Our jobs finance our everyday lives, and then we retire at some point: that’s what the classic employment history looks like on paper. But life rarely follows a classic pattern. What if a slipped disc, depression or cancer mean that we no longer function as society expects us to in the long term?
Admittedly, it’s not a nice thought. But it’s one we should all think about. Because, as Beate-Kathrin Bextermöller from Stiftung Warentest said in an interview with t3n: “The money you would then get from the state is usually not enough to maintain your own standard of living.”
Occupational disability insurance: 38 received “very good” ratings from Stiftung Warentest
Bextermöller heads the insurance and legal department at Stiftung Warentest. Together with her team, she has 67 stand-alone occupational disability insurance policies They are, she explains, an extremely important form of security for people “who do not come from a particularly wealthy background but live solely on their monthly income.”
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We asked the expert what tips can help you find good insurance.
The price: Save on the annual fee
Anyone looking for occupational disability insurance will find offers with very different prices. Test by Stiftung Warentest it says: “The 30-year-old controller in our test can choose between tariffs with a price range of 643 euros to 3,071 euros annual contribution for a monthly pension of 2,000 euros, which is agreed until the age of 67.”
Insurance companies differentiate between payment and tariff contributions. Customers actually have to transfer the payment contribution to the insurance company; but because this can fluctuate, according to Stiftung Warentest, you should generally base your decision on the tariff amount and decide whether you could theoretically afford it.
Bextermöller also advises paying an annual contribution – this is usually cheaper than the total monthly contributions: “You should save the amount, i.e. one twelfth every month, if possible in an account where you receive interest.”
Those who start paying in early or are even already insured through their parents can often get particularly favorable conditions.
Adaptation guarantee: Flexible insurance
A total of 38 insurance policies received a “very good” rating in the Stiftung Warentest test, and 19 were rated “good”. The eleven test criteria included, for example, retroactive benefits for at least three years if the insured person reports their occupational disability late, and the possibility of a tariff review after a change in career without another medical examination.
According to Beate-Kathrin Bextermöller, the ability to make flexible adjustments during the insurance period is particularly important – for example, if the family situation changes or if drastic inflation occurs. In technical jargon, this is referred to as a supplementary insurance or adjustment guarantee. Some insurance companies offer adjustment under certain conditions without a new health and/or risk assessment.
Disability insurance despite therapy? Yes, it is possible!
Bextermöller and her team have been examining the occupational disability insurance offers for years. They have observed that the offers are “changing for the better”, taking on more aspects and becoming more flexible. There is also change in a previously very critical issue: insurance, even or especially after psychotherapy.
While experience of therapy was long considered a categorical reason for rejection of occupational disability insurance or had to be at least ten years in the past, there are now more and more providers who are making insurance an option more quickly. “There is now more experience with previous mental illnesses. Insurers are more likely to ask why, for example, therapy was undertaken. The query period has been shortened to five years in many applications in recent years.”
In its test, Stiftung Warentest set these five years after the end of outpatient therapy as the benchmark for good insurance. However, the shortest period for insurance after the end of therapy was three years.
Good to know: Advice and arbitration
If you are unsure about finding a suitable insurance offer, you can contact many Consumer advice centers get appropriate advice. In most cases, this is not free, but it is particularly independent.
If the policy has been concluded and a dispute arises with the insurer, Stiftung Warentest refers the customer to free arbitration bodies, such as Versicherungsombudsman.de.
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