Serious accident and suddenly you are in a wheelchair – A possible situation that can be covered by dread disease insurance.
How does the Dread-Disease insurance work?
With Dread-Disease insurance, in contrast to a
Occupational or disability insurance No monthly pension, but a fixed sum insured is agreed upon. After a defined illness has been diagnosed, this is usually a one-time charge, regardless of whether the insured person's ability to work is restricted or not.
If there is a need for dread disease coverage?
With reference to the most common diseases mentioned at the beginning, more than 1.1 million cases of illness occur in Germany every year. Thus statistics speak clearly for the Dread Disease protection, because it becomes clear that the risk to suffer a heavy illness is higher, than one often ames.
See below a small selection of the 2013 benefit cases from the provider Canada Life
What does a benefit case in the dread disease insurance look like??
If one of more than 46 diseases (depending on the provider) has been diagnosed, a direct payment of the insurance sum will be made.
You are then free to use this money as you wish: whether you see a specialist for treatment of the condition that your health insurance does not support, you use the money to make a living, you invest the money, or you treat yourself to a nice trip is completely up to you.
The payment is made regardless of whether you are still able to work or not. In addition, the insurance benefit (capital payment) is tax-free.
As an example, the provider Canada Life understands insured diseases in dread disease to include the following conditions (as of February 2015):
Do health questions have to be answered when taking out a dread disease insurance policy?
Of course, on the part of the provider Health questions submitted for "risk assessment.
However, some diseases of the psyche, spine/back, bones, skeletal system, etc. are not included in the acceptance assessment. less important. Nevertheless, it is important that you intensively work through your medical history and declare it, so that you do not get a rude awakening in the event of a claim.
As with an occupational disability insurance, you can also request a dread disease cover through me Preliminary risk inquiry place. Due to my contacts with various companies I can. Providers so often in a short way for you to clarify.
If you have certain pre-existing conditions, please provide not directly apply for. I will gladly do this for you, Since the application is often made in the sog. HIS-file and in case of rejection of the application there are often problems with further insurability. It is best to contact me directly via my Contact form.
I have listed a few providers for dread disease insurance below (as of February 2015), of which I will then present a few in detail:
– Bayerische Canada Life
– Cardea Life Gothaer insurance
Skandia (discontinuation of new business as of 01.01.2015 on the German market) Zurich (through the subsidiary Eagle Star)
Bayerische – Premium PROTECT tariff
Number of insured diseases: 38 Diseases Entry age: min. 15 years – max. 65 years Maximum age: 70 years Target term: 5 years – max. 55 years Minimum sum insured/ minimum premium: min. 25.000 VS/ 30 EUR monthly premium Maximum insurance sum: 5 gross annual salaries (higher sums only possible on request) Are children also insured (in the premium)?? Yes, up to the age of 17 with one third of the VS (max.). 25.000 EUR)
Canada Life – tariff Serious Illness Protection
Number of insured diseases: 46 diseases Entry age: min. 1 year – max. 69 years Maximum age: lifelong Target duration: min. 12 years – max. lifelong Minimum sum insured/ minimum premium: 30 EUR per month Minimum premium Maximum sum insured: 1.000.000 EUR (higher sums only on request) Are children (in the premium) co-insured? Yes, against 45 diseases until age 18
Gothaer – Perikon tariff (FC15-2)
Number of insured illnesses: over 50 illnesses Entry age: min. 1 year – max. 60 years Maximum age: 100 years, premium payment 85 years Target duration: min. 5 years – max. Age 100 years Minimum sum insured/ minimum premium: 5.000 EUR minimum sum insured maximum sum insured: 1.000.000 EUR (higher sums on request) Are children also insured (in the premium)?? Yes, until age 17 with one third of the VS (max. 25.000 EUR)
1. Unit-linked death benefit insurance with early payment in the event of a serious illness on a life 2. Expiry age: 100 years
Gothaer – Perikon tariff (FC15-3)
Number of insured diseases: over 50 diseases Entry age: min. 1 year – max. 60 years Maximum age: 70 years Target duration: min. 5 years – max. Age 70 years Minimum sum insured/ minimum premium: 5.000 EUR minimum sum insured maximum sum insured: 1.000.000 EUR (higher sums on request) Are children (included in the premium) insured?? Yes, up to age 17 with one third of the VS (max. 25.000 EUR)
1. Unit-linked serious illness insurance with minimum death benefit (5.000 EUR) on a life 2. Expiry age: 70 years
Zurich Life – tariff "Krankheits-Schutzbrief
Number of insured diseases: 63 Diseases Entry age: min. 15 years – max. 60 years Maximum age: 75 years Target duration: min. 2 years – max. 40 years Minimum sum insured/ minimum premium: 5.000 EUR minimum insurance sum maximum insurance sum: 2.000.000 EUR Are children also insured (in the premium)?? Yes, from the age of 30. Day of birth until the age of 18. 1 1 Insurance sum: (50% of the VS, maximum 25.000 EUR
1. In the event of serious illness: Payment of the agreed sum insured (one-time payment as full or partial benefit) 2. In case of death: payment of the death benefit of 5.000 EUR
Zurich Life – tariff extended illness protection letter
Number of insured diseases: 63 Diseases Entry age: min. 15 years – max. 60 years Maximum age: 75 years Target term: min. 2 years – max. 40 years Minimum insurance sum/ minimum premium: 5.000 EUR minimum sum insured maximum sum insured: 2.000.000 EUR If children are also insured (in the premium)? Yes, from the 30. Day of birth until the age of 18. 50 % of the VS, maximum 25.000 EUR
1. In the event of serious illness: payment of the agreed sum insured (one-off payment as full or partial benefit) 2. In the event of death: payment of the agreed sum payable on death (if necessary. less benefits already paid in the event of serious illness) 3. If life expectancy is less than twelve months: Early payment of death benefit
Which contribution factors play a role in the Dread-Disease coverage?
In occupational disability insurance, the profession practiced plays an important role, which is different in dread disease coverage. But the smoker status has an enormous influence on the premium.
In addition, the term of the insurance is an important aspect. With some providers it is even possible to take out this until the end of life, but then the premium increases significantly.
Which insurance should be taken out now: Occupational disability insurance or dread disease insurance?
It can be said quite clearly that dread disease coverage cannot replace occupational disability insurance, even though often the loss of the ability to work is due to a serious illness. Dread disease insurance is therefore a good supplement to occupational disability insurance, d.h. a combination of both policies is an optimal solution to secure one's working power.
Finally, it should be mentioned that no benefit can be claimed from a dread disease insurance in the event of a mental illness.
Questions? Contact me!
Do you have questions about dread disease coverage or occupational disability insurance?? I am at your disposal at any time and will be happy to advise you. Simply use my contact form by clicking on the button below.
More posts on our blog
Here on my blog you can learn more about the differences between Dread Disease and Occupational disability insurance:
More articles from our blog
Enclosed are a few links to further articles on the topics of "occupational disability insurance", "dread disease":
About Marco Mahling
Marco Mahling works as an independent financial advisor and insurance broker in the Munich and Ingolstadt area, but online he advises his customers from all over Germany. He is a trained banker, certified fund specialist (TuV-Sud), expert for private pension plans (DMA), qualified consultant for Riester pensions as well as expert for pension management and advises his customers in the areas of retirement planning, private health insurance and real estate. On rating platforms on the Internet, he lets his customers rate him. Has more than 500 references on the portal of WhoFinance. About his blog he keeps his interested parties up to date. Informs its customers regularly by newsletter.