What is the most valuable thing in your life? Certainly, many people wouldn't mention the fancy car, the house they own, or the comprehensive ETF portfolio. But rather family, friends or health. But the latter also has a huge financial component.

First, there are the often high healthcare costs in old age, especially when care is needed. And there is also a big risk in your working life that has to do with your health and that you should not ignore: according to the German pension insurance, one or one in four employees will not be able to work at least once during their working life. life.

Occupational disability insurance: that's why it's so important

Just think about what happens if you cannot work for a long time or even cannot work for health reasons: your income from work will cease and, in many cases, this may be your most important or even almost the only source of money to cover their livelihood. bills.

In other words, your greatest financial asset is often not your savings, but your job. And the younger you are, the more often this is true. Because then you probably haven't saved or invested much yet, but you still have many years of work ahead of you in which you will still make a lot of money.

New calculator: How much is your job worth?

Then your work is very valuable. That is why it is essential to protect them, ideally with occupational disability insurance (BU), which in case the worst happens will pay you a monthly pension.

Still not convinced? Then take a look at Finanztip's new lifetime income calculator. It simply gives you some simple details, such as your age and salary, and spits out the often huge amounts involved.

An example: He is 30 years old, wants to retire at 67, currently earns 2,500 euros net and expects future salary increases of 2.5 percent per year. Then you will earn almost 1.8 million euros in the 37 years until you retire!

But that is not the whole truth or the value of their work (the so-called human capital). Of course, income from it is not always worth the same: keyword inflation. Thus, if we take into account the ECB's long-term inflation target (2 percent annually), its work in current purchasing power is still worth a good 1.2 million euros in the example.

But of course, all of this only applies if you do not become unable to work. So make sure you secure this huge sum with a BU. Only in this way will you be able to maintain your standard of living if you are no longer able to work for a longer or even permanent period of time (unless you are insured in another way, for example by large estates) or, in the worst case, to protect yourself . you from financial ruin.

Is the state disability pension not enough?

Only in rare cases, because the disability pension has several disadvantages:

  1. You will only receive it if you have contributed to statutory pension insurance for at least 36 months in the last five years.
  2. You will not even be able to recover your last income: on average, according to the pension insurance, the disability pension is less than 1,000 euros per month. You can find out how high that would be for you in your annual pension information. Much more is possible with a BU: the amount simply depends on what you have agreed with the insurance company. We recommend insuring at least 80 percent of your current take-home pay.
  3. You will only receive the full disability pension if you can only work less than three hours a day in any occupation (even different from your current one). If three to six hours are still possible, only half of the pension remains. Good BU contracts only address whether you will no longer be able to do your current or last job as usual (at least 50 percent) for at least six months. The BU usually pays even if you could do something else.
  4. About 40 percent of applications for disability pensions are rejected. A BU can be trusted much better: according to a current study by Franke & Bornberg, only about 20 percent of applications are rejected; According to Morgen & Morgen, this is usually because policyholders simply stop reporting at some point.

Are you at risk for BU?

Also, don't make the mistake of assuming that you don't need BU because you have a specific and perhaps physically secure job (for example, because you work in an office): by far the most common reason for BU is mental illness; It can affect anyone. Also, complete your BU as young as possible. Then, overall, you will be even healthier and save on contributions.

Now you are convinced and want to complete a BU? So don't do it alone, that is, not directly with a single insurance company. Instead, contact a broker. Finanztip recommends Hoesch and Partner, Buforum24, Zeroprov, Dr. Schlemann and P&F independent financial advice (Früh-gewinnt.de). And it's best to get more detailed information in Finanztip's detailed guide to occupational disability insurance. There you will find everything you need to know to complete a BU.