Any Occupation, Own Occupation.
These words are definitions within a Total & Permanent Disability product which is designed to pay out a lump sum amount when the insured is totally and permanently disabled.
Now look at the 2 sentences below.
Now, how do the above 2 statements differ?
There is one main word which is different in both statements which changes the implications for a client at claim time dramatically. The statement with the word 'Any' is far inferior to the word 'Own'.
Let me explain further. Total Permanent Disability (known as TPD in the industry) comes with 2 types of definitions:
Guess how their claim will be looked at if they have a product with the Any occupation definition? Yes, no claim as they can still do some other job.
The Own Occupation definition would pay out on the claim.
Now most of these 'Any Occupation' types of definitions are the only definitions in Policies which are sold directly to the public (online or through Banks) with no Adviser in the middle to look out for these fish hooks.
So why would you risk buying these insurances directly and get caught out when you can consult a professional Adviser for no cost?
Or in other words, why would you self-medicate through the internet for an ailment when the Doctor's home visit is free?