Occupations
Introduction
Certain occupations have a higher risk of accidental death, disablement and/or work related stress/depression or propensity for minor illness or injury preventing work
Occupation Classes
The following table shows whether the occupation class will affect the premium and/or the definition of disability:
| Benefit | Premium | Definition of Disability |
|---|---|---|
| Life | No* | N/A |
| Critical Illness Cover (CIC) – Total and Permanent Disability (TPD) | No | Yes |
| Mortgage Payment Insurance (MPI) | Yes | Yes |
| Income Protection Benefit (IPB) | Yes | Yes |
| Waiver of Premium | No | No |
| *This assumes that there are no hazardous elements to the occupation; e.g. working at heights | ||
Class 1 occupations are the lower risk occupations through to class 4, which are deemed to be a higher risk. Class 1 occupations will have comparably cheaper premiums and a more lenient definition of disability, depending on benefit type.
The fifth occupation class is H01 and is applied to housepersons, students, retired and unemployed applicants.
For further information refer to the Total and Permanent Disability – definition of disability and individual technical guides for IPB and MPI.
An occupation class is determined at the outset of the policy and the applicant is not required to inform any subsequent changes in occupation this applies to current policies only – some older policies do have a requirement to notify a change of occupation – refer to individual policy terms and conditions.
Refer to the full occupation guide here
