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Disability insurance - The disability insurance for civil servants
Civil servants enjoy financial benefits in old age through their pension system. But what happens if you become prematurely disabled due to illness or accident, even before you reach retirement? An unfortunate incident could lead to a serious knee injury, preventing you from continuing your previous duties as a police officer. Although your employer provides a lifetime disability pension for civil servants in such cases, it's important to be aware that gaps in coverage can quickly arise within the civil service pension system.
Civil service pensions have some limitations: In the event of illness or accidents during leisure time, you only receive your pension if you are deemed unfit for service, and even then, only after a five-year waiting period. This is where private disability insurance for civil servants comes in, to protect you in such a situation.
Why it's worthwhile to have a disability insurance policy
Consider insurance for civil servants
Your employer guarantees benefits in the event of disability or work-related accidents before reaching retirement age. However, a closer look at civil service pensions reveals that deductions and restrictions can reduce financial benefits in the event of disability.
Your pension rate depends on your years of service. You are only entitled to the maximum rate of 71.75 percent after at least 40 years of full-time work as a civil servant. Since most civil servants do not reach this service period, their actual pension is often significantly lower. In particular, if you have to leave the profession early for health reasons, your pension rate will be considerably reduced by statutory deductions.
In early retirement, the state reduces your pension by 3.6 percent per year before you reach the standard retirement age. The maximum reduction for disability varies by state and currently ranges from 10.8 percent to 14.4 percent. According to the Federal Ministry of the Interior, Building and Community, the average pension rate in 2018 was 67.4 percent. Furthermore, receiving a pension due to disability leads to a reduction in early retirement benefits.
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Your benefits at a glance
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Insured persons: Civil servants on temporary, probationary, fixed-term, and permanent contracts, and judges are insured.
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Immediate payment: In certain serious illnesses, payment is made without a lengthy application process.
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Incapacity for work: The insurance also offers benefits in case of incapacity for work, if desired.
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Claims: Claims for insurance benefits arise if, due to your state of health, you are retired or dismissed before reaching the statutory retirement age because of general or occupational incapacity for work.
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Worldwide insurance coverage: Your insurance coverage is valid worldwide.
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Subsequent insurance guarantee: This applies without a new health check in the event of a salary increase or changes to the statutory retirement regulations that result in a lower pension.
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Inflation protection: Thanks to dynamic contribution and benefit adjustments, you are protected against inflation risks.
Disability insurance is a type of insurance that protects civil servants and other professional groups from the financial consequences of being unable to perform their duties. It pays a pension if the insured person is no longer able to perform their job due to illness or accident.
Civil servants, teachers, police officers, and other professional groups with a risk of occupational disability can take out such insurance. Self-employed individuals whose livelihood could be jeopardized by occupational disability can also insure themselves.
The earlier, the better. Premiums are lower if you are younger and healthier. Ideally, you should take out the policy at the start of your career or at the latest when you are young.
What exactly does a disability insurance policy cover?
What exactly does a disability insurance policy cover?
The insurance pays a monthly pension if the insured is unable to work due to illness or accident. It may also offer additional benefits such as immediate payments or options for insufficiency coverage.
The sum insured should be chosen to cover financial needs in the event of disability. This depends on individual circumstances such as living expenses and existing financial obligations.
Yes, many occupational disability insurance policies have waiting periods and qualifying periods. The waiting period is the time that must elapse before claims can be made. The qualifying period is the time between the onset of occupational disability and the start of pension payments.
The duration of pension payments can be stipulated in the insurance terms and conditions. It can extend until retirement, until the end of the contract term, or until the insured reaches a certain age.
Yes, some disability insurance policies offer the possibility to adjust the sum insured, the term and other conditions if professional or personal circumstances change.
If you cancel your insurance, you will lose your coverage. However, in some cases you can keep a paid-up policy or convert the policy into another type of insurance.
It is possible, but insurance premiums may be higher, and certain pre-existing conditions may exclude coverage. It is advisable to take out disability insurance early to secure the best terms.