First class occupational disability provision as direct insurance
Suddenly being unable to work – a scenario that nobody likes to think about. However, it is not unusual to lose your capability to work. In the course of their working life, one in four employees will be unable to work at some time. Fortunately, most illnesses can be treated and are temporary. But even if it is for a limited period of time: who can live without their earned income?
Laws have removed the entitlement to occupational disability protection from German pension insurance schemes, and it has been replaced by disability benefits, which are usually not enough for a decent standard of living. It is then up to each person to ensure their own source of income.
In the case of occupational disability provision as direct insurance, the contributions are paid out of your gross income. This saves money through reduced tax payments and possibly social security contributions. Compared to private insurance, this means a lower net expense for you. In addition, you benefit from the Mister Spex subsidy, simplified qualifying requirements and exclusive special conditions which are of first-class quality.
Your advantages
As much as a €579.60 Mister Spex subsidy per year. Mister Spex subsidises 15% of your pension scheme, maximum €579.60 per year.
State support through savings.
Each month there is a tax saving which increases the performance of your scheme.
Attractive special conditions. Higher cost benefits for better performance from market leading pension providers.
Ease of access. Information relating to health not required. Only a “fitness to work” statement needed.
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Laws have removed the entitlement to occupational disability protection from German pension insurance schemes and it has been replaced by a disability pension, which is usually not adequate for a decent standard of living. Therefore, each person needs to take personal responsibility and insure themselves in the case of disability by making contributions from their income.
In the course of their working life, one in four employees will be unable to work at some time. Fortunately, most illnesses can be treated and are temporary. But even if it is for a limited period of time: who can live without their earned income?
As soon as the insured person is no longer able to carry out his professional duties to an extent of more than 50% of his/her normal functions, and this over a period of 6 months. At this point he/she receives a monthly pension payment. The reason for this might be, for example, the reduction of working hours due to chronic fatigue syndrome. Depending on how the contract is structured, the insurance will be paid when evidence of incapacity to work or a diagnosis of cancer is made. The payments end when the original activity is fully resumed, a comparable activity is carried out with at least 80% of the original income or, in the case of more serious illnesses, when the contract expires and the person enters retirement.
As of 01.01.2022, occupational pension law provides for a commitment to provide a subsidy of 15% by every employer (maximum €42.00 per month) if the salary is converted into so-called direct insurance. This deferred payment is made without social security.
Mister Spex has been contributing the above-average subsidy of 15% on the deferred amount for many years. This amounts to a maximum of €48.30 per month/€579.60 per year.
No, any person who has been unable to work for no more than 14 days without interruption in the past 24 months (up to 21 days for an acute illness where the person has recovered without consequences, for example, flu infection) or a person has recovered from an acute gastrointestinal infection can take out disability insurance without giving further details of their health.
The amount of the disability insurance is linked to the amount of your income. With an annual gross income of less than €60,000, a monthly disability insurance of up to €1,500 is possible. With annual gross income of more than €60,000, €2,000 a month is possible.
No, the employer is not informed of the content of the application, neither in relation to a company scheme nor a private disability insurance scheme. Settlement of any payments or benefits are made between the insured person and the insurer.
There is no limit to the amount of insurance providing the amount of the disability insurance exceeds around 70% of net income.
The coverage without any background health information, i.e. only on the basis of a so-called declaration of fitness for work, is, however, tied to the following limits:
With an annual gross income of less than €60,000, monthly disability insurance of up to €1,500 is possible.
With an annual gross income of more than €60,000, monthly disability insurance of up to €2,000 a month is possible.
No, this contract is a basic disability insurance scheme. If supplementary insurance for the above events are required then a privately managed contract should be chosen. Here, too, we would be happy to help by making recommendations.
The Alte Leipziger´s insurance products can constantly be found in the upper range of the socalled premium rankings of 5-star insurers. The terms and conditions are considered to be first class and consumer-friendly.
In the case of changing employer, the contract will be transferred to you privately or to your new employer without changing the conditions. In this case, please contact us in good time before leaving the company so that we can support you during this process to allow ease of transfer.
A contribution exemption from a disability insurance contract is possible in the form of a contribution deferral. This means that the premium can be paused for up to 24 months, but insurance cover is still available during this time. After the agreed deferral period has expired, the normal contributions will continue to be paid and you will also pay back the arrears.
You, as the insured person, can terminate the contract at any time from the first day of the following month from the date when termination is requested.
The benefits from direct insurance are maintained even in the event of the employer’s insolvency as third parties cannot access any accrued amounts within the contract.
The final costs as well as administration costs contained in the insurance contract will not be billed to you separately, but are naturally already included within the ongoing contributions and maturity benefits. All costs are highlighted in the insurer’s quote and, due to the existing contracts having been created as groups, this results in attractive price reductions which benefit all participants.
The afm team will gladly be on hand providing advice and assistance to you
