Risk-BOT provides essential information on disability insurance for consumers
Risk-BOT, the information platform for insurance and finance topics, offers discerning consumers in-depth information on the important aspects of disability insurance. In cooperation with insurance expert Roland Richert, they demonstrate the importance of disability insurance and the selection criteria that require special attention.
The extent of occupational disability and its financial impact
"The ability to work in our chosen profession is a luxury many of us take for granted. But when illness or accident takes away this luxury, the financial consequences can be devastating." This statement by Roland Richert, a well-known expert in the insurance industry, is hard to disagree with. Without disability insurance, the sudden loss of income can lead to significant financial hardship.
The role of Risk-BOT in raising awareness about disability insurance
Risk-BOT and Roland Richert, in their knowledge work and information gathering, place particular emphasis on a crucial requirement: that disability pensions should also be paid retroactively. This can mitigate the financial shock caused by an unexpected illness or accident. Risk-BOT is more than just a platform; it's a competent guide offering consumers unbiased information and analysis on insurance and financial topics. Artificial intelligence makes these analyses precise and personalized. This sophisticated method ensures users receive the best and most up-to-date information. Risk-BOT also recognizes disability insurance as one of the most important types of insurance. Therefore, the platform is dedicated to informing consumers about their expanded options and rights regarding this vital coverage. They emphasize that disability insurance can bridge the financial gap when income is suddenly lost. The collaboration between Risk-BOT and expert Roland Richert aims to raise awareness and understanding of the need for adequate disability insurance. They are addressing all consumers, as well as the media and the general public, to highlight this important aspect of the insurance industry.
Below we would like to explain the minimum requirements that a good disability insurance policy should meet.
The pension is paid if the insured person, due to illness, injury, or a decline in physical or mental capacity exceeding that expected for their age, is no longer able to work at least 50 percent of the time in the occupation they last held while healthy. This also applies in the case of a career change. We would like to illustrate the procedure with an example: For a metalworker who is currently working as an IT expert, only the IT expert activity is assessed.
No assessment is made as to whether someone could perform a different job with their knowledge, skills, experience, or training (so-called "abstract waiver of referral"). For example, there is no assessment of whether a surgeon could also work as an expert witness should their hand be permanently impaired after an accident.
According to the insurance terms and conditions, occupational disability exists if the insured is expected to be more than 50 percent occupationally disabled for six months or if this period has already expired.
Please note that the pension will also be paid retroactively from the first day of the six-month period.
Please note that if you report late, your pension will be paid retroactively for at least three years.
As part of the claims review process, it is possible to defer payment of the premium. This is because, in the event of occupational disability, it is often difficult for insured persons to continue paying the monthly insurance premiums.
The insurer will refrain from terminating the contract or increasing premiums if the insured has failed to disclose pre-existing conditions through no fault of their own. Such a procedure can be an unpleasant surprise for the insured. If pre-existing conditions are discovered during a period of occupational disability, this can lead to the insurance company refusing to pay out.
The treaty applies worldwide .
In the case of temporary recognition, the insurer is not obligated to repay pensions already granted if an unjustified claim is found.
