Disability insurance
As a working citizen, you always have your income to support your livelihood. As long as you continue to work, you will usually be financially secure. But what if you can no longer work? For example, if a doctor confirms that there are physical or mental reasons preventing you from continuing your work? In such a case, especially for older individuals, there can be a great fear of the future, not being able to establish themselves in a profession and having to navigate life without a financial foundation. Disability insurance helps you cope with this situation and either provides you with a predetermined lump sum payment to help you adapt to your new circumstances or offers you a monthly pension until a specified age.
When choosing a suitable disability insurance policy, it’s important to pay attention to the insurer’s criteria for paying out disability benefits, whether as a monthly pension or a lump-sum payment. Some disability insurance policies may have stringent criteria, such as requiring you to work in another profession within your acquired qualifications or even outside your qualifications if you become disabled. Another distinguishing feature among disability insurance policies is retroactive payments. If a policy includes this, you may be able to receive benefits retroactively if the initial diagnosis did not confirm complete disability. Disability insurance offers various options, so choose your policy carefully.
