3 good alternatives to occupational disability insurance
Why are alternatives to occupational disability insurance necessary? In the latest occupational disability insurance tests, BU insurers are often rated positively – there is often scope for improvement only in terms of price. In principle, the occupational disability insurance is an important protection against occupational disability and the resulting financial risk. Already every fourth employed person retires prematurely from working life today. An occupational disability insurance gives him a monthly pension if he can no longer practice his last job for at least 50 percent and for more than six months.
Cheaper alternatives to occupational disability insurance
However, not all those for whom occupational disability insurance would be advisable can by no means complete one. Often, it is too expensive for professionals in risk groups – such as roofers or nurses – as it can cost several hundred euros a month. In the meantime, however, the range of alternatives to occupational disability insurance is becoming ever broader – as a rule, the insurance cover offered then covers fewer benefits, but is also much cheaper. Good and cheaper alternatives to occupational disability insurance are disability insurance, accident insurance or dread disease insurance.
However, Stiftung Warentest advises: “First try to take out occupational disability insurance, which is your first choice for anyone who relies on their workforce.”
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Disability insurance: 1. Alternative to occupational disability insurance
Disability insurance is cheaper than disability insurance, and health issues are less extensive. The disability insurance, however, also jumps much less frequently. Those who can no longer work 50% of their last job, but who could take up another gainful employment, are not yet incapacitated and therefore receive no benefits. Only those who can no longer work would also receive a monthly pension from the disability insurance.
2. Alternative to occupational disability insurance: the accident insurance
An accident can result in permanent disability or disability. For example, anyone who injures themselves in their free time is not even covered by statutory accident insurance and receives no financial support without private accident insurance. However, especially in the case of permanent health impairments, for example, there are costs for the conversion of the house. In addition, after an accident with loss of wages must be expected. Depending on the contractual arrangements with the accident insurer, an invalid can also receive a monthly pension. However, the accident insurance pays only in an accident, while the occupational disability insurance intervenes depending on the manpower. As is the case with disability insurance, accident insurance is also a cheaper alternative to occupational disability insurance.
Dread Disease Insurance: 3rd alternative to occupational disability insurance
Dread Disease Insurance is a not-too-common alternative to occupational disability insurance. So far only a few providers have a dread disease insurance in their portfolio. The insurance, which is referred to in German as “serious illness insurance”, offers its services for up to 60 such serious diseases: Anyone who suffers from a heart attack or stroke, suffering from multiple sclerosis or cancer, receives a one-time payment from a Dread Disease insurance. It does not matter whether the person concerned was previously at work or not. Whether he can resume his last job or retrain, does not matter.
A disadvantage of this insurance is however: Mental illness, joint and back complaints are not insured. Who leaves because of a depression from his job, receives no benefit.