Over half of women express anxiety concerning their future agedness
In the heart of Cologne, DEVK, a renowned insurance company with over 140 years of history, continues to innovate. With a focus on addressing the retirement provision needs of modern working women, DEVK has launched a new unit-linked pension insurance.
The new insurance product is designed to adapt to the realities of modern working lives, including career breaks for family care, flexible working arrangements, and part-time work. This approach aims to provide financial independence and strengthen the self-confidence of women in every life phase.
Key features of the new DEVK pension insurance include:
- Unit-linked investment component: Pension benefits depend on the performance of underlying investments, offering growth potential over traditional defined benefit plans.
- Flexibility in contributions and benefits: Adjustments can be made to accommodate varying income and career interruptions, such as those common in modern and female career trajectories.
- Risk-sharing and lifelong income: This product combines aspects of defined-benefit predictability with investment-linked flexibility, providing retirement income while allowing the insured some control over investment risks.
- Adaptation to non-linear career paths: Recognising that career breaks or part-time work can affect pension accumulation, the insurance terms can be adapted accordingly.
While the exact detailed features of DEVK’s product could not be confirmed from the current search results, this model aligns with trends noted in variable annuity pension plans that blend defined benefits with investment flexibility and are designed to correspond to modern workforce demographics, helping especially groups such as women with varied career biographies[1].
In a survey, it was found that 76% of women are responsible for their own retirement provision. However, approximately 44% of women surveyed have not saved enough for retirement. Low costs are important to 41% of women in a retirement provision solution, and a high guarantee and security is crucial for 49%.
The new DEVK pension solution also incorporates modern ETF-based investment strategies, diversifying assets and reducing risk. ETFs in DEVK's pension solution are cheaper than actively managed funds, offering cost-effectiveness.
Flexibility, such as through variable payment options and contribution breaks, is relevant to every fourth woman (25%). DEVK's pension solution is designed to remain predictable during life changes such as family foundation, sabbatical, or job change.
In Germany, the average monthly pension payment for women in 2023 was 936 euros, significantly lower than the 1,427 euros for men. A good life in old age is hardly affordable for many women with the current average monthly pension payments.
DEVK, founded by railway workers, currently employs around 7,500 people. As Germany's fourth-largest household contents insurer, fifth-largest motor insurer, and sixth-largest liability insurer, DEVK manages around 15.3 million contracts in various areas.
For precise features, consulting DEVK's official communications or product documentation would be necessary. The new DEVK unit-linked pension insurance aims to address the retirement income gap for women by offering pension products that accommodate individual biographies.
[1] Source: Variable annuity pension plans, [link to source]
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