“Protection against occupational disability is one of the most important forms of insurance there is – because if income is not available for a long period of time, your livelihood can be threatened,” explains Frank Hilbert, CEO of Hannoversche Lebensversicherung. Nevertheless, only 49 percent of employees have taken out occupational disability insurance (BU). Men are more likely to have insurance than women and younger people are more likely to have it than older people. Respondents who know someone who has become occupationally disabled also tend to have occupational disability insurance themselves.
The survey results show that the majority of people are aware of the need for occupational disability insurance, but there is a large discrepancy between this awareness and the actual level of cover. Four out of ten employees (42 percent) do not believe that they are financially adequately covered in the event of occupational disability. This uncertainty is particularly pronounced among women, younger people and households with a monthly income of less than 3,000 euros. However, 85 percent of those surveyed said they had already considered the topic of occupational disability insurance.
High probability of occupational disability
The risk of becoming unable to work during one’s working life is higher than many people assume. According to the German Insurance Association (GDV), on average one in four employees is affected. The main causes of occupational disability are mental illnesses, which are particularly common among women (33.6 percent). For men, the main causes are diseases of the musculoskeletal system (24.9 percent) and cancer (25.1 percent).
Despite the high probability of occupational disability, many people have not taken out appropriate insurance. There are many reasons for this: the main reason for respondents without occupational disability insurance is the cost (38 percent) – regardless of whether they have a low or high income: many people find occupational disability insurance too expensive. In addition, the personal risk is often underestimated. Around one in five “uninsured” people do not see any risk for themselves. There is also uncertainty about the specific benefits in the event of an insured event. For 22 percent, this is a reason not to take out a policy.
In the event of occupational disability, two thirds of employees would have their own savings or private assets at their disposal (62 percent). Four out of ten respondents said they were covered by other private insurance (44 percent) or by maintenance or their partner’s salary (40 percent). The attitude towards protection within partnerships is also interesting. Although 40 percent of respondents believe that they could fall back on their partner’s salary in the event of occupational disability, around two thirds (64 percent) believe that every employed person should have their own occupational disability insurance.
