Assuralia has approved a new code of conduct for occupational income protection insurance policies covering employees.
The initiative follows the gradual increase of the statutory retirement age to 67. In practice, a number of disability income insurance policies still provide cover only until the age of 65, or even earlier. As a result, employees may face a period during which they remain professionally active but no longer benefit from income protection cover.
Under the code of conduct, insurers are expected to raise employers’ awareness of the need to verify whether the contractual termination age of the cover still corresponds to the current statutory retirement age. The code will enter into force on 1 September 2026 and will apply for a period of two years.
Why is this relevant?
This development provides brokers with an opportunity to review existing income protection arrangements together with their clients.
Although the code of conduct is addressed to insurers, it is equally advisable for brokers to support this exercise. Otherwise, employees may continue working beyond the contractual termination age of the policy, potentially resulting in an unintended protection gap.
Point of attention
The code of conduct applies exclusively to certain occupational disability insurance policies that provide a replacement income annuity and whose contractual termination age is lower than the statutory retirement age.
Assuralia Code of Conduct – Occupational Income Protection Insurance, available in Dutch and French only.
