{"id":218,"date":"2016-09-20T10:24:20","date_gmt":"2016-09-20T17:24:20","guid":{"rendered":"https:\/\/mgfadvisory.ca\/news\/?p=218"},"modified":"2018-08-23T10:25:22","modified_gmt":"2018-08-23T17:25:22","slug":"disability-insurance-the-difference-between-any-occupation-regular-occupation-own-occupation","status":"publish","type":"post","link":"https:\/\/mgfadvisory.ca\/news\/2016\/09\/20\/disability-insurance-the-difference-between-any-occupation-regular-occupation-own-occupation\/","title":{"rendered":"Disability Insurance: The Difference Between Any Occupation, Regular Occupation, & Own Occupation"},"content":{"rendered":"

\"any<\/b><\/span>Two weeks ago<\/a><\/span>\u00a0we talked about the importance of maintaining stability in the system upon which disability insurance is built. Disability insurance is important for self employed people in any occupation, but the rules are specific for each individual case.<\/span><\/p>\n

Are we making sense yet? Ok, try this.<\/span><\/p>\n

Let\u2019s say you own and operate your own landscape architecture business. Your work requires you to travel to residential and commercial spaces to implement beautiful outdoor designs for all your unique customers.<\/span><\/p>\n

This is a career that requires physical labour on a daily basis.<\/span><\/p>\n

Now, and I apologize for this, but imagine an accident that steals your ability to do your job. A car accident. Damage to your hand. A serious spinal cord injury. At this point, it\u2019s crucial to know within which circumstances you\u2019re considered disabled under your policy. To start, we need to know if your policy covers you for your Own Occupation, Regular Occupation, or Any Occupation.\u00a0<\/span><\/p>\n

Own Occupation<\/b><\/span><\/h3>\n

When it comes to the\u00a0Own Occupation<\/i>\u00a0definition, this states you\u2019re disabled if you cannot do your specific job, the one you were doing before you were injured or disabled. This is the best definition under disability insurance, and therefore comes with the higher premium costs.<\/span><\/p>\n

Any Occupation<\/b><\/span><\/h3>\n

You\u2019re under an\u00a0Any Occupation<\/i>\u00a0disability definition if you\u2019re unable to work in a job that\u2019s reasonably suited to you based on your previous skills, age, and education. So, if you\u2019ve lost the use of your hands, you might still be able to work in the landscape architecture field in an administrative or management role. In this case, you would not be considered disabled.\u00a0 \u00a0<\/span><\/span><\/p>\n

Regular Occupation<\/b><\/span><\/h3>\n

So what\u2019s\u00a0Regular Occupation?<\/i>\u00a0It\u2019s a bit of an in-betweener. You\u2019re considered disabled if you can\u2019t do the important parts of your specific job. It\u2019s not as strict as\u00a0Own Occupation<\/i>, but not as open ended as\u00a0Any Occupation<\/i>.<\/span><\/p>\n

Partial or Residual Disability<\/b><\/span><\/h3>\n

What if you\u2019re hurt or ill but can do some of your job? So, say you can still work a couple days a week or you can do part-time support work. Disability policies usually want you to be\u00a0Totally Disabled.\u00a0<\/i>Sounds mean, right? Well, what this means is that any part-time work or reduced-pay work can disqualify you from receiving the disability benefit. This is when you need to consider adding a partial or residual disability rider to your policy. A residual rider gives you the flexibility to do partial work or reduced duty, earn some income, and still receive some disability benefit.<\/span><\/p>\n

It\u2019s so important for our customers to understand exactly what they\u2019ll be covered for in the event of an accident or an illness. Too often people are surprised when something happens and their coverage isn\u2019t what they thought it would be.\u00a0<\/span><\/p>\n

That\u2019s why the process is vital \u2013 we meet, I get to know you, and we build a disability insurance plan together so you\u2019re covered the way you want to be covered.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Two weeks ago\u00a0we talked about the importance of maintaining stability in the system upon which disability insurance is built. Disability insurance is important for self employed people in any occupation, but the rules are specific for each individual case. Are we making sense yet? Ok, try this. Let\u2019s say you own and operate your own…

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