Insurers have committed to extending their income protection coverage for self-employed clients up to the legal retirement age, increasing it to age 66 from 2025 and age 67 from 2030, according to Assuralia, the Professional Union of Insurance Companies.
This pledge forms part of a new code of conduct that takes effect on 1 January.
Income protection coverage serves critical needs for self-employed individuals who may require additional social security in case of long-term work incapacity. It is traditionally valid until the age of 60-65.
In response to societal encouragement to work longer and the raising of the retirement age, insurers have promised to extend this coverage, once the client consents.
The code of conduct includes a clause stating that insurers will initiate contact with their insured clients no later than the end of 2026. If their contract expires before this date, self-employed individuals can start the process themselves through regular channels, Assuralia explains.
The insurer’s proposal will not require a prior medical questionnaire or examination.
The code of conduct applies to all forms of income protection insurance, both as a primary or as an additional safeguard, providing a pension whose current coverage runs at least until the age of 60. It will also apply to individual income protection insurance to which salaried workers subscribe.
