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Critical Illness
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Eligible Ages
Minimum age: 16 Maximum age: 70 (individual consideration from age 70) Eligible Occupations Cover Options Term of Cover Benefit Type Premium Guarantee Get a quote now. (Also known as Trauma or Living Assurance).This benefit is designed to pay a lump-sum in the event a life assured suffers one of the covered critical illnesses. Built in FeaturesProvides a lump sum benefit of up to $500,000 via the online application. Complete a Full Application for higher sums. There are two versions of the Living Assurance benefit: Essential and Comprehensive. Living Assurance can be purchased as a Standalone or Accelerated benefit. Children's Benefit*Without any additional cost, all of the life assured's children - either by birth or adoption - aged between 3 and 18 years will automatically be protected for up to $20,000 each, or 50% of the Living Assurance benefit, whichever is less, should they be diagnosed as having one of the specified conditions, and if the child survives for a period of 14 days after receipt of the claim.Sovereign will only pay one Children's benefit in respect of each life assured. Financial Advice Benefit*Without any additional cost, a life assured can apply for reimbursement for fees paid up to $1,500 (including GST) for financial planning advice.*Please note that special conditions apply; please refer to the Policy Document. Premium Rates GuaranteedThe premium rates are guaranteed for 1 year, or 10 years, to age 65 or to age 80 (depending on the premium type selected), and cannot be altered by Sovereign unless a life assured voluntarily makes alterations to the level of cover. Renewable Cover to Age 100Cover may be renewed to age 100 without further medical evidence. *Please note that special conditions apply; please refer to the Policy Document. Additional Benefits Future Insurability Option*Future Insurability allows the life assured to increase their original sum assured without needing to provide further medical evidence. The original Life Cover can be increased by up to 20% or $100,000, whichever is greater every 3 years on the anniversary date. The total maximum increase is $1 million or twice the original sum assured; whichever is less. Every increase in cover will require an increase in premium. The benefit only applies to the Life Cover benefit. Sovereign will notify the policy owner of the entitlement to exercise this benefit before each third anniversary date. *Please note that special conditions apply; please refer to the Policy Document. Essential Conditions Defined*Full Living Assurance Benefit*Sovereign will pay a full Living Assurance benefit if the life assured suffers for the first time, any of the following conditions and survives at least 14 days thereafter:Conditions:
Cancer
Major cardiovascular disease
Paralysis
Partial Living Assurance Benefit*:Sovereign will pay a partial Living Assurance benefit (the lesser of 10% of the LAB benefit or $20,000) if the life assured suffers for the first time, any of the following conditions and survives at least 14 days thereafter:Conditions:
Cancer
Loss of functionality
Major cardiovascular disease
Major neurological disease (other than stroke)
# For these conditions a claim cannot be made if they are diagnosed within 3 months after the policy has commenced. *The full definitions of these conditions can be found in the policy document. Comprehensive Conditions Defined*Sovereign will pay a Living Assurance benefit if the life assured suffers for the first time, any of the following conditions and survives at least 14 days thereafter:Conditions:
Angioplasty
Cancer
Loss of functionality
Major cardiovascular disease
Major neurological disease (other than stroke)
Paralysis
# For these conditions a claim cannot be made if they are diagnosed within 3 months after the policy has commenced. ^ For these conditions a payment is limited to 10% of the Living Assurance benefit under the policy, subject to a maximum of $20,000. *The full definitions of these conditions can be found in the policy document. Additional BenefitsOptional Living Assurance Buy-Back Benefit*If selected, this benefit allows the Living Assurance benefit to be reinstated following a Living Assurance benefit claim, without having to provide further medical evidence. The maximum Living Assurance Buy-Back amount is limited to 100% of the Living Assurance benefit claim or $2.0 million, whichever is the lesser. This benefit must be reinstated within 30 days of the first anniversary of the claim payment. Any premium loadings or exclusions which applied to the original Living Assurance benefit will also apply to the reinstated Living Assurance benefit. In event of a claim in respect of the reinstated living assurance benefit, any condition for which a living assurance benefit claim has been paid for the life assured and/or any conditions that may be directly or indirectly related to that condition or any cause of that condition, as determined by Sovereign, will be excluded from the life assured's Living Assurance benefit cover. Optional Life Cover Buy-Back Benefit*Where a Life Cover buy-back benefit is selected this allows the original Life Cover benefit to be reinstated without the need to provide further medical evidence following an accelerated Living Assurance benefit claim, subject to the following conditions:
* Please note that special conditions apply; please refer to the Policy Document. Exclusions*Sovereign will not pay any benefit where the life assured dies or becomes terminally ill as a direct or indirect result of an intentional self-inflicted act (whether sane or insane) within 13 months of the risk commencement date or, if cover under this benefit has been reinstated, the date of reinstatement. This exclusion applies to any subsequent benefit increase. Sovereign will not pay a children's funeral benefit if death directly or indirectly arises from an injury caused by a life assured, or the child's parents or guardian. Get a quote now
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