A sudden job loss or a longer illness can threaten your financial existence – especially when ongoing loan instalments already weigh on the monthly budget. The AXA Income Protect insurance, offered exclusively via Cembra Money Bank, promises financial protection in exactly these situations. But: is this offer really worthwhile for everyone?
Overview of costs and benefits
The insurance protects your income in the event of:
- Involuntary unemployment
- Total incapacity for work (e.g. after an accident or illness)
| Variant | Monthly payout | Monthly premium | Minimum net income |
|---|---|---|---|
| Income Protect Basic | € 1,000 | € 66 | € 4,500 |
| Income Protect Premium | € 1,800 | € 99 | € 4,500 |
Contract term: 1 year, automatic renewal
Benefit period: max. 12 months per claim
Payout: directly to the insured person
No health check, independent of the loan
Qualifying period and waiting period – explained simply
Qualifying period: the period after the contract starts during which cover is not yet in force
Waiting period: the period after the insured event until the first payout is made
| Event | Qualifying period (from contract start) | Waiting period (after the event) |
|---|---|---|
| Incapacity for work | 30 days | 30 days |
| Unemployment | 90 days | 30 days |
Example: Anyone who takes out cover on 1 January and becomes unemployed on 1 February still has no claim – because the qualifying period lasts 90 days. Only from April would money flow if all conditions are met – and even then only 30 days after the event occurs.
Combination with PPI possible – double payout in a claim
A major advantage: AXA Income Protect can be combined with PPI (payment protection insurance). Many customers take out both at the same time – especially when they take a consumer loan with Cembra.
In a claim they then receive both benefits in parallel:
- PPI continues to pay the monthly loan instalments
- Income Protect pays € 1,000 or € 1,800 directly to the insured person
In a crisis that can be decisive – not only to cover debts, but also to finance living costs, rent or health insurance.
Who really benefits from the insurance?
For singles with a good income
Many singles with a stable job and no children already have solid basic cover through statutory unemployment insurance (ALG I) (up to 80% of income). In these cases Income Protect offers extra comfort, but is comparatively expensive.
Assessment: For the typical single in Germany it is more luxury than necessity, unless monthly fixed costs are high or there is no financial cushion.
For single-earner families
For households in which one parent carries the entire income, a loss of earnings can threaten their livelihood. Especially with ongoing commitments (rent, mortgage, child-related costs) the insurance can close important gaps.
Assessment: For single-earner parents the insurance is a useful complement to state cover – above all when there is an additional loan.
Conclusion
The AXA Income Protect is a clever add-on insurance – but not for everyone.
- ✅ Worthwhile for: single-earner families, borrowers with a tight budget, people without reserves
- ❌ Less worthwhile for: well-protected singles, people with low risk or strong equity
Tip from Mutuo Gruppe.de: Before you take it out, review your financial starting point carefully – and get advice on whether the double cover from PPI and Income Protect is really worth it for you.