Berufsunfähigkeitsversicherung: Must-have oder Geldverschwendung?

Summary

The video considers whether Berufsunfähigkeitsversicherung (BU; occupational-disability insurance) is worth paying for instead of investing the premium. Its central recommendation is to consider BU if you rely on earned income to cover living costs or support dependants. The video frames insurance as protection against a potentially livelihood-threatening risk—not as an investment expected to produce a positive return.

Key figures and examples

• State protection: For people born after 1961, statutory occupational-disability coverage was replaced by the reduced-earning-capacity pension (Erwerbsminderungsrente). This benefit assesses capacity to work in the general labor market, not just in a person’s current occupation.
• 2024 figures cited: About 171,000 people newly entered the reduced-earning-capacity pension system. The average full pension was €1,099 per month.
• Illustrative human-capital calculation: A 27-year-old earning €54,000 gross annually and working until 67 has 40 years of earnings, or €2.16 million in gross lifetime income, before salary increases. The video presents this as a simplified illustration, not as the amount BU would pay.
• Opportunity-cost example: A €60 monthly premium paid for 40 years totals about €29,000. If invested monthly in an ETF savings plan earning an assumed 7% annual return, it could grow to over €150,000. This is a hypothetical return assumption, not a forecast.

Illustrative BU premiums

• A 21-year-old economics student seeking a €1,000 monthly BU pension: about €24 per month. At age 26, the same example costs about €2.50 more per month.
• A 33-year-old mechanical engineer seeking a €2,500 monthly benefit: about €51 per month. At age 48, the premium is roughly €20 more per month, assuming unchanged health.
• A 28-year-old male nurse seeking a €2,000 monthly benefit: about €160 per month. Reducing the benefit to €1,500 would lower the premium by about €40 per month; the video does not recommend cutting coverage automatically.
• A 26-year-old software developer seeking €2,500 per month of coverage: about €51 per month for cover to age 67, versus nearly €30 per month if cover ends at 60. That is around €20 less per month, but leaves an uninsured gap from 60 to 67.

Claim and duration statistics

The video cites a BU approval/performance ratio of roughly 80%. It also says that about 25% of employees become occupationally disabled during their working lives, with an average disability period of roughly 6–8 years. These figures are presented without detailed source attribution in the subtitles.

Among stated reasons for rejected claims, 38% reportedly involved claimants ceasing to respond to insurer requests; about one-third involved not meeting the 50% occupational-capacity threshold.

When BU pays and how it interacts with state benefits

• A policy generally pays when someone is less than 50% able to perform their current occupation, and the condition is expected to last more than six months.
• The assessment concerns the person’s occupation, not their general ability to work. For example, a surgeon unable to operate because of a hand impairment might still be able to work at reception. Private BU may cover this occupational loss, while the statutory pension may not.
• Cover follows the person’s most recently performed occupation if they change jobs.
• BU and the reduced-earning-capacity pension can be received at the same time if the conditions for both are met.
• BU may continue if the insured takes a different job, until the new job restores at least 80% of prior salary and comparable social recognition, as described in the video.
• Claim assessments can take time, so policyholders should maintain financial reserves. Disputes occur, but the video says the cited statistics do not suggest that insurers systematically reject all claims or that every claimant must sue.

Decision framework and recommendations

• Consider insuring risks that could threaten your livelihood, particularly if you depend on earned income, are a family’s main breadwinner, or support others.
• BU may be less essential if you have substantial wealth, other reliable income such as rental income, or sufficient support and few financial dependants. This is an individual assessment.
• BU does not necessarily have to replace ETF investing. Where affordable, a person may maintain both protection and an ETF savings plan.
• Consider applying while young and healthy: premiums may be lower, and health underwriting may be easier. A pre-existing condition can lead to rejection, a premium surcharge, or an exclusion.
• From an income-protection perspective, the safest term is generally to retirement, illustrated as age 67. Ending cover at 60 leaves seven years of risk to self-insure. The video advises against a shorter term unless you can bear that gap. One possible strategy is to retain cover while building investments, then cancel if your assets make employment income unnecessary.

Estimating the monthly benefit

• Calculate essential expenses and a minimum living-cost budget.
• Use 80% of net income as a rough rule of thumb.
• Use the referenced DINorm calculation as a rough guide, not a strict rule. The video cautions that the standard was co-developed with the insurance industry.

Choosing and applying for a policy

Compare policies across insurers rather than choosing the first offer. Review occupational definitions and exclusions, worldwide validity, the prognosis period, and options to increase cover later without another health check.

Make application and health disclosures accurately. The video suggests obtaining your medical file from your health insurer and checking it against the application. It says applications commonly ask about outpatient treatment in the previous five years and inpatient treatment in the previous ten years, while some policies use three and five years, respectively.

People with pre-existing conditions can request an anonymous preliminary risk assessment from multiple insurers to learn about possible acceptance, exclusions, or surcharges.

The video cautions against bundling BU with other financial products, such as a Rürup pension, arguing that bundled products can be more expensive, less transparent, and less flexible.

If making a claim, seek support from the intermediary or a suitable specialist; specialized lawyers are also an option. The video says legal-expenses insurance is an individual choice rather than an automatic requirement.

Costs and provider-choice disclosures

The video describes three ways to buy BU: directly from one insurer, through a fee-based adviser, or through a commission-paid broker. Fee-based advice may provide access to net tariffs without embedded commission, but advisers charge fees even if no policy is ultimately arranged. Brokers typically advise without a direct fee to the customer but receive insurer commission when a contract is concluded.

Finanzfluss promotes its own BU brokerage service. The presenter says its advisers receive fixed salaries rather than individual sales commissions, while the company earns commission or referral fees. The service compares commission-based policies with net tariffs.

The video states that its brokerage fee is €179 per hour, capped at 2.5 hours (just under €450), and payable only if the insurer accepts the applicant and a contract is concluded. The ordinary commission-based option has no additional direct fee to the customer, with ongoing support included as described; support is not automatically included in the net-tariff option. The video notes that a net tariff may be more worthwhile for long terms and high premiums, but that the comparison is case-specific.

The presenter says the video cannot cover every aspect and emphasizes that the final decision is individual. No explicit “not financial advice” disclaimer appears in the subtitles.

Presenter and sources

• Presenter: Thomas, Finanzfluss.
• Sources or organizations referenced: Consumer advice centers, including the Hamburg Consumer Center; Stiftung Warentest; and insurance-industry statistics discussed in the video. The subtitles do not identify the specific statistical reports.