Disability insurance is a sensible option for anyone who wants to protect themselves against the potential consequences of illness. This makes sense even, and especially, during university studies.
First, the question: How high is your personal need for security? Do you love taking risks without any safeguards, believing that nothing bad will happen to you—at least nothing so bad that you won't be able to work later? Then the following points are irrelevant to you. If you're one of those people who definitely think about their personal, professional, and health-related future, then here are the points you should consider.
What career are you aiming for?
The more specialized your profession and the more it depends on your physical capabilities, the more worthwhile it is to take out disability insurance during your studies. For example, someone aspiring to be a surgeon, teacher, or architect will be placed in a different rate category by the insurance company if they only decide to take out disability insurance after completing their studies, and will therefore have to pay more than if they were a student by profession.
What are the arguments of the insurance companies?
A common argument is that one in four people will become unable to work before retirement. This usually involves a significant amount of money. A university graduate today can easily earn more than €4,000 per month. Someone who becomes unable to work at age 50, for example, and has 17 years until retirement, will lose €816,000 in salary. In such cases, the state typically provides very little support.
2 key reasons why insurance is advisable even during your studies
The younger you are when you join, the lower the contributions.
Furthermore, students are generally placed in a very affordable insurance category, as insurers assume that the risk of occupational disability is not as high as, for example, for an industrial climber. Should you decide to take on a riskier job after graduation, you can usually still benefit from the more affordable rate. However, you should always clarify this with your insurer before changing jobs.
Starting out in a healthy way is worthwhile.
If you have pre-existing medical conditions, insurers may charge a surcharge on your premium, depending on the illness, or you may be rejected altogether. Therefore, there is usually a comprehensive health questionnaire where you must provide accurate and truthful information about any health problems you have. Since something can happen to anyone at any time, you should get coverage while you are still young and as healthy as possible.
The Stiftung Warentest (German consumer organization) also sees both points as important arguments for students to take out insurance.
Some insurers offer special introductory rates for students. These have the advantage of a reduced premium. This makes sense as long as the student budget is limited. Later, the insurance coverage can be expanded without further health checks. It's important to initially select "coverage for young professionals" when calculating the premium and to specify "student" as your occupation.
Here's a short video explaining what disability insurance is all about:
