FAQ

With disability insurance, you insure yourself as a self-employed person for an income in case of disaboloty due to long-term illness or accident. The insurance pays a monthly amount if you become incapacitated. 

An AOV is meant for anyone who wants to secure income in case of (partial) disability.

As an independent entrepreneur (with or without any employees) or director-major shareholder, you are usually not automatically insured for this. To eliminate financial risks, it is strongly recommended that you do this yourself. 

Are you employed as an employee by an employer? Then you are usually insured for disability through your employer.

When finding the AOV that best suits your situations and needs, we look at a few things: 

1. When are you incapacitated: Substitute work or not? 
2. Desired level of benefit 
3. Sickness: when are you entitled to benefits?
4. Who determins your incapacity to work?
5. Get good advice

We will briefly highlight each point below

How quickly or how completely you are declared incapacitated depends on the form of insurance you can choose: 

• Occupational disability (BAO)
  Can you no longer (partly) excercise your profession or trade? You cannot be required to use your residual capacity for other work. This is the most expensive form of insurance. 
• Adjusted work disability
  When determining the degree of incapacity for work, we look at work that matches your capacities, experience, work history, salary and limitations. So you may have to do different work than you did before you became unfit for work.
• Adequate work disability
  This looks at whether you can do work that is considered generally accepted after your illness or accident. Regardless of your occupation or work experience. This is the cheapers insurance variant. 

You can choose from two variants here:

• Sum insurance:
  You choose a fixed amount you want to be paid in case of incapacity for work. Look carefully at your current and future home situation: do you have a partner? Do they have an income? How long can you survive without income? How much do you need to live properly in case of long-term disability? 
  
  
• Damage insurance:
  This insurance supplements you own income up to a pre-agreed amount. You have to be able to prove your loss of income (damage) due to disability. 

You are an OR employee and become partially disabled. You can no longer perform you work. In the first year, you are always assessed for occupational disability. The benefit is then equal to the insured amount. At some point, however, it is possible for you to partially recover to provide training. This alloows you to maintain your income. 

In a financial sense, you suffer no further loss. If you have non-life insurance, then in this situation the payment stops. After all, there is no more loss of income and therefore no damage to be compensated. If you had taken out sum insurance, the insurance company would continue to pay out. This is because in that case, the only issue is whether you have become incapacitated and not how much damage you suffer.

Sometimes an insurer wants to exclude certain causes for disability. For example, if you already have a history of back problems. An insurer will then not give a premium discount. It may be premium advatageous to look for products where not all causes of disability entitle you to benefits. 

JFor example, you can choose that disability due to mental illness does not entitle you to benefits. You can also choose that only incapacity for work resulting from an accident will entitle you to benefits. Or that there is only cover for incapacity for work as a result of an accident and certain specifically mentioned serious illnesses or syndromes. With these products in particular, check the terms and conditions and product information carefully so you know when you will and when you will not receive benefits. 

An examining doctor determines the extent of your disability. Your insurer will appoint one. Some insurance policies give you the right to a contra-expertise. If you do not agree with the determination of the degree of incapacity for work and the payment linked to it, you may call in a contra-expert to have the insurer's opinion independently tested.

Deciding for yourself what is the best suited insurance for you is quite the task. You can seek advice on this from Blue Risk as an independent financial adviser. We will find out for you personally which options matter to you. And once you know what you want, it is wise to compare the conditions and premiums of the various disability insurances. Because they can be quite different from each other. Blue Risk can also assess this objectively and properly for you. In addition, we can manage your policy and assist you, should you unexpectedly become unfit for work. 

Disability insurance is never standard. In fact, with this insurance, you have many choices per condition to tailor it. Never only look at the price. The most important thing is what you get out of the insurance when you become disabled. Compare different disability insurance policies on their policy conditions and determine how important certain conditions are for your personal situation. 

When are you incapacitated for work? You can choose from three forms. Your choices determines when you are incapacitated for work for the insurer and therefore when you receive benefits. 

If you are insured on the basis of occupational disability, you cannot be obliged to use your (remaining) capactities for another (equivalent) job. However, possible adjustments to work within your own company are often still considered. 

Example: You are a dialysis nurse and you become unfit for work in your own profession. The insurer initially looks at whether you can still do the same work, before it declares you (completely) unfit for work.

If you can no longer practice your own profession, the insurance company will look at which suitable occupations you can reasonably practice. To determine whether an occupation is suitable, your employement history, work pattern, eductation, salary, your physical limitations and distance to work are taken into account, among other things. The job level of the new occupation should preferably be equal to the level of your old occupation. 

Example: You are operation assistant and you become incapacitated for your own profession? The insurer considers whether you can stil pursue an equivalent profession, such as amedical supplies representative.

When determining (the degree of) incapacity for work, all work that you can still do and that counts as generally accepted work is taken into account. The work you can still do is therefore taken into account, regardless of your profession and work experience. 

Example: You are a nurse and become unfit for work in your own profession? The insurer determines whether your physical condition is still such that you can perform other work. Maybe you can still do the profession of postman? 

It is also possible to combine the forms: in the early years of your self-empoyment, for instance, you insure yourself for common occupation, then for suitable or occupational disability. In doing so, be aware that the advantage of starting with a low premium also means that will have less coverage in case of disability. 

Sum insurance pays out a predetermined amount. The amount of the loss of income does not matter, as it does not compensate the exact damage suffered. This is the case if you have opted for the 'Occupational Disability' variant. 

Damage insurance compensates the loss suffered. There must be loss of income. Therefore, the amount of your last earned income partly determines the amount of compensation. In addition, any other income and benefits you recceive will be taken into account. If it turns out that you received too much, the benefit in the following year will be lower than before.

Insurer always apply a waiting period with disaility insurance. This is the period between becoming unfit for work and receiving benefits. It is usually a period of 30 days, but you can also choose to make this period longer. In that case, your premium will be lower. If you can financially bridge a longer waiting period and the premium benefit is big enough, it may be interesting.

Your disability benefit stops when you reach a certain age. It is wise to have termination time of your benefit aligned with your retirement age. It is also possible to have the benefit terminated earlier. For example, because you still have another source of income. Maybe you still have a working partner or savings behind you and you can use this until you retire.

If you are pregnant, you will often receive benefits for a certain period of time. Entitlement to benefit, amount insured and duration of the benefit depends on the chosen insurer. 

Usually, the degree on incapacity for work is determined by a medical expert or consultant to be appointed by the insurer. Do you think the possibility of a contra-expertise by your own expert or advisor is important? Then check whether the terms and conditions describe if you have the right to a contra-expert. 

The retroactive cover arrangement is important if you take out the new insurance or switch to another insurer. When taking out disability insurance, you often have a period, say a month, until the insurance actually starts. If you have retroactive coverage, you are also insured during that (switching) period. If you do not have retroactive coverage, the new insurer will not pay out if you become incapacitated for working during that (switching) period. 

You often have a notive period on your disability insurance. A Extended Reporting Period ensures that after cancelling your insurance polikcy, you remain entitled to benefits during the remaining term, should you become incapacitated during that period. 

When taking out your disability insurance, you will be asked about your income and the distribution of your professional activites, among other things. These details are important for coverage. If these details change, it may affect your entitlement to benefits. It is therefore important to regularly check whether your personal circumstances are still in line with your disability insurance. Look carefuloly to see if your disability insurance has a annual maintenance plan to keep your insurance flexible. Do check what this mandatory or optional arrangement means in your situation. After all, it could also mean that if your income changes midterm, you will be obliged to lower your cover.

A correction provision allows the insurer to cut your benefit if this benefit, together with other income or benefits from another policy, exceeds your income before the disability. The correction provision only matters in non-life insurance polocies. Check how this is regulated so you don't get paid less than you expect beforehand. 

Your application may require further investigation to determine whether you can be insured. In the meantime, you are covered for accidental disability but not sickess. Provisonal cover is usually capped at three months.

Insurers can exclude you for certain forms of disability. They base this on your medical history. If you are excluded, you will still pay the full premium. In that case, it makes sense to check whether there are disability insurance policies that allow you to choose not to insure certain illnesses and thus receive a discount on your premium.

If you are less than 25% incapacitated, you will not receive benefits,. You will also not receive benefits during the excess period. In both situations, the insurer does not offer support to return to work (fully). In some situations, there is no cover. For examplem if you have deliberately caused the disability or if you have an accident while under the influence of alcohol or drugs. You can read more about this in the policy conditions.

The following factors affect the amoount of the premium:

• age
• occupation
• sum insured (maximum amount payable)
• type of insurance
• cut-off age (when the insurance stops)
• excess period (how soon is the payment made after you become unfit for work)

The amount of your premium may increase during the term of your disability insurance. This is because your risk of becoming incapacitated increases. You can also opt for a fixed premium or for a premium that increases gradually at first and is fiex at a certain amount after some time. With some policies, you get premium waiver if you become disabled. In that case, you will get all or part of the premium paid back at the end of the policy year.

The premium of diability insurance is tax deductible. It affects income tax or corporation tax. Any benefits are always taxed.

Besides financial security, the insurance offers you personal help to get back to work as soon as possible. Even if you are less than 25% unfit for work. Together with you, we look at what measure and support will work best for you. For example, a workplace adjustment or retraining. Wehere possible, we contribute to the costs. In any case, help can be given to good and reliable care providers.

Even if you are just working healthily. Preventitive services will help you prevent incapacity for work in various ways. These are carried out by independent service providers. The services are completely confidental; the insurerdoes not receive any personal information. The service is free of charge to you.

Services such as e.g. The Personal Health Check, Personal coaching

The premium of disability insurance is tax deductible for income tax or corporation tax. Any benefits are always taxed. 

If the policyholder is a natural person for the Tax office, the insurer is legally obliged to inform the Tax Office of the premium paid by the policyholder for the insurance. The insurer is then also ibliged to deduct payroll tax on any benefits. 

If the tax authorities view the policyholder as a legal entity, the insurer does not provide a statement of the premium paid and they do not deduct payroll tax from any benefit. The legal entity itself takes care of the required deductions when receiving a benefit.

AOVs are not exempt from insurance tax.

Together with you, we determine exactly what your insurance will look like. When applying for insurance, in addition to an application form (digital), a health declaration if often required. 

An independent medical advisor will review the health declaration with you over the phone. The medical advisor then advises the insurer based on which they decide on the application.

Depending on the insured amount, the insurer assesses whether the amount fits your income. Above an insured amount of   € 40,000, the insurer will always assess whether this amount matches your income. For a lower insured amount, you usually do not have to provide financial data, unless you are selected for this through a random check.

Your application may require further investigation to determine whether you can be insured. In the meantime, you are insured for accidental disabolity but not sickness. Provisional cover usually lasts for three months. 

The policy takes effect on the date the insurance is accepted by the insurer. 

Together with you, we determine exactly what your insurance will look like. When applying for insurance, in addition to an application form (digital), a health declaration if often required. 

An independent medical advisor will review the health declaration with you over the phone. The medical advisor then advises the insurer based on which they decide on the application.

Depending on the insured amount, the insurer assesses whether the amount fits your income. Above an insured amount of   € 40,000, the insurer will always assess whether this amount matches your income. For a lower insured amount, you usually do not have to provide financial data, unless you are selected for this through a random check.

Your application may require further investigation to determine whether you can be insured. In the meantime, you are insured for accidental disabolity but not sickness. Provisional cover usually lasts for three months. 

The policy takes effect on the date the insurance is accepted by the insurer. 

Once you have taken out the policy, there may be circumstances that make it better to modify it. For example, you will change jobs, or there are developments in your financial situation or in your health. In addition, insurers' premiums and coverage change. These are all factors that can affect the benefit or premium you have to pay. Therefore, have your insurance reviewed periodically to determine whether your circumstances still match the insured conditions. 

An insurer often allows you to change your policy at certain times. Blue Risk is happy to advise you on making the right choices. A periodic check of your Disability Insurance can save you a lot of trouble.

Blue Risk actively guides you so you can choose better and faster. You can take out a subscription with us where we actively keep and eye on everything for you, so easy!