Top-notch occupational disability insurance plans are available.
The periodical "Finanztest" audited multiple disability insurance for occupations and ascertained that the prices are generally high quality overall. Nonetheless, potential buyers must examine them carefully when purchasing insurance.
If one can no longer work owing to an accident or ailment, loss of income could prompt rapid financial concerns. A decent occupation disability insurance (BU) at minimum solves these financial burdens. The periodical "Finanztest" (6/2024) meticulously inspected 67 such tariffs and concluded considerably positive results.
Out of the 67 options under study, 38 were given a "very good" rating, 19 received a "good" rating, and ten were still designated "satisfactory". The top seven policies from the examination all garnered an overall score of 0.9. These consist of three tariffs from Hannoversche (SBU 23 BEDE 23 Premium-Exklusiv, Premium-Plus, and Premium), one apiece from DBV (SBU SDV), Europa (SBU E-BU), HDI (SBU BV22 EGO Top), and LV1871 (SBU Golden BU).
The policies were evaluated under three different scenarios, primarily concerning their customer-friendly nature regarding insurance provisions and the application procedure. Price was not a consideration in the appraisal. Nevertheless, premium costs can differ significantly based on your career, health condition, and agreed-upon insurance benefits. Annual premiums in the test ranged from several hundred to more than 3000 euros.
Insuring early may lower your premium
The total cost each policyholder incurs relies in part on their actions. "Finanztest" advocates insuring early. The younger and healthier you are during this time period, the lower the premium and the better the protection. This is because health complications that have already emerged are not exempted from protection.
Interested parties seeking to study the "Finanztest" winners should carefully review the tariff designations because various insurers have distinct BU options within their catalogs. The perks of products often labeled as premium or comfort plans can contrast from the fundamental coverage.
As indicated by "Finanztest", consumers who desire a general overview or broker assistance must ensure the contract comprises the following benefits:
- Post-insurance or modification guarantee: This permits insured individuals to revise their previously agreed-upon pension to accommodate new circumstances and augment it without a new health assessment. This typically necessitates a circumstance such as marriage, the birth of a child, or acquiring a property loan.
- Premium variations: This raises the agreed-upon pension by a certain percentage every year - by two, three, or five percent, for example, to offset inflation effects. If finances are sparse, consumers should have the ability to halt premium variations more than twice in a row without forfeiting the right to restore them.
- The insurance duration should persist until the standard retirement age of 67. Ideally, the chosen tariff should incorporate an option for an extension without a new health or risk assessment should the legislator augment the standard retirement age.
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- Stiftung Warentest, a prominent German consumer organization, conducted a financial test on various occupational disability insurance plans and found that prices, while generally high, offer good value.
- The employees at Stiftung Warentest meticulously assessed 67 insurance policies and concluded that most received high ratings, with the top seven policies offering exceptional coverage.
- Consumers seeking to purchase occupational disability insurance should consider advisors from the insurance industry who can help navigate the complexities of the different policies and find the best fit for their needs.
- Employers and employees should examine occupational disability insurance options provided by their employers and consider expanding coverage to include features such as post-insurance or modification guarantees, premium variations, and guaranteed coverage until retirement age.
Source: www.ntv.de
