Occupational incapacity, even temporary, can affect anyone. (Image source: Mohamed-Hassan/Pixabay)
The risk of becoming unable to work during one’s working life is very high. According to the GDV, on average one in four employees is affected in their lifetime. But only one in two dependent employees has taken out disability insurance – men more than women and younger people more than older people. There are several reasons for this, as a forsa survey commissioned by Hannoversche Lebensversicherung reveals. Insurance broker Bastian Kunkel recently reported that some people are still not convinced of the usefulness of the policy despite reference to numerous performance studies.
“Insurers don’t pay out in the event of a claim.” This legend is particularly prevalent in the case of occupational disability insurance. The insurance broker Bastian Kunkel recently reported in detail in a LinkedIn postthat he was asked about it at a party. “The person asking the question wants to hear my opinion on disability insurance. He is of the opinion that only the agent makes money from it and that if you make a claim you have to be prepared for years of legal disputes. That’s why he didn’t take out any insurance in the first place. And he works in a safe office job anyway. I hesitate to answer. Not because I don’t know what to say, but for another reason: I’m tired. Not because it’s late, but because I’m older, with the same questions, the same answers and no change in people’s thinking,” says Kunkel, referring to numerous benefit studies in his answer. But his only comment is: “Don’t believe any study you didn’t fake yourself.”
Not all people think this way, but there are still those who cannot be convinced by arguments and statistics. The GDV also recently published a Fact check on BU insurance New data now comes from a forsa survey commissioned by Hannoversche Lebensversicherung, which questioned 1,004 employees aged between 18 and 67 in Germany on the topic of “workforce protection”.
The result: Four out of ten employees (42 percent) do not believe that they are financially secure enough if they are no longer able to do their current job for health reasons. This applies in particular to women, 18- to 49-year-olds and respondents with a monthly net household income of less than 3,000 euros. But even if there is awareness of this and the clear majority (85 percent) of respondents say they have already looked into the topic of “occupational disability insurance”, only every second employee has taken out occupational disability insurance (49 percent) – men more than women and younger people more than older people. Respondents who know someone who has become occupationally disabled tend to have occupational disability insurance themselves.
According to data from Hannoversche Lebensversicherung, the main cause of occupational disability in both men and women is mental illness – although this is slightly more common in women (33.6 percent) than in men (26.1 percent). In men, musculoskeletal disorders follow (24.9 percent), and in women, cancer (25.1 percent). Of the occupational disability benefit cases in the last five years, around 52 percent are men and 48 percent are women. Although 40 percent of those surveyed believe that they can rely on their partner’s salary or maintenance in the event of occupational disability, around two thirds of employees believe that in a couple, each working partner should have their own occupational disability insurance (64 percent). Only one in ten, on the other hand, thinks it is sufficient if only one (spouse) partner takes out occupational disability insurance (10 percent).
There are many reasons for not taking out occupational disability insurance: the main reason for respondents without occupational disability insurance is the cost (38 percent) – regardless of whether they have a low or high income: many people find occupational disability insurance too expensive. The personal risk of not being able to do their job for a long time is also often underestimated – around one in five “non-insured” people see no risk for themselves. But uncertainty about what benefits insured people are entitled to in the event of occupational disability (22 percent) is also a reason not to take out a policy. Lack of information is comparatively more likely to deter younger people from taking out occupational disability insurance than older people. Men are more likely than women to see no risk of occupational disability.
Author: VW editorial team
