Everybody between the ages of 18 and 55 who has a pension scheme with us and who has provided satisfactory medical information can take out insurance against loss of earning capacity. This insurance will protect you if you lose your earning capacity or if your earning capacity is reduced for a long period of time as a result of illness or accident.
With insurance against loss of earning capacity, you will receive a monthly income. We will assess whether your earning capacity has been sufficiently reduced for you to be eligible for cover. After 18 months at the latest, we will assess whether you suffer from a long-term loss of earning capacity and, if so, how much the illness or injury has reduced your income. Your insurance conditions will specify the amount of income you are entitled to if you have lost more than half or more than two-thirds of your salary.
Length of waiting period depends on pension scheme
You will not receive any benefits until after a waiting period of three, six or 12 months. Your employer will determine the length of the waiting period when you take out the insurance. If the scheme is a personal pension scheme, you decide the length of the waiting period.
In order for benefits to be payable under the insurance, it is a requirement that your earning capacity has been reduced by half or two-thirds or more for the entire waiting period.
Income tax relief
Contributions are fully tax-deductible. Benefits provided under the insurance are taxed as personal income.
Possible exemption from contributions (waiver of premium)
You may be granted an exemption from contributions if, for instance, your earning capacity has been reduced by two-thirds or more for a minimum period of three months. This means that your pension scheme continues unchanged without you having to pay any contributions.
In some cases, you may return to the labour market after a period of retraining. If, for instance, you are a qualified bricklayer, there is the possibility that a retraining programme will enable you to work as a construction designer. However, if you are capable of participating in a retraining programme, your ability to make money has, in actual fact, not been sufficiently reduced, and your loss of earning capacity does not qualify as a long-term loss. Therefore you will not be entitled to receive benefits under your insurance during a period of retraining.