What is your definition of disability?

Disability does not always impact a person’s total ability to work. In many instances, however, it may necessitate the need to leave an occupation that people have purposefully trained for, built experience in and thrived in for many years or decades. In these events, an individual’s own occupation is the field or specific form of employment in which his or her efforts are generally most lucrative.

For most people, however, there is rarely a desire to leave the workplace entirely as the result of disability. Being impaired at any stage of life often pushes vibrant, willful individuals to pursue other professional courses, even though these may be far from their trained professions. This desire to remain active is necessary for feeling like a vital and contributing member of the community and for maintaining a strong sense of self-worth. Canada disability insurance specific to the needs of those who must leave their own occupation due to physical or other impairments, is designed to prevent these individuals from suffering penalties for their willingness and desire to continue working.

Special Considerations For Own Occupation Disability Insurance

In Canada, insurance companies will consider the occupation that you are working in when you become disabled as your own occupation. The extent of your disability must be such that it prevents you from performing the material and substantial duties of this line of work. When this is the case, disability insurance claims will be honored, even when you have decided to pursue other forms of employment.

What is own Own Occupation definition of disability?

For those working in Canada, own occupation disability insurance enables people to rise above any physical, mental or emotional limitations that are preventing them from conducting their normal employment duties. These individuals can seek out new forms of employment and still enjoy the same life quality, even if their new positions are much less profitable. The additional income that is provided by their own occupation disability insurance will supplement their new earnings, thereby offsetting any monetary losses.

Alternatives To Own Occupation Disability Insurance

Income replacement insurance is the most common alternative to own occupation coverage and is generally offered by Canada insurance companies who are no longer providing consumers with access to own occupation disability insurance plans. In many ways, it is comparable with own occupation coverage, excepting the major fact that the covered individual is not able to pursue other forms of work.

With the right income replacement plan, it is possible for a person to avoid any major losses in income. The obvious downside to binding a policy of this type, however, is that the individual is not allowed to pursue other forms of employment. If gainfully employed when submitting a claim, this claim will ultimately be denied.

Necessary Lifestyle Changes That May Be Unwanted

In some instances, the monies generated by a Canada income replacement coverage is not sufficient to fully offsetting the income losses that have occurred due to the disability. More importantly, when new forms of employment are sought as a means for preserving a sense of self-worth and for maintaining an active and fulfilling lifestyle, these benefits are lost. Thus, people are required to be fully unemployed, which is not the most desirable lifestyle for many individuals.

The benefits of own occupation disability insurance are therefore, manifold. Policyholders have a much greater likelihood of preserving their financial comfort and security and of retaining a desirable life quality. They can continue to pursue professional occupation, so long as these endeavors do not show them capable of performing the normal and substantial duties of their own occupation, specifically that position which was held when the disability was incurred.