of the main challenges of our aging society is to finance adequate care. “Whether old or young, being in need of care always means a turning point – for those affected and for relatives.
A private care pension insurance helps them to cope with this stressful situation independently and free from financial worries ”, says Franke. Despite the undisputed need, only three out of 1,000 people currently have a care pension policy. With around 244,000 contracts at the end of 2020, however, the long-term care pension is still a long way from exhausting its potential, Franke points out.
Gross new additions almost came to a standstill
The industry was able to more than double the number between 2012 and 2020, according to figures from General Association of the German Insurance Industry eV (GDV) show. In 2013 there were almost 30,000 contracts upwards. However, the gross new addition has almost come to a standstill with only 2,000 and 4,000 net new contracts.
Most recently shared with the Allianz Lebensversicherungs-AG, the Ideal life insurance aG, of Swiss Life Deutschland AG, branch for Germany, of Volkswohl Bund Lebensversicherung aG, the WWK life insurance aG and the Zurich Deutscher Herold Lebensversicherung AG only six product providers in this comparatively small market.
So was rated
The evaluation catalog designed by FuB consists of 49 differently weighted test criteria from “A” for recognition to “G” for scope to “V” for insured benefits. The products were first checked in a benchmarking process to determine in which form or quality which detailed services and individual regulations are offered, and the methodological approach is explained.
In the next step, the quality of the respective regulations was classified on a scale from zero for the worst expression to 100 for the best expression. Then the individual performance criteria were weighted according to their importance from the customer’s point of view.
In order to measure the overall quality of the tariffs, the analysis house used its seven-stage evaluation scheme from “FFF +” (“excellent”) to “FFF” (very good ”) to“ F- ”(“ unsatisfactory ”). According to the company’s own statements, the classes are dimensioned in such a way that slight differences in points, which are insignificant in practice, do not lead to classification in another class.
Within the rating classes, additional school grades ensure further differentiation. Further details are in the “Valuation guideline for long-term care pension“(PDF, 986 KB).
These are the offers with the highest grade
In total, the analysts took a close look at 33 independent care pension tariffs with 246 variants of the six above-mentioned providers. None of the test candidates achieved the two best grades.
With “FF +” (“good”), 108 product variants from Swiss Life Germany performed best. These include loud Listed on the FuB website – in different versions and with different modules – the offers “Swiss Life KlinikRente.Pflege”, “Swiss Life Care & Asset Protection” (as of 4/2021) and “Swiss Life MetallrentePflegeschutz” (as of 7/2021).
On the other hand, according to the information, four offers did not go beyond a “poor” (“F +”). It is not clear which these are in the internet listing.
“Satisfactory” level of performance
All in all, the analysts attest the product offering a satisfactory level of performance. The following aspects are mentioned as adjusting screws for even better product quality: “Good carer pensions offer both benchmarks for the extent of the need for care: the level of care achieved and the ADL points.
If the obligation to notify is violated through no guilt, the conditions should be designed in the interests of the insured, demand the analysts from Franke and Bornberg. And if a tariff does not want to completely do without reporting deadlines, these should at least be comfortable. A limited scope or unusual exclusions, for example, have a negative impact.
Many caregivers also offer assistance services, which, compared to the daily care allowance from private health insurance, can be expanded. Useful here are, for example, arranging care facilities or services, care training for relatives, a guaranteed care place, driving and escort service to doctors, therapies and authorities or errands and shopping.
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