According to the European Statistical Office Eurostat, 19.2% of 15-29 year-olds were employed in 2021. If you want to enter the world of work with peace of mind, personalised protection is essential to guard against life’s unpredictability. So, how do you insure yourself in the event of disability? Let’s discover the importance of choosing a personal protection insurance adapted to your needs as a young professional.
According to the Eurostat study, recent graduates from Luxembourg top the podium with the highest employability rate in Europe.
Fresh out of school or university, young people find themselves immersed in the world of work. This start of a short career path can then make them vulnerable if they are unable to carry out their profession.
There are three main reasons for this:
Without a financial safety net and the ability to benefit from full personal protection, coping with day-to-day burdens can become complex.
Luxembourgers benefit from a system based essentially on social security, offering solid but limited cover.
The compulsory personal protection scheme for workers in the Grand Duchy covers various social risks:
Like all workers, young professionals depend on this same general protection system. If they are injured or ill, daily allowances compensate for the loss of wages. A disability pension may be paid to them if necessary.
However, payments can be relatively low compared with the local cost of living. Without additional protection, it can be complicated to maintain an identical standard of living if you are unable to exercise your profession.
Good to know: Conditions for entitlement to a disability pension
To be entitled to a disability pension, the insured must provide evidence of at least 12 months’ insurance under the compulsory insurance scheme during the three years preceding the date of the recorded disability, unless this is the result of an accident or occupational illness.
If you are a young professional, your budget can be tight. Be sure to study the various personal protection insurance proposals carefully.
Given the shortcomings of the compulsory personal protection scheme, we recommend that you take out additional insurance providing optimal and personalised protection. If you are disabled or unable to work, you will quickly receive a replacement income. This additional policy offers more extensive cover, insuring major risks such as death.
Unlike the usual services offered by insurers, here you will be able to adapt the insurance policy to your requirements. Your status must be taken into account as well as your individual expectations. The flexibility and customisation of additional personal protection means that you can review its content to ensure that it remains tailored to your needs throughout your career.
Good to know: get covered as soon as possible!
Remember to protect yourself from the start of your career. You will benefit from a cheaper rate: the younger you are, the lower the premiums.
For Foyer, personal protection insurance is more than just financial protection in the event of unforeseen events. Our goal is to adapt to different life paths. With their short career path, young professionals must be able to flexibly adjust their cover.
Our protect4life package offers you a complete solution. The flexibility of the policy means you can adjust it to suit your family and professional situation. We support you in designing the insurance that suits you, without unnecessary cover. You remain free to modify it according to your development.
Through this personal protection, you can:
As a job starter in Luxembourg, your needs are unique. Social security protection is not enough to ensure you have similar living conditions in case of disability, for example. Select additional cover taking into account the risks, adaptability, level of service and your budget. Our personalised solution offers an ideal combination of personal protection and savings, perfectly suited to young professionals.
Browse our protect4life package designed to meet your life’s needs.
For many reasons, such as personal changes (stepfamily, bereavement, etc.), you may need to consider revising the beneficiaries of the policy you have taken out. At Foyer, please note that this update can still be done at any time and free of charge. Simply send a request by post.
All payments made to the various vehicles are deductible from your taxable amount up to €672 per person in the household.
If you would like a precise analysis of your personal protection insurance needs, contact your agent to arrange a personal assessment. You will receive advice tailored to your professional and financial situation.
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