Dreadful Disease Insurance - Experience and Suggestions

23 posts in this topic

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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Hello,

I am interested in getting the  Schwere Krankheit Vorsorge (dread disease?) coverage for myself and want to know if there's someone on here who can advise me. I tried check24 where I usually go for simple insurances but its not available on there. 

Thanks in advance,

 

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If you do take the plunge make sure you read and understand and extrapolate the small print. It's easy to pay charity to the insurance companies. Some stuff evolves slowly over time and you may not be able to pinpoint the onset or foresee the consequences. Insurance contracts like clauses with time limits for reporting and making a claim...

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43 minutes ago, GlobeTrotterBoy said:

Hello,

I am interested in getting the  Schwere Krankheit Vorsorge (dread disease?) coverage for myself and want to know if there's someone on here who can advise me. I tried check24 where I usually go for simple insurances but its not available on there. 

Thanks in advance,

 

I am guessing you did not read through this thread?! 

Starshollow and John G are both insurance experts who advertise on TT for their services.

You could send them a message.

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13 minutes ago, RedMidge said:

I am guessing you did not read through this thread?! 

Starshollow and John G are both insurance experts who advertise on TT for their services.

You could send them a message.

 

I did but I also saw the last post were almost 18-20 months old and things could change - like John G being based in Greece :)

 

I will write them privately then. Thank you.

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1 hour ago, GlobeTrotterBoy said:

Hello,

I am interested in getting the  Schwere Krankheit Vorsorge (dread disease?) coverage for myself and want to know if there's someone on here who can advise me. I tried check24 where I usually go for simple insurances but its not available on there. 

Thanks in advance,

 

https://www.handelsblatt.com/finanzen/vorsorge/versicherung/vergleichsportale-makler-gegen-check24-der-kampf-um-den-versicherungsmarkt/25255012.html

 

Also be careful with Check24- controversial and dodgy practices?

Handelsblatt 25.11.2019

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for starters, please try to understand the different ways and means to set up an income protection for folks residing here in Germany. You can read a lot of good info here on our website:

https://www.crcie.com/insurance/income-protection-insurance/overview-income-protection-insurance-germany/

 

A Dread Disease insurance (Schwere Krankheitenversicherung) has a number of pros as compared to a occupational disability insurance (Berufsunfähigkeitsversicherung). Yet it also has drawbacks, such as that the Dread Disease "only" pays out a lump-sum once. if the money is gone/spent and you still have no other source of income, you might find yourself up a certain river without a certain tool at hand...

Generally speaking: the BU (occupational disability insurance) covers the highest imaginable risk. It, therefore, provides the highest amount of coverage, which also means consquently it is the more expensive one in comparison.

The SKV (or DD, dread disease) covers a large number of ailments and diseases and thus your statistical likelihood of actually getting a pay-out is much higher. But it is not concerned with whether you'll recuperate in full later and get back to working/generating income in any way or form.

 

Therefore I would indeed strongly advise to get very qualified and experienced advice on this topic, especially since understanding the small print in the competing insurance offers is imperative for a real comparison of costs and benefits and that is something even most "normal" insurance intermediaries will faill to do properly because it is a very special area of expertise.

 

Cheerio

 

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Just a quickie here re Starshollow‘s excellent post.

One problem re Berufsunfähigkeitsversicherung is your job title. Some jobs are not insurable because the insurance companies  don‘t always know how to classify you.

“ Life coach“ , off the top of my head , or creative areas eg yoga teacher, blogger etc... tough.

 

The other week I had an email from an insurance company offering Berufsunfähigkeitsversicherung for people with hard-to-insure professions. „ Try us, Mr Gunn! „

 

So I did! Asked for a quote for a new potential client ( can‘t remember the profession but maybe actor. )

The answer came back: „ We are sorry. We can‘t cover that profession.“

😂

 

 

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