Own-Occupation
Own-Occupation is a definition used in some Total and Permanent Disability (TPD) policies. It means you may be eligible to claim if you're permanently unable to perform the duties of your own occupation, even if you could work in a different role.
Own-Occupation is one of the most important definitions to understand when choosing Total and Permanent Disability (TPD) Cover. It focuses on whether you're able to continue working in the specific occupation you were performing before your illness or injury.
For example, if you're a surgeon and permanently lose the fine motor skills needed to operate, you may meet the own-occupation definition, even if you're capable of working in another role, such as teaching or administration. The assessment is based on your ability to perform your own occupation, not whether you can work elsewhere.
Own-Occupation Cover generally provides broader protection than an Any-Occupation definition because it recognises the specialised skills and training required for your profession. However, this broader definition often comes with higher premiums and may not be available for every occupation or through every insurer.
Choosing between Own-Occupation and Any-Occupation TPD depends on your career, financial commitments and personal circumstances. Understanding the difference can help ensure your cover provides the level of protection you're expecting if the unexpected happens.
Why It Matters
If your career relies on specialised knowledge or skills, being unable to return to your profession could have a significant financial impact. Own-Occupation Cover provides an extra level of protection by focusing on the work you actually do, rather than any work you may be capable of performing.
Common Misunderstandings
"Own-Occupation means I can never work again."
No. It generally means you're unable to return to your own occupation, even if you could work in a different role.
"Every TPD policy includes Own-Occupation Cover."
Not necessarily. Some policies use an Any-Occupation definition instead, while others allow you to choose between the two.
"Own-Occupation and Any-Occupation provide the same protection."
No. Own-Occupation generally provides broader protection because the claim is assessed against your specific occupation.
"Own-Occupation is always the best option."
Not always. While it offers broader protection, it may not be available to everyone and usually costs more than Any-Occupation Cover.
FAQs about Own-Occupation
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Own-Occupation assesses whether you can return to your own profession, while Any-Occupation considers whether you can work in another occupation suited to your education, training or experience.
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It may be particularly valuable for people with specialised skills or professions where an illness or injury could prevent them from performing their specific role.
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Generally, yes. Because it provides broader protection, premiums are often higher than Any-Occupation Cover.
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This depends on the insurer, your occupation and the type of TPD policy available.
The definition used in your Total and Permanent Disability (TPD) Cover can make a significant difference at claim time. If you're unsure whether your policy uses an Own-Occupation or Any-Occupation definition, or you'd like help choosing the right option, talk to a New Vision Financial Services adviser. We'll help you understand your cover and ensure it aligns with your career and financial goals.