Dreadful Disease Insurance - Experience and Suggestions

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Dear Members,

I have a question regarding "Schwere Krankheit Vorsorge", dreadful diseases insurance. I want some suggestions from you guys, that whether this insurance makes sense for me or not. I have been looking into the options from Canada insurance. Here is a little about myself.

1) I am 28 years old and work in I.T.

2) I plan to stay in Germany for next 5 - 7 years.

3) I have been told that insurance has world wide coverage, but if you are outside Germany, you need to come back and get checked by a German doctor.

Does anybody has experience with the same insurance ? Looking forward for your opinions.

Thanks. 
Hammad
 

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Because you're so young and stay in Germany just a few years, it probably doesn't make sense. If you have diseases running in the family like e.g. cancer and/or heart attacks, it could be an option also if you have to take care of a family or a mortgage to pay. 

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26 minutes ago, hammad_586 said:

I have a question regarding "Schwere Krankheit Vorsorge", dreadful diseases insurance. I want some suggestions from you guys, that whether this insurance makes sense for me or not. I have been looking into the options from Canada insurance.

 

This is not the type of insurance that you should buy on the internet.

 

I would recommend that you contact either @Starshollow or @john g. for a personalised quote.

 

23 minutes ago, Metall said:

Do you have a link? I've never heard of this.

 

I'm pretty sure that Starshollow has posted info on this before.

 

Edit: https://www.toytowngermany.com/forum/topic/371773-berufsunfähigkeitsversicherung-risikolebensversicherung-sufficient/?do=findComment&comment=3591466

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That is the Critical Illness policy from Canada Life - it is highly rated amongst insurance brokers and, in some cases, makes more sense than the classical Berufsunfaehigkeits insurance/ especially for freelancers. Such a policy pays out a lump sum if a client is diagnosed with a particular illness even if the client may not necessarily be medically classified as occupationally disabled.

 

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28 minutes ago, hammad_586 said:

Dear Members,

I have a question regarding "Schwere Krankheit Vorsorge", dreadful diseases insurance. I want some suggestions from you guys, that whether this insurance makes sense for me or not. I have been looking into the options from Canada insurance. Here is a little about myself.

1) I am 28 years old and work in I.T.

2) I plan to stay in Germany for next 5 - 7 years.

3) I have been told that insurance has world wide coverage, but if you are outside Germany, you need to come back and get checked by a German doctor.

Does anybody has experience with the same insurance ? Looking forward for your opinions.

Thanks. 
Hammad
 

I have it! 

It gives you a sum in case you fall sick from one the illness stated i think it depends what you pay a month of what total you get. No its not much but I am not able to get the disability insurance and In the mean time this was my second option.

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1 hour ago, john g. said:

Critical Illness

 

 That's the phrase I was looking for. Not that 'dreadful diseases' doesn't cover it well.

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there are many different forms of income protection available in Germany. Which one is best suited for you depends on a large number of parameters that lie in your own life, your work, your income situation etc.   I would strongly advise you get an independent expert and advisor on board here to make sure that you get something in the end that is custom tailored to your needs. It is also important for any comparison of insurance plans to take an in-depth look into the terms&conditons of an insurance plan. Again, this is something better left to a professional to advise you. And since there are no price differences (if you chose a commission-paid plan, that is - but there are not many fee-based plans on the market yet there anyway), you are far better off in taking independent advice because you then have someone to hold liable for the advice, actually.

 

If you do not yet understand the difference between a Berufsunfähigkeitsversicherung (occupational disability insurance with monthly pension payments) to a Schwere-Krankheitenversicherung (dread disease or critical illness coverage with a lump-sum one-time payout), you can read a bit more about this here on our website: 
https://www.crcie.com/insurance/income-protection-insurance/overview-income-protection-insurance-germany/

 

Cheerio

 

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Another issue is>if you have a short term/restricted residence permit, in most cases, there´s hardly anything you can sign up for re income protection as a whole ...one or two exceptions you can discuss with an insurance broker experienced with working with expats eg with Starshollow or myself (just to give us " good guys " a plug...):)

 

Disclaimer: I´m an independent insurance broker and official advertiser on TT

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10 hours ago, LukeSkywalker said:

Because you're so young and stay in Germany just a few years, it probably doesn't make sense. If you have diseases running in the family like e.g. cancer and/or heart attacks, it could be an option also if you have to take care of a family or a mortgage to pay. 

Luke..be grateful you´re not an insurance broker! If you were, you would be aware of the professional liability risks involved in saying " you´re young, you don´t need anything, you´re fine ". Just imagine, a broker said that and the client came down with something terrible or an accident or whatever--or anything  else life-changing...so the client says " let me check my insurances..oh, I have nothing "..who would get the potential legal flak? Hint:not the client...

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I agree, john g.  OT, but similar:  both Vierling and Fuenfling visited New York City in 2000 without going to the World Trade Center.  'Don't worry,' I said, 'you can see it next time.  It's not going anywhere.'

Feel free to use this anecdote in your sales presentations.

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