Occupational disability insurance: what to look for

Why do I need occupational disability insurance? And how do I know what a good policy includes?

Article

3 minute read

2022-09-27

Occupational disability insurance in a nutshell

First things first – occupational disability insurance is there to protect you should you become unable to work. Having a good policy means protecting your future income and avoiding financial difficulties if you can’t work for any health-related reason.

You are considered occupationally disabled if you are unable to work for 6+ months because of injury, mental health issues, or long-term illness. Occupational disability is more frequent than you might think: According to the Federal Statistical Office, one in four people in Germany becomes unable to work in the course of their working life. The right policy will cover all your main living expenses like housing, insurance, food and family expenses.

Occupational disability insurance is linked to the job you currently have. If you become unable to do your job, it’s not relevant whether you could theoretically do any other work. Your insurance will pay you monthly to replace your income for as long as you can’t work.

What should I look for in an insurance policy?

Let us help clear up what the most important features to check for are. Good occupational disability insurance includes the following benefits:

  • a monthly disability pension that is high enough to cover your expenses,
  • an adequate duration to ensure you are covered as long as you are unable to work,
  • worldwide coverage, so you’re covered wherever you are, even if you work abroad,
  • dynamic premiums to counter inflation,
  • no “abstract referral” so you’re properly covered for your current profession,
  • a reinsurance guarantee so that you can adjust your occupational disability pension to salary increases, new children or building a house

What do I get with Getsafe?

  • A monthly pension to maintain your standard of living – from 50% occupational disability onwards
  • Income compensation for as long as you need it
  • Worldwide cover
  • Dynamic premiums to help you keep pace with inflation
  • Individual insurance cover for your job and without abstract referral
  • Flexibility for the future thanks to a reinsurance guarantee

When should I get occupational disability insurance?

This type of insurance is relevant for people in all stages of their careers. The average age a person becomes unable to work in Germany is 47, but illnesses such as burnout or cancer and accidental injuries can affect people of any age. The younger and healthier you are when you take out your insurance policy, the more favourable the terms will be. It can be worthwhile to get covered while you’re still a student!

How much does it cost?

What your policy entails is personalised to consider your health status, age, occupation, and how much compensation you would like to receive if you need it. The sooner you have an insurance policy, the better your terms and the lower your premium. When you take out an insurance policy with Getsafe, you can decide what constitutes sufficient income and how long your coverage should last.


Cost examples

Cost examples

Occupational disability insurance is one of the most financially beneficial policies you can have to take care of you should the need arise. If you have been paying into a statutory pension for less than thirty years, private insurance will be worthwhile.

Private insurance gives you much better and more flexible coverage than relying on state benefits. State protection in Germany only kicks in if you are unable to do any kind of work for more than three hours per day. It also only provides compensation of up to 40% of your latest gross income.

How do I find the best occupational disability insurance policy for me?

We are happy to help you find the best insurance cover for you: by providing you with a free rate comparison. The analysis of your insurance situation is free of charge, no strings attached!

Author: Getsafe