income protection

Income protection protects you against financial consequences from long-term illnesses or injuries. It pays you a fixed monthly sum in case you are unable to work for some time or permanently

You can choose the monthly payout. It should be at least 80% of your net salary.
The younger and healthier you take out the insurance, the cheaper it will be.
Common reasons are burnouts, consequences from accidents and serious illnesses.


who needs this insurance?

Income protection is one of the most important insurances you should have. It is essential for everyone who lives off their own salary. Regardless of age and profession, (temporary) disability can always happen unexpectedly. Most common reasons for disability are mental illness, physical handicaps and cancer. Risks, which you are exposed to, regardless of your profession, age or current health situation.

In case of disability, your employer pays your salary up to 6 weeks. After that, your health insurance will pay you 70% of your salary for up to another 72 weeks. Thereafter you will only receive public welfare, which will not be enough to support your standard of living.

what does it cost?

The price varies depending on these 3 factors:

  • Age: the younger you are when taking out the insurance, the cheaper the price will be - also in the long run.
  • Health condition: the healthier the better. Insurances might charge you a risk premium for e.g. chronic diseases or recent injuries
  • Profession: The riskier your job, the more expensive the insurance will be. E.g. a roofer will pay higher premiums than someone with an office job.

Depending on these factors and the monthly pension amount you choose, prices usually range from €30 – €90 per month.

what does it cover?

Income protection provides coverage and pays you a monthly pension, in case you are unable to work for at least 6 months or permanently. Its purpose is to maintain your standard of living and to prevent you from financial consequences of unforeseen accidents or illnesses.