Can i cash out my occupational disability insurance??
In our last guides you have already learned what occupational disability is. For whom it is eligible? Why it can be so important for you? But what actually happens if I am not affected by occupational disability for the rest of my life?? And I don't claim my disability insurance at all? Can you cash out your disability insurance??
What happens to my money if I don't become disabled and can I simply cash out my disability insurance??
This is how the occupational disability insurance works
Disability insurance works like many other insurance policies:
The premiums paid by insured individuals are used to pay the annuities of other insured individuals. The period of time during which the insurance company will pay for those affected always varies. There are people who are only temporarily incapacitated and therefore only need to rely on pension payments for a short period of time. Others need the support until they retire.
What happens to my money if I don't become disabled for work?
The occupational disability insurance is a risk insurance. This means that it only pays out if you are really incapacitated for work. If you stay healthy, which is to be hoped of course, you will not receive any benefits. So you can't just cash out your disability insurance like that. This sounds rather unfavorable at first, but it can be explained quite simply: The insurance companies use the paid-in contributions to pay the pensions of other insured persons.
This means that your monthly contributions help to finance the benefits of other insured persons, who in turn also pay for you if you are affected by occupational disability. So the money you deposit will be used continuously. For this reason, a refund is not simply possible if the benefits are not taken up.
Can you get a disability insurance payout?
Of course, we can understand if this fact makes you think about whether you should take out an occupational disability insurance at all. After all, the money could be "lost" and you would have paid it in for nothing if you don't claim the insurance benefits. However, we would like to urge you once again to think carefully about this decision. After all, it's about how you can finance your living in case of an emergency. The state coverage is usually not enough to live on as usual. If you already have such major losses in life as those associated with an occupational disability, you really don't want to give up your accustomed standard of living, do you?
Is there a disability insurance with money-back guarantee?
No, unfortunately there is no such thing. However, there are insurance companies that combine savings contracts with occupational disability. This means that you will receive a benefit at the end of the contract period, even without making use of the insurance policy. However, the usefulness of such contracts is always individual. It is advisable to compare different offers with your advisor, as the conditions of these contracts are often different from those of normal occupational disability insurance. The advantage here can be in the combination with a basic or. Ruruprente or are in a company pension. Because then the contributions are at least tax deductible and you participate the state in the payment of contributions.
High probability of occupational disability
The high probability of occupational disability makes insurance that protects you from it indispensable. It is relatively expensive. It is worth it, however, if you put it in relation to the benefits in the event of an accident. After all, it serves as a monthly income if your normal income falls away and gives you financial security and freedom. Of course, it is difficult to understand why one should pay relatively high monthly premiums into an insurance company. From which you have nothing at first, if you do not take it up.
However, you must always be aware that you can cover all your living expenses with this insurance. You protect yourself until the expiry date (ideally the retirement age). Being dependent on your own working power – by combining it with an annuity insurance even with lifelong benefits to be able to maintain your standard of living permanently. Since disability unfortunately occurs quite often and is of existential importance. Should you ask yourself if you want to be protected from this. You should not do without an occupational disability insurance, in order to be protected in the long term and to be able to implement your life planning safely.