No one denies the need for private occupational disability coverage, but a recent survey shows that women in Germany have started attaching much less importance to this issue over the past five years.
Occupational incapacity or disability hit one in four of the workforce in Germany before pensionable age. No one denies the need for private coverage against this risk and financial experts and consumer advocates are in complete agreement on the issue.
And yet a recent survey by market-research institute TNS Infratest on behalf of Wiesbaden-based financial services-provider Delta Lloyd reveals that women in Germany have started attaching much less importance to this issue over the past five years.
This fall in the level of importance attached to occupational disability coverage compared with five years ago is sharpest amongst women aged between 36 and 45, right in the middle of their working lives. In 2003, 20.5% of 36-40 year-olds felt it was essential to take out coverage against the risk. The current figure is down by roughly five percent, at 15.4 %. There has been an even more pronounced fall amongst women aged between 41 and 45. Currently only 14.2% attach major importance to the issue of occupational disability, whereas the figure in 2003 was 23.6%. This is despite the fact that these women can no longer rely on the State in the event of occupational disability or incapacity, because statutory occupational disability coverage does not apply to those born in 1961 or later.
There has been a similarly dramatic tail-off amongst housewives. Only 9.9% of housewives still attach importance to occupational disability coverage, whereas the figure in 2003 was more than twice as high, at 21.3%. "You often find with families that occupational disability insurance is only taken out for the sole breadwinner. Housewives' work capacity should also be covered, though, because in the event of incapacity due to illness, home help costs amounting to some €1,500 to €2,000 a month can quickly accrue," explains Sabine Peters, pensions expert at Delta Lloyd.
No one has been able to put their finger on exactly why women are attaching less importance to occupational disability insurance. No doubt some women simply ignore the problem, but many households of course have a reduced budget available for coverage due to stagnating wages and the rising cost of living.
-ends-
For further information:
Martina Fassbender
Telephone: 0611 773 25 71
Fax: 0611 773 14 25 71
E-mail: martina.fassbender@deltalloyd.de
Notes to editors:
Information on the survey
The survey was conducted by market-research institute TNS Infratest on behalf of financial services-provider Delta Lloyd in July 2008 and a total of 1,000 women between the ages of 18 and 50 were asked to assess their additional pension provision requirements and what provisions they had already made. Those interviewed provided a cross-section of the female population in Germany. The survey was carried out using the CATI (Computer Aided Telephone Interviewing) system, based on a structured questionnaire.
About Delta Lloyd
Delta Lloyd Germany is a 100% subsidiary of Delta Lloyd Group, Amsterdam, and therefore part of the British Aviva group. The company offers a one-stop shop for a wide range of financial, investment and provident products and also provides expert advice on all financial matters. The Delta Lloyd Group in Germany is made up of pension fund Delta Lloyd Leben, corporate pension scheme consultancy Hamburger Leben, the group's own private bank and a real estate financing broker.