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Dread Disease Insurance: You have to know that

A Dread Disease Insurance is a personal insurance policy that pays a fixed amount to the insured person in the event of a serious illness or other serious health event. For which illnesses or events the benefit claim applies, the insurance contract is recorded.

 

Resulta ng larawan para sa dread disease

Dread disease insurance as an alternative

The Dread Disease Insurance is useful for those who can not take out disability or occupational disability insurance because of their previous illnesses. This is especially true for severe conditions such as cancer. It should be noted, however, that Dread Disease Insurance does not apply to mental illness.

Among other things, the insurance product can be used by self-employed persons who wish to additionally secure their company in the event of a serious illness.

In the United Kingdom and the United States, this insurance product has been on the market since the 1980s and is therefore more widespread there. In Germany, marketing authorization for the Dread Disease insurance was granted in 1993. Today, there are six different insurers offering the special insurance product:

  • Canada Life
  • Gothaer
  • Nuremberger
  • Zurich Life
  • Cardea Life
  • the Bavarian

Many insurers have similar building blocks in the portfolio, which are then only available together with other risk insurance linked.

Difference to other private pension insurance

Dread Disease Insurance differs from other private pension plans such as disability, disability or basic disability insurance. Thus, the agreed insurance amount in the case of benefits is paid immediately and completely and not converted into a pension.

In addition, the policyholder receives the insurance amount very quickly, even if there is no chance of recovery. It therefore does not matter, for example, whether the policyholder is still fit for work or not. The clinical picture that triggers the benefit claim is clearly defined in the policy.

 

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Disability insurance

In principle, the classic occupational disability insurance in the field of private pension insurance is the best because most powerful product. With the BU all health causes can be secured, which lead to incapacity for work. These also include mental illnesses.

Disability Insurance

The disability insurance is an equally useful supplement to the statutory disability pension. It is also useful when a consumer can not use BU and also covers any illness that causes disability.

The insurance benefit takes the form of a pension. Thus, when it comes to safeguarding the workforce in relation to many different health and mental factors that affect them, BU and disability insurance are beneficial to Dread Disease Insurance.

Disadvantage of dread disease

A possible disadvantage of Dread Disease Insurance is the one-time payment of the insurance amount. If this is to be sufficient for the rest of life as a hedge, it must be set very high. As a result, the rate for the insurance can be much higher than a BU or disability insurance.

Those who can afford it are certainly best protected with a combination of dread disease insurance and disability insurance.

The costs of this special personal insurance depend, among other things, on the age of the insured person, their occupation and the desired insured sum in the event of benefits. In addition, the level of the tariff also depends on whether the policyholder is a smoker or not.

With a sum insured of 300,000 euros for a non-smoking 30-year-old, consumers should count on about 150 euros or more per month.

Services of Dread Disease Insurance

With Dread Disease Insurance, serious illnesses are covered. Depending on the insurance rate, many different diseases are included in the policy.

However, those who are interested in Dread Disease insurance should pay particular attention to the fact that the four most common serious illnesses such as cancer, multiple sclerosis, heart attack and stroke are included in the insurance policy. Usually, these conditions are defined as standard in a dread disease insurance.

However, mental illness and skeletal disorders are always excluded. For example, the benefit does not arise if a policyholder is unable to work due to spinal cord injury due to depression or accidental paraplegia.

The Dread Disease Insurance pays out the agreed sum to the policyholder once in the contractually agreed insured event. The payment is exempt from income tax. However, if the sum is overwritten to third parties, taxes may be incurred.

This applies to the dread disease insurance

Before the insurance is completed, the insured diseases should be very well defined. In addition, the policyholders need to know exactly about the benefit claim.

For example, most insurers pay for cancer at an advanced stage rather than as long as there is still a good chance of recovery.

It is important that the insured ask in case of ambiguity, because often the definitions for laymen are not always clear. The more insured persons are informed, the fewer disputes will occur when requesting the insurance benefit.

Anyone wishing to take out a dread disease insurance must undergo a health examination before graduation. This is important so that the insurer can define both the tariff and the insured diseases.

Policyholders should not conceal any illnesses at this point. Otherwise, the insurer could refuse payment in the event of a claim.

Health checks

If the tariff is adjusted as a result of a wedding or a real estate acquisition, often the renewed health examination.

waiting times

It should be noted in the insurance contract, whether and which waiting periods are set for the payment. For example, some insurers do not pay until six months after a disease, such as cancer, has been detected.

waiting periods

Also important are the defined waiting periods. This period allows insurance from diagnosis to disbursement. Depending on the insurer, it usually lasts between 14 and 28 days. If, as in the case of a stroke, the actual severity can only be determined after a few weeks, it is also possible that the waiting period will be extended.

running time

The term for a dread disease insurance can be set by the insured person. This is usually more than 15 years. It should be noted here that the choice of the term also affects the amount of monthly payments. If desired, the insurance can be taken out by some providers with lifelong insurance cover up to the age of 100 years.

Some insurers also offer a dynamic contribution and benefit increase. This may be useful, for example, if the insurance is already taken out at a younger age and insurance coverage is to increase with increasing age and the increased risk of illness.

Resulta ng larawan para sa dread disease

 

 

Unit-linked Dread Disease Insurance

The Dread Disease Insurance is fund linked to some insurance companies. The policyholder bears no risk for losses, but benefits only from a possible fund assets.

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What are occupational disability health issues?

In occupational disability insurance (BU), health issues are an important part of the application. Incomplete or untruthful statements may lead to refusal of benefits in the event of disability and further unpleasant consequences for the insured. Disability insurance
Answer health questions correctly.

Before an occupational disability insurance can be taken out, the applicant must first undergo a risk assessment. The insurance company would like to assess the probability that the insured will actually become unfit for work . In addition to the profession, the hobbies and other features, the insurance is particularly interested in the health of the applicant. This is usually raised by very complex and detailed health issues.

Here is a small, exemplary excerpt from Alliance health questions related to the past five years:

Are you or have you consulted, treated, or examined any disease, medical condition or medical condition with doctors, alternative practitioners, physiotherapists, psychotherapists or other non-medical therapists in the following areas:

  • a) Heart, circulation (eg, coronary heart disease, medically diagnosed high blood pressure, stroke, phlebitis)?
  • b) Respiratory organs (eg pneumonia, chronic bronchitis, asthma)?
  • c) Digestive organs (eg stomach, intestine, bile, pancreas, liver)?

Consequences of identified risks in the health examination

 

Resulta ng larawan para sa health examination

If the insurance company identifies risks to the applicant with the health questions answered, it has various options for reacting to them.

  • Refusal : The applicant has no opportunity to be insured against occupational disability with this insurance.
  • Risk premiums : Due to the increased risk of occupational disability, for example due to certain previous illnesses, the insured must also pay higher contributions for his disability insurance.
  • Exclusions: Had an applicant, for example, in the past knee problems, the insurer may offer him a BU policy that excludes a pension payment in the event that he is unable to work due to knee problems.

Responsible handling of disability insurance health issues

Rejection, risk premiums and exclusions by the insurance company are very unpleasant results for the applicant. However, too light a way of dealing with health issues is not a solution: Misrepresentations or the concealment of previous illnesses can lead to the insurer failing to provide occupational disability insurance. In addition, future insurance contracts with other providers are difficult . For occupational disability insurance, therefore, health care must be treated with particular care and attention .

Conserve health history and previous illnesses conscientiously

Before health care issues are addressed for disability insurance, the applicant should thoroughly review his or her own health history. For whether a therapy, a previous illness or an operation was only forgotten or deliberately concealed – consequences may have this misstatement anyway. To be completely sure that he has taken into account all the relevant pre-existing conditions, the applicant should therefore obtain information in advance from his health insurance and his attending physicians .

As a rule, there is a statute of limitations for occupational disability insurance for health issues. Often, illnesses, complaints, and doctor visits are only queried for the past five years, and surgeries and psychotherapies only for the past ten years . The shorter the polling period, the lower the likelihood that the applicant will intentionally or unintentionally violate his or her duty to report in the course of the health check.

Make risk inquiries with different insurers

If the applicant fears being rejected by the insurance based on his or her health history, he / she may have a risk pre-requisition made by an insurance broker . The mediator communicates the critical health information anonymously or under a false name (pseudonymized) to different companies at the same time . If the insured is rejected by a provider on the basis of this information , he or she does not need to fear any further consequences in the course of the risk pre-request, as it can not be personally associated with the incriminating characteristics.

Health questions conscientiously and truthfully answer

If health issues have not been answered in the true sense, there is a breach of duty . The insurance company then has the right, in particular in serious cases, to

  • to withdraw from the contract
  • to withhold the contributions already paid
  • stop the pension payment that may have started.

For example, fraudulent and deliberate misrepresentations in the BU health issues only have a limitation period of up to ten years . If the insurer becomes aware of the misstatements within this period, it may draw consequences. However, applicants should not reveal more than is actually asked . Here it is very important to pay attention to formulations .

The information and information system of the insurance industry

Insurance companies also have the right to save the answers to health questions for each individual in the Insurance Information and Information System (HIS). Among other things, this database contains information about policyholders, insured persons, injured persons and objects as well as witnesses . The purpose of this system is an efficient risk assessment and the fight against insurance fraud , with the aim of protecting the community of insured persons from financial disadvantages.

Each insurance company can thus create data on persons as a precautionary measure or in suspicious cases in this system. Also already known risks and pre-existing conditions are stored here. Here is also an advantage of the anonymous or pseudonymized risk pre-inquiry: An entry in the HIS can not be made by the insurance company, as it has no personal data.

Other insurances that a person applies for have access to this database and can reject new requests based on the information stored . A record can be stored for up to five years. If a new notification is made, this period will be extended to a maximum of ten years . Actual health risks but above all false information can therefore have far-reaching consequences.

Simplified occupational disability insurance Health issues in the application process

Some occupational disability insurances offer simplified health issues when applying. These are fewer and more condensed issues that also affect a shorter period of time . While occupational disability insurance usually covers several pages of health issues, in the simplified form, for example, only three or five questions can be asked, which the applicant must ultimately answer in summary and one-time with a YES or NO.

It should be noted that for the consumer in the BU, the simplified health issues do not always have an advantage . They are often associated with strict conditions, such as a maximum pension amount , a maximum retirement age or the restriction to certain occupational categories . Also, the generalized formulations of simplified health issues may make it difficult for the policyholder to truthfully answer , as he or she may not be reminded of certain milestones in his or her health history.

Rarity: occupational disability insurance without health issues

It is rarely possible to take out occupational disability insurance without health issues and is subject to certain conditions, such as a limited monthly BU pension . For example, the insurance company can waive the BU health issues if the occupational disability insurance is completed as an addition (BUZ) to another insurance , such as a life insurance policy. Some insurers also refrain from health issues if the claimant already has the status of a bonus customer , for example, has already completed a certain number of policies with the company.

In addition, an existing policy may often be retrospectively adjusted for health issues without re-occupational disability insurance if automatic dynamics have been agreed or if the post-insurance guarantee is used.

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Money hurts health

Money hurts health

Resulta ng larawan para sa money hurts health

A moment of calm, ladies and gentlemen. Are we going to play blood pressure, bitter coffee and give the reason to the brother who has never hit or seal and today is outraged?

The papers of Panama are neither papers nor are they: four documents in English, filtered by a certain Juan Nadie or Juan Sin Nombre -this means John Doe and viva Capra-, which only confirm that many rich people ignore the noblest end of money: waste it.

The middle class is lucky to spend with joy and, instead of getting indignant, what they should do is have a little mercy with the millionaires and give them good advice.

Does anyone put themselves in the shoes of these people and wonder what it takes them to hide the money in Panama, country of a channel, a song – Pedro Navaja: “If you were born to hammer, the nails fall from the sky” – and a curse? I do. These are compassionate people who shun envy and strive to make their fortune go unnoticed and humanity to live without resentment.

For me, for example, that Vladimir Putin, Ivan Zamorano or the Prime Minister of Iceland have savings in Panama bothers me less than if the neighbor of the sixth second drives an Aston Martin. What gives me tirria are not the distant chorizos, but the proximity chorizos that spend 1,460 euros in a dinner in El Percebeiro Feliz and then say that the per-cebe is a silly bug.

If you have to put up with the pigeon-like brother-in-law lecturing about rents, can you imagine how heavy a rich man would be if he paid all the taxes? That gentleman would give a lot and he would spend the day demanding the suppression of the councils, the municipal sports centers, the Diplocat, the roundabouts and the subsidies to the film industry. On the other hand, saving money in Panama encourages silence, that old-fashioned treasure.

I am unworthy but not much with the Panama documents. I am unworthy and it only surprises me that there is no oil tycoon in Texas, because Americans have been saying for years that you have to pay less taxes and expect little from the state. Here we expect a lot from the State and the millionaires. Of the State, that it gives us more of what it takes away from us, and of the millionaires, that they stop being it by force of paying taxes.

There are indignant fools who ask for more fiscal control and people who, when Pedro Navaja sounds, start dancing and not listen to his instructive lyrics. One already fears that the Spanish administration, lazy in nature, reactivates the fiscal front.