FAQ: Alternativen zur Berufsunfähigkeitsversicherung

The occupational disability insurance (BUV) is one of the most important private insurance, because only the BUV explicitly protects its own workforce. Now, however, there are people who, for example due to their state of health or old age, no longer receive an attractive offer. There are certainly ways to protect labor and the associated standard of living at a low price, for example:

• The disability insurance (EUV)
• The Basic Entitlement Insurance (GFV)
• The Serious Illness Insurance (SKV)
• Multi-Risk Insurance (MRV)
• The accident insurance (UV)

The insurance products described below should not be seen as a real alternative to a BUV. For a BUV generally already provides, if the last practiced activity can no longer be exercised, while with the alternatives, for example, only the fundamental loss of the labor force must occur. Nevertheless, it is often better to have such a hedge than no insurance cover at all.

What are the „alternatives“ to occupational disability insurance?

The disability insurance (EUV)

The EUV is more likely to be seen as a worst case hedge. For those who no longer receive a BUV due to high contributions or health hurdles, but it can be „no alternative“. The benefit incentive is similar in large part to the disability pension provided by the Statutory Pension Insurance. The insured must be permanently unable to perform any activity in general. Only then will the insured pension be paid out. On the „have-side“ usually stand for a slightly „shortened“ health examination and a lower contribution.

The Basic Entitlement Insurance (GFV)

In particular, for physical and manual occupations, the GFV offers a mostly cheaper insurance coverage than the BUV. It provides coverage for the amount of the insured monthly pension in the event of loss of certain basic abilities, such as seeing, speaking, orienting oneself or using one’s mental faculties. The benefit is paid irrespective of the subsequent professional activity, provided the physical or psychological impairment is expected to last at least 12 months.

The Serious Illness Insurance (SKV)

Since the SKV does not provide income protection in the form of a monthly pension, it is usually better than additional protection to BUV, EUV or GFV. If a certain severity of a previously diagnosed illness occurs, the sum insured for the severely ill health insurance is paid once. Diseases considered include cancer, strokes, heart attacks, kidney failure or paraplegia.

Multi-Risk Insurance (MRV)

The MRV provides protection against loss of income as a result of permanent, physical injury from an accident, organ damage or serious illness. It can be a useful addition to the BUV, EUV, GFV or SKV and bundles various forms of hedging into a single tariff. Unlike the above-mentioned forms of protection, the performance triggers in the conditions, however, are firmly defined and therefore medically unambiguous. At the same time, however, MKV usually does not offer the targeted comprehensive insurance cover as the products described above.

The accident insurance (UV)

If the insured person suffers permanent physical injury as a result of an accident, the private accident insurance (UV) pays the insurance benefit in the form of a one-off capital and / or monthly pension payment. With around 9 million accidents pa in Germany (70% in spare time, 30% at work), UV is not only recommended for policyholders without affordable BUV.

Conclusion

The most important option of safeguarding the workforce remains the occupational disability insurance. If, for example due to health restrictions, a BUV is out of the question for you or unaffordable, your insurance broker should examine the existing alternatives. He will give you helpful tips, for example on securing your employer’s employment or special promotions with a simplified health check.

Gladly we examine together with you your personal security concept.

Yours, Alexander Kukovic

Über den Autor Alexander Kukovic

Alexander Kukovic ist seit 2012 Berater im Bereich Private Clients bei Hoesch & Partner. Der studierte Senior Consultant (Versicherungswesen, Fachhochschule Köln) ist ausgewiesener Experte in den Bereichen Berufsunfähigkeitsversicherung sowie Renten- und Ruhestandsplanung. Sein Motto "Amat victoria curam" (Gaius Valerius Catullus), auf Deutsch: "Der Sieg liebt die Vorbereitung" durchzieht seine Arbeit als Versicherungsmakler. Dabei legt Alexander viel Wert auf das Verständnis seiner Mandanten für die von ihm empfohlenen Versicherungen.