Occupational Disability Protection: What to do if there are financial bottlenecks?

Elmshorn – Those who get into financial difficulties often face the decision to terminate insurance contracts. But especially with the disability insurance should not be saved at the wrong end. Because once the policy is terminated, it will be difficult with age to get comparable protection on the same terms. But how do you deal with financial bottlenecks?

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Exploiting time limits

In the case of short-term financial bottlenecks, the insurer must first set a deadline before he can terminate the contract with his customer. This will give you two weeks to raise the money – and since a reminder flutters usually only after a few weeks in the house, insured have won a few weeks to raise the missing premium – so can short-term bottlenecks overcome.

Cancel insurance partially

In order to reduce the costs insured can also part with expensive parts of the insurance. Thus, some occupational disability insurance is coupled with a life or pension insurance, which can be separated. This often halves the premium.

The pension amount of the occupational disability insurance can also be reduced in order to reduce the premium – a personal agreement with the insurer is necessary here. Ideally, those affected agree that the premium can later be adjusted back up when the financial bottleneck is overcome.

Another option: the insured leaves the policy to rest. The persons concerned then do not pay the premiums due for up to one year, depending on the insurer, but of course also receive no benefits if they become unfit for work during this period. This variant is still better than a termination if the insured person recovers the old contract after one year.

Termination: Yes, but

If you have a new contract in your pocket, you can of course give up the old one. If there are no pre-existing illnesses, it can make sense to start looking for a new insurer if, for example, he offers a more favorable insurance cover than the previous one.