Total Permanent Disablement

Can provide a lump-sum payment, and financial peace of mind should your client suffer a total and permanent disability, through sickness or injury, that results in them being unable to work.

Key reasons to recommend

  • Sovereign is the only insurer in New Zealand to offer Specialist and Diagnostic Testing with Best Doctors* as an optional benefit with Total Permanent Disablement. This benefit can make a real difference to the time it takes to receive essential treatment.

    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®.

  • Assesses your client's ability to return to work and perform any other suitable occupation following an event.

    Why is this important?

    Your client may qualify for a Total Permanent Disablement benefit if they are earning less than 25% of their pre-disablement earnings.

  • This allows your client to continue working outside their own occupation during the wait period while still being able to make a claim.

    Why is this important?

    If your client becomes disabled but is able to work in another occupation, this benefit may allow them to still qualify for a claim.

  • Sovereign will allow your clients the option of cover up to age 70.

    Why is this important?

    As we age the chances of becoming permanently disabled unfortunately increase. Provided that your client renews their policy every year, they will remain covered for Total Permanent Disablement up to age 70.

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

    Why is this 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.

  • Allows your client to increase their sum assured with no further medical questions at every third policy anniversary, up to a maximum of 100% of the original sum assured or $500,000 (whichever is lower). They will be able to increase their sum assured by 20 per cent of the original Total Permanent Disablement sum assured (to a maximum of $200,000) at each third policy anniversary.

    Why is this important?

    Your client's personal circumstances often change and this benefit allows them to increase their sum assured as their needs change.

  • 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 client to increase their Total Permanent Disablement cover without having to undergo further underwriting. This can save precious time, allowing your client to focus on getting on with life.

  • 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, 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?

    In order for your client to maintain their family's lifestyle and pay for ongoing treatment costs they need to ensure their lump sum payment works for them over a long period of time and this benefit will help them to do so.

  • There is usually a three month waiting period before a Total Permanent Disablement claim is paid after an event resulting in permanent disablement occurs. This waiting period applies to allow time to medically establish whether the disablement is in fact total and permanent.

    However, if your client's medical condition enables an assessment to be made immediately that the disablement is total and permanent and all other requirements have been met for the payment of the Total Permanent Disablement benefit, then this waiting period may be waived.

    Why is this important?

    Your client will have one less thing to think about at claim time. The waiver of the waiting period could reduce the amount of time they have to wait for the Total Permanent Disablement benefit claim to be paid, letting your client receive this benefit sooner.

  • 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.