Over 50 Life Insurance terminology O. What is On Risk, Own Occupation, Own Life etc

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    Over 50 Life Insurance Terminology - O

    Own Occupation
    This is a term used (usually with Over 50 Income Protection Life Insurance) which is a condition of pay out in that it means you are no longer able to continue with your ‘Own Occupation’.


    Own Life
    This is where the policy holder is the same person as the person who is insured so it is said that your over 50 life insurance policy is written on an ‘Own Life’ basis.


    On Risk
    This is the moment that you are taken on by an insurance provider. You are then known to be ‘On Risk’.




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