Early option on additional insurance - annual premium income can be increased to ¿2,400 - Now also for apprentices.
The Wiesbaden-based financial services provider Delta Lloyd is now offering its occupational disability insurance for school children as a standard tariff and has extended the offer to include apprentices. The tariffs, which have previously only been offered as a special promotion, have been revised and renewed, including with regards to additional insurance. Until now, the insurance cover could only be extended at the end of the agreed term. This is now also possible at an earlier date, for example on completion of an apprenticeship. Furthermore, for the follow-on policy, a higher annual premium income of up to €2,400 can now be arranged for retirement. Within these peripheries a higher premium waiver can be secured, without a further medical. The follow-on policy conditions have also been completely revised and rendered more transparent.
Disability cover for apprenticeships
As well as school children, Delta Lloyd is now also giving apprentices the opportunity to insure themselves against the risk of occupational disability. With the option of a follow-on policy, they also have the opportunity of extended insurance without a new medical examination. In addition, they can set up a pension linked to the occupational disability cover and thus be insured through a higher exemption from contributions without a further medical examination. To qualify, the insured must be at least 15 years old, the insurance term must be at least five years and can last up to the age of 28; a benefit period up to the age of 67 is possible, depending on the occupation.
The earlier the better
The advantages of early occupational incapacity insurance are clear: the earlier cover is taken out, the lower the monthly payments. For example, with Delta Lloyd a 15-year-old student with an elected term insured up to the age of 28 years pays only around €21 per month for a monthly disability pension of €1,000. In addition, a younger person is less likely to suffer from ill health. With the possibility of a follow-on policy without a further medical, the young person receives optimum insurance, both now and in the future.
An underestimated risk
The risk of becoming unable to work is still greatly underestimated. One in four employed persons has to give up their job for health or physical reasons before pensionable age. This is particularly difficult for young people since, in Germany, statutory occupational disability cover no longer applies to those born in 1961 or later. Only reduction in earning capacity is covered and, even then, you are only eligible if you have made statutory pension contributions for at least five years and are no longer able to work at any kind of job for three hours per day. For many young people, occupational incapacity also therefore means social isolation. And, not only the young person concerned suffers; the immediate family also has to deal with the additional financial burden.
Top marks from Morgan & Morgan
Delta Lloyd has specialised in the subject of occupational incapacity for several years. In addition to insurance, the Wiesbaden-based financial services provider also offers its customers several additional services such as a free prevention service which offers help with various problems, before an occupational disability claim is needed. With timely advice and support, the worst can often be avoided.
Morgan & Morgan regularly awards Delta Lloyd's occupational disability tariffs high ratings. They currently have five stars, not only as the overall tariff rating but also for the separate aspects, such as ease of understanding of application questions, terms and conditions, and incapacity insurance expertise. As a result, Delta Lloyd is one of the top providers in this market sector.
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For further information:
Martina Fassbender
Telephone: +49 (0) 611 773 25 71
Fax: +49 (0) 611 773 14 25 71
E-mail: martina.fassbender@deltalloyd.de
Website: www.deltalloyd.de
Notes to editors:
About Delta Lloyd
Delta Lloyd Germany is a 100% subsidiary of the Delta Lloyd Groep, 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. In addition to Delta Lloyd Leben and Hamburger Leben life insurance companies, the Delta Lloyd Group in Germany is made up of a pension fund and a consultancy company for occupational pension schemes respectively, as well as the private bank Gries & Heissel and a mortgage broker.