As data from insurance companies suggest, the spread of covid-19 and related government measures is clearly reflected in the insurance market. In general, people are more interested in various insurance products in difficult life situations, and this is confirmed even now during a pandemic. Statistics from the Czech Insurance Association show that the insurance segment grew by 3.6 percent year-on-year last year.
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“In recent months, job loss insurance, insurance against incapacity for work or incapacity for work have come to the forefront of interest. Other insurance policies reflect another phenomenon of today, which is working from the home environment, the so-called home office, ”said Dušan Šídlo from Broker Trust.
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Job loss insurance
Insurance companies have been offering the option of insuring against loss of employment for a long time, it is advisable to arrange it with a mortgage or consumer loan. In recent months, interest in this product has been growing to a greater extent. Some insurance companies even report up to half as high demand growth.
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“The insurance will ensure that a person does not stop repaying the loan if he loses his job due to termination or bankruptcy of the employer. In such a case, the insurance company usually pays 6 to 12 monthly installments, depending on the terms of the contract, ”added Šídlo.
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However, the insurance does not cover all situations, typically such as termination of employment by agreement. You will have a problem with the insurance indemnity even if you know before arranging the insurance that the end of your employment is approaching. For this reason, insurance companies use the so-called waiting period, so you will not be entitled to insurance benefits until 30 or 60 days have elapsed.
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Insurance of incapacity for work
Insurance against incapacity for work is not offered by banks, but by some financial advisers.
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“Through this insurance, it is possible to insure the insured’s income lost as a result of temporary or permanent incapacity for work in the given profession due to an accident or illness,” specified Šídlo.
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As he further explained, this is not a classic disability insurance, where the client cannot perform any work. This product is therefore suitable, for example, for the self-employed (self-employed): for example, well-earning doctors, dentists, musicians and other artists, high-ranking managers, pilots or professional athletes. However, insurance is also arranged by well-earning craftsmen, teachers and chefs.
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Professional income insurance is not a cheap insurance, which is understandable given the risk that the insurance company assumes. A relatively minor health problem can also lead to professional disability, which does not necessarily end in disability from the state at all.
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“In the event that, due to an accident or illness, a person would have a significantly limited opportunity to earn money in any way, classic life insurance or disability insurance is appropriate,” Šídlo recommended.
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Incapacity for work insurance
If you take out incapacity for work insurance, the insurance company will pay you the agreed amount for each day of incapacity for work from its 15th day. Insurance can be arranged by both employees and self-employed persons.
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In addition to this commercial insurance, however, entrepreneurs should also consider arranging voluntary health insurance from the state. If they do not pay it, they lose both the sickness benefit in the event of incapacity for work due to an accident or illness, and any maternity or paternity benefit.
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“A neglected and significant benefit is that for the period of drawing the sickness benefit, the self-employed is exempted from paying advances for social and health insurance (only for the entire months in which the event lasted). A suitable solution is to combine state and commercial insurance, ”pointed out Šídlo.
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Insurance when working from home
Currently, many employees work in the so-called home office, ie they perform their work from home. More often than before, they insure their liability to the employer, which is useful, for example, with the means of work used, typically computers or business telephones.
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Some employers, in turn, arrange accident insurance for their home office workers. “Although it may seem paradoxical, it is a logical step. Many employees work from home, where, by the way, most accidents occur, and if they are injured during working hours, the incident can be classified as an accident at work, ”added Šídlo.
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Poll
Do you have insurance against risks associated with loss of income?
I bought it because of a pandemic.
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A total of 682 readers voted.
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