What does Any Occupation mean?
If the ‘any occupation’ definition applies to your TPD Insurance, then you are covered if your disablement makes it unlikely that you will ever again engage in any gainful employment for which you are reasonably qualified by education, training or experience.
NobleOak gives you the option of the ‘any’ or ‘own’ occupation definition when applying for your TPD Insurance. The ‘any’ definition makes it harder to qualify for a benefit payment, but the premiums are lower.
For example, Sanjay is a dentist who is diagnosed with Parkinson’s Disease. His symptoms make it impossible for him to continue in his occupation, but he would still be capable of teaching or managing a dental practice. Sanjay had opted for the ‘any occupation’ when applying for TPD Insurance, so he will not receive a benefit payment as he can continue to engage in gainful employment.
If you are seeking Life Insurance and TPD Insurance for your self-managed superannuation fund, then SIS legislation means you must have an ‘any’ occupation definition for your TPD cover.