A loss of one’s own labor quickly threatens one’s existence – nevertheless, many workers are not interested in taking out occupational disability insurance. According to a study by Swiss Life, more than half of the employees consider this type of protection superfluous – considering the fact that on average one in four people in Germany is unable to work, a low percentage.
Clarification is required
According to the survey, a lack of financial cushions is one of the main reasons why relatively few BU insurance policies are taken out. 40 percent of people who generally find BU protection to be sensible, either want or cannot afford it. The importance of other, more cost-effective protection options is growing accordingly. The problem here: These are largely unknown to most Germans. While most of the participants in the survey are at least familiar with the BU insurance, there is largely a lack of clue, for example, when it comes to basic insurance:
Less than a quarter (23 percent) knew what to do with it, 70 percent had never heard of it. These figures are also reflected in the insurance contracts: While 33 percent of the employed have a BU insurance, only 7 percent have basic insurance. “The results of the survey make it clear that the insurance industry continues to need educational work,” explained Stefan Holzer, member of the Swiss Life management team. With basic skills insurance in particular, one can financially secure “the loss of basic skills such as walking, writing, listening and speaking.”
According to the survey, there is apparently still a great need for clarification regarding the causes of occupational disability. Most of them (25 percent) believed that accidents were the most common reason for giving up your job. Psychological problems (20 percent) and restrictions in the musculoskeletal system (18 percent) followed in the other places.
Early protection pays off
A clear mistake that not only refute the GDV figures, but also Swiss Life with data from their company. According to this, mental illnesses such as burnout, depression or anxiety disorders are responsible for a loss of workforce in 37 percent of cases. This is followed by diseases of the musculoskeletal system (24 percent) and only then accidents (13).
A recently published study by the rating agency Morgen & Morgen comes to a similar conclusion. Here, too, mental illnesses are at the top with 33 percent, musculoskeletal disorders are a cause of 20 percent, and cancer of 18 percent.
In terms of argument, brokers must also help out with the question of when the right time is to take out BU insurance. Most of the respondents (56 percent) believe that starting a career is the right moment. Only 20 percent thought a degree would make sense as a school pupil, trainee or student. The following applies to BU insurance: the sooner, the better. Anyone who decides on the appropriate protection at an early stage will generally benefit from their better health situation in their younger years – a fact that consumer advocates have emphasized again and again.
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