Young people should not only start looking for employment in good time, but should also insure their ability to work. Otherwise, the loss of their ability to work, and therefore of their income, can quickly lead to social isolation.
Many thousands of young people are reaching a crucial time. In May most take their final exams, and then begins the search for an apprenticeship place. However, young people should not only be looking for a job in good time, but should also take out insurance. Otherwise, losing the ability to work, and therefore losing an income, can quickly lead to social isolation.
If the worst happens, the younger generation are hit particularly hard as they can no longer rely on the state. Since 2001 statutory occupational disability cover no longer applies to those born in 1961 or later. Only a reduction of earning capacity is covered, and you are normally only entitled to this if you have made statutory pension contributions for at least five years. Experts are therefore advising that even apprentices and trainees insure themselves against the risk of occupational incapacity.
Lower rates
The advantages of getting occupational disability insurance early are clear: the earlier cover is taken out, the lower the monthly payments. For example, with Delta Lloyd, a 17-year-old apprentice would pay around €23 per month for occupational disability insurance coverage of €1,000 per month with the option of a follow-on policy.
With this option the young person can continue their existing insurance cover even after completing their training, but this must be done at the end of the agreed term at the latest. The insurance can then be adapted to fit the young person’s current situation, and without a new health check so that they are optimally insured both now and in the future.
Occupation disability insurance for children
As well as apprentices, Delta Lloyd also already offers school children the opportunity to insure themselves cheaply against the risk of occupational disability. School children may not yet have a job, but they can still lose all or part of their future ability to work due to an accident or a serious illness. Many people still seriously under-estimate the risk of occupational incapacity. Statistically, one in four people is forced to give up work for health or physical reasons before pensionable age, and more and more younger people are finding themselves in this situation.
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For further information:
Martina Fassbender
Telephone: 0611 773 25 71
E-mail: martina.fassbender@deltalloyd.de
Notes to editors:
About Delta Lloyd
Delta Lloyd Germany is a 100% subsidiary of the 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. Along with the Delta Lloyd Lebensversicherung and Hamburger Lebensversicherung life insurance companies, the Delta Lloyd Group in Germany is made up of a pension fund and a consultancy company for company pension schemes, as well as its own private bank, an investment management company and a mortgage brokerage.