Occupational disability insurance
In case of becoming unable to work, an occupational disability insurance will have you covered and provides financial aid. It will balance the monthly difference between the reduced earning capacity pension and the salary. The insurance is relevant for employed as well as for professionals. How much and which protection is required, has to be calculated on an individual basis. Everybody generates a certain income and normally also has as such different financial obligations. How high the premiums should be, has to be adapted to the individual circumstances. Annually all employees in Germany receive a compilation of their personal pension contributions, among other things the current actual amount of their reduced earning capacity pension. Generally and as a rule it can be said, that not even half the amount needed in case of an occupational disability, is being covered. As a consequence the private provision is truly essential.
The mentioned insurance may be combined with a pension scheme, for instance. This way you will get payed out a certain amount at the end of the term.
An insurance check up is urgently recommended! Once again a good place to go to or to contact is the consumer advice centre. Also start researching for yourself! Offers may be requested free of charge from any insurance company.