Life Cover

Will provide a lump-sum payment to the policy owner, to assist their family and loved ones should the policy owner die.

Key reasons to recommend

  • Seeing a specialist through the public health system may take longer than you think. With Specialist and Diagnostic testing, you don't need to wait to see a specialist and get the tests needed.

    Why is this important?

    • Your client is able to avoid public waiting lists, select the best specialist available, and receive any required diagnostic testing quickly, increasing the chances they receive early treatment for potentially life-threatening conditions.

    • Best Doctors' offers your clients and their families remote access to over 53,000 leading medical specialists worldwide. They have all been nominated by their peers as top experts in their field, and are there to help your clients.

      Access an Expert: Easy access to the world's best medical minds for advice and guidance on any medical condition.

      Find an Expert: Face to face consultations with a broad range of medical specialists in your clients' area.

      DocOnline: Unlimited access for clients to send medical questions to experienced, local GPs, with a response within 48 hours.

      Multimedia medical library: Access to hundreds of articles, videos and blogs on a wide range of medical conditions.

    For more information, read more about Best Doctors®.

  • If your client is diagnosed with a terminal illness and has a life expectancy of 12 months or less, your client can choose to be paid up to 100% of their life cover in advance.

    Why is this important?

    This could provide financial support if the household income is reduced as a result of your client's illness, or to make the most of the time your client has left with their family.

  • If your client suffers one of the specified terminal conditions (for this benefit being motor neuron disease, stage 3 or 4 exocrine pancreatic cancer, stage 4 non-small cell lung cancer, stage 4 distal oesophageal cancer), they can choose to have an early partial payment of 30% of their sum insured up to $250,000 paid to them, regardless of life expectancy.

    Why is this important?

    Some terminal conditions, such as motor neuron disease, offer longer survival rates but can still have a significant financial impact on your clients. A part payment can be made upfront to enable your client to make any immediate changes to their lifestyle as required.

  • Covers the cost of returning your client's body to New Zealand in the tragic event they die while overseas.

    Why is this important?

    This benefit gives your client comfort in knowing that funds are available to bring their body home to loved ones. A maximum of 5% of total Life Cover (up to a maximum of $20,000) is available and can be paid in addition to the Bereavement Support Benefit. Payment is treated as an early payment of the Life Cover benefit.

  • Allows your client to increase their sum assured without having to provide further medical information if they:

    • Experience the death of a spouse or partner
    • Have a salary increase of at least the greater of $20,000 or 10% of annual salary.
    • Take out or increase a home loan.
    • Have a child (by birth or legal adoption).
    • Get married or enters into a civil union.
    • Become divorced/has a civil union dissolved.
    • Support a dependent child through tertiary education.
    • Become responsible for the full-time care of a close relative.

    Why is this important?

    Life-changing events can result in greater financial responsibilities. We want to make it easy for your clients to increase their life cover without having to undergo further medical underwriting. This can save time, allowing your clients to focus on getting on with life.

  • When your client experiences one of the above special events, they can also add a limited amount of 'accelerated' Living Assurance cover, 'accelerated' Progressive Care or 'accelerated' Total Permanent Disablement cover to their Life Cover without providing further medical information.

    Why is this important?

    We want to make it easy for your client to add some additional cover if they need to, without further underwriting. This can save your client time while also providing you the opportunity to discuss these benefits further with your client.

  • Provides an accelerated benefit of up to $2,000 should a child of the life assured die as a result of an accident, between the ages of three and 10 years.

    Why is this important?

    Money is immediately available to assist with the cost of a funeral - one less expense to worry about at a tragic and stressful time.

  • Every three years, your client has the option to increase their cover by the greater of $100,000 or 20% of the original sum assured, up to a maximum increase of $1 million or twice the original sum assured (whichever is lower), without answering any health questions.

    Why is this important?

    Your client has the flexibility to increase their cover as their circumstances change.

  • All future enhancements to TotalCareMax, that are favourable to your client, will automatically and immediately be applied to their policy.

    Why this is important

    Your client benefits from positive changes to a section or a condition regardless of when their policy was taken out. This benefit gives your client the flexibility to choose the definition that best suits them at claim time. Importantly, unlike many competitors, Sovereign's Guaranteed Enhancement is effective as soon as a definition is changed for all claim events which occur after the date of enhancement.

    Refer to the TotalCareMax Umbrella wordings for more information.

  • With the Financial Advice Benefit, your client is able to get financial advice from a Sovereign-approved financial adviser at the time of making a claim on a life cover or family protection benefit, and Sovereign will reimburse the policy owner for fees up to $2,500 (incl. GST). This is a one-off payment across all Sovereign policies.

    Why is this important?

    Where needed, this benefit can provide a small sum to help fund some of the costs of obtaining professional advice.

  • We aim to keep things simple from day one. Our straight forward short-form application means your clients can apply for quality cover by answering only a few carefully considered medical questions.

    Why is this important?

    This can be a very attractive option compared to completing the up-to 30-page application forms of some of our competitors. What would your clients prefer?

  • Accidental Injury Cover is an optional benefit that can be added to our core TotalCareMax (TCM) Personal and Business range (issued after February 2004 Illustrations version 8.3 or later) and provides customers an up-front lump sum payment, should they be injured accidentally. They can use this lump sum for whatever they need: covering treatment costs, getting taxis to work, hiring someone to help with children or running their business, or simply taking time off work to recover.

    Key product features:

    • Can be taken out with any of our core TCM products giving flexibility to you and your clients.
    • Sum assured can be anywhere between $500 - $5,000 a month with no proof of income required and flat rate pricing based on gender and smoking status.
    • Easy to understand insurance with four simple claim categories.
    • Once approved, claims are paid as a lump sum giving your clients quick access to funding to deal with the accidental injury they're facing.
    • There are no offsets against ACC or other insurances so your clients get the financial support they need, relevant to their situation.
    • Application is easy. For new customers, there are no extra questions than what is required for their core TCM products. For eligible existing customers there is a new, simple form to endorse it on to their existing policy.

    For more information please read the Accidental Injury Cover Personal Policy Wordings or Business Policy Wordings.

The information on this page is provided as a sales support tool to be used in conjunction with the appropriate policy wording.