What should I pay particular attention to when taking out occupational disability insurance?
April 28, 2024 | 40,00 EUR | answered by Ingo Gallenberg
Dear insurance lawyer,
My name is Max Klein and I am currently looking for a suitable disability insurance. I work as an office clerk and I want to protect myself in case I am no longer able to work due to health restrictions.
I have already received some offers from insurance companies, but I am unsure about what I should pay particular attention to when selecting a disability insurance. I want to ensure that I am best protected in case of emergency and do not experience any nasty surprises.
My concerns mainly revolve around whether the insurance will actually pay out in the event of disability, and what criteria need to be met for me to be eligible for benefits. I also wonder if there are certain exclusions or clauses that I should pay special attention to in order to not be at a disadvantage in case of emergency.
Therefore, could you please provide me with some tips and recommendations on what I should pay particular attention to when selecting disability insurance? Are there specific parts of the contract that I should definitely review? And what criteria are crucial to ensure good protection?
Thank you in advance for your support and advice.
Sincerely,
Max Klein
Dear Mr. Klein,
Thank you for your inquiry regarding the selection of a suitable disability insurance. It is understandable that you are concerned about whether the insurance will actually pay out in case of a claim, and what criteria must be met to be eligible for benefits. In the following, I will provide you with some tips and recommendations on what you should pay particular attention to when choosing a disability insurance.
Firstly, it is important to consider what benefits and conditions are important to you personally. Disability insurance should be tailored to your individual needs. Therefore, make sure that the insurance offers a sufficiently high disability benefit that covers your financial obligations in case of a claim.
Furthermore, ensure that the insurance has good policy conditions. Carefully examine which causes of disability are covered and whether there are any specific exclusions that may be relevant to you. Also, pay attention to whether the insurance contains a specific occupation clause, stating that the insurance will only pay out if you are unable to perform your last occupation and cannot be referred to another occupation.
It is also important to check the contract term and premium duration of the insurance. Disability insurance should ideally run until retirement age and the premium payment should not be too long to remain financially flexible.
Additionally, ensure that the insurance does not have excessively high health questions or risk surcharges that could cause problems in the event of a claim.
Finally, I recommend seeking advice from an independent insurance broker or a specialized lawyer in insurance law to ensure that you receive the best possible coverage.
I hope these tips help you and wish you success in choosing a suitable disability insurance.
Best regards,
Ingo Gallenberg
Insurance Lawyer
