We don’t expect our lives to be cut short, but the fact is that it happens to people every day. It can either happen suddenly, or we can get the kind of news from our doctor that no one ever wants to hear.
Life insurance is a policy which pays a non-taxable lump sum benefit in the event that you die or are diagnosed with a terminal illness. A terminal illness is defined as one which, based on medical evidence, will result in death within 12 months, irrespective of any treatment you receive.
If something happened to you, how would those who rely on you be able to cope? As things now stand, would you be leaving them with debts and an uncertain future?
Take charge of the outcome and cover your life today.
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when your policy is issued.
Sovereign TotalCareMax Life Cover includes a range of additional special benefits designed to provide you and your family with support at a time when you need it most:
Sovereign will pay a Life Cover Benefit when the life insured dies, whether from illness, accident, natural causes or any other means. The only exclusion is suicide, and this exclusion only applies during the first 13 months of the policy.
If you are diagnosed with a terminal illness, you can apply to Sovereign for early payment of up to 100% of your Life Cover Benefit. Terminal illness has a meaning which is set out in the policy, but in summary it is an illness which Sovereign believes at its discretion, after considering medical evidence provided by your doctor and any other evidence required, will result in death within 12 months, regardless of any treatment you may receive.
You can apply to Sovereign for a Specified Terminal Conditions Benefit equal to 30% of your Life Cover Benefit, subject to a maximum of $250,000, if you are diagnosed with any of the following incurable terminal conditions:
This Specified Terminal Conditions Benefit will be treated as an early partial payment of your Life Cover Benefit.
As soon as Sovereign receives written notification of your death, a lump sum of Bereavement Support Benefit of $15,000 will be paid, without the need for any legal documentation to support the payment. This benefit enables immediate costs and expenses resulting from the bereavement to be met, such as paying for funeral arrangements and for family members to travel home. This payment is treated as an early payment of the Life Cover Benefit.
If you die while you are overseas, Sovereign will reimburse the owner of your policy for the costs of returning your body to New Zealand. If you are the sole policy owner, Sovereign will reimburse the person who has met those costs. The maximum amount of the repatriation benefit is 5% of your Life Cover Benefit, subject to a maximum amount of $20,000. The benefit is treated as an early payment of your Life Cover Benefit.
If the life insurance benefit under your policy is paid out, either as a result of your death or terminal illness, then Sovereign will reimburse the policy owner or you as applicable for fees of up to $2,500 paid for financial planning advice received from an adviser approved by Sovereign. The financial planning advice must be paid for and claimed within three months of the life cover benefit having been paid out, and be supported by a valid receipt.
If a child of the person insured under the policy dies as a result of injury sustained in an accident, within 90 days of the date of the injury and solely due to that injury, then Sovereign will pay a funeral benefit of $2,000 to the policy owner. The child must be between the ages of three and 10 years at the time at which the injury occurred. The benefit payment is deducted from the life insurance cover amount, and the premium is reduced accordingly.
This facility allows you to increase your Life Cover Benefit on the occurrence of any one of a number of ‘special events’ in your life without the need for any additional medical underwriting. Learn more about the Special Events Increase Facility.
On a specified special event occurring you can choose to add any one of the following benefits to your policy without providing further medical evidence:
The maximum cover allowed is the lower of 50% of the original Life Cover Benefit or $50,000.
Sovereign TotalCareMax Life Cover includes all the following great features:
Whether you’re at home, or travelling or working anywhere overseas for any period, our life insurance keeps you covered. Learn more about worldwide cover.
Your policy will not expire at any age. This means that there is no upper age limit to your cover. You can continue to be covered regardless of your age.
It’s is more than just a life insurance policy. You can apply to have the entire amount of cover paid to you as a lump sum if you are diagnosed with a terminal illness.
You can increase the amount of cover under your policy in a variety of circumstances, without any need for medical questions, examinations or tests. Learn more about the Special Events Increase Facility.
There is no GST payable on life insurance premiums. Under current New Zealand legislation, life insurance premiums are fully exempt from GST.
Any and all benefits payable under your life insurance policy are paid as tax-free lump sum benefits under current legislation, directly to the policy owner.
The higher the level of life cover you apply for, the greater your discount will be. Learn how you can substantially increase your cover for just a small increase in your premium.
If any change is made to the underlying policy in the future, and that change would be favourable to you, then guaranteed enhancement means that the change will automatically be applied to your policy.
Best Doctors is a worldwide network of medical experts which is available for second opinions, advice and information. Get free membership of Best Doctors for one year.
If at any time during the 15 days following receipt of your policy you don’t wish to continue with your cover (for whatever reason at all), you can return your policy for a full refund of all premiums paid.
The above identifies and provides a brief summary only of the principal benefits under the policy. Please refer to the policy wording, including the policy appendix and schedule, for full details of all the benefits and the terms and conditions under which they are provided.