Any Occupation Vs Own Occupation Cover

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.

• "We will pay out your insured amount if you are deemed to be totally and permanently disabled, whereby you can never get back to doing any work/occupation."
• "We will pay out your insured amount if you are deemed to be totally and permanently disabled, whereby you can never get back to doing your own work/occupation."

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:

1.  Own Occupation – Pays out when the insured is Totally and Permanently disabled to the extent that he or she is incapable of ever getting back to doing their own job/occupation that they were in prior to the disability.
2. Any Occupation – Pays out when the insured is Totally and Permanently disabled to the extent that he or she is incapable of ever getting back to doing their own and any other job/occupation.

Let's look at an example. Let's say a qualified professional like a Doctor, Lawyer, accountant, Builder, etc has got a TPD product and they incur a disability which makes them incapable of ever doing their job. They are still capable of doing some other type of job like data entry or working at a fast food joint.
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?

---