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Life InsuranceQuick Key
Eligible Ages
Minimum age: 10 Maximum age: 70 Eligible Occupations Cover Options Term of Cover Benefit Period Get a quote now. What does the family live on when an income earner suddenly dies? How does a business survive when the owner or a key person dies? Who pays the hire purchase, credit card debts, funeral expenses, children's future education or mortgage etc.? See Marianne's case study below. We all have a choice of trying to provide for the above events by ourselves, or by joining with others through an insurance company to share the risk at a minimal cost. This insurance benefit provides a lump sum payment in the event of death. It is an essential foundation for anyone with a spouse or family who are dependent on the insured for the maintenance of their lifestyle. As a minimum all debts should be covered. Built in features
Renewable Insurance to Age 100Insurance may be renewed to age 100 without further medical evidence.Terminal Illness Insurance BenefitPays up to 100% of the Life Insurance Benefit if you are diagnosed as being terminally ill and unlikely to survive for 12 months. The Life Insurance Benefit will be reduced by any Terminal Illness Insurance Benefit paid.Bereavement Support Insurance Benefit*This insurance benefit pays an immediate lump sum of $10,000 on death of the Life insured. This insurance benefit can be used for grief counseling, estate advice, flights and accommodation for family members to attend the funeral, or to offset funeral expenses, or whatever your executors deem appropriate at the time. This insurance benefit is an early payment of part of your Life Insurance Benefit. The Life Insurance Benefit payable will be reduced by $10,000 on payment of this insurance benefit. You are entitled to one bereavement support benefit for each life assured.* Please note that special conditions apply, see the policy document. Children’s funeral benefitSovereign will make a children’s funeral benefit payment if a child of the life assured dies as a result of injury caused by violent, accidental, external and visible means, within 90 days after the date on which the injury happened. The benefit is payable only if the child is aged between three years and 10 years at the time he or she first suffers from the injury. The amount of the benefit is limited to NZ$2,000.Special events increase facilityOn each occasion when the financial responsibilities of a life assured for the benefit increase because of the life assured:
You may write to us or Sovereign asking to increase the life cover benefit for that life assured. You do not need to produce any medical evidence regarding the life assured when you request this increase, but any special events increase is subject to the conditions and limits see the policy document. Financial advice benefitIf Sovereign pays a claim under this life cover benefit, then Sovereign will reimburse you for fees up to $1,500 including GST (in total) that you pay for financial planning advice.Please note that special conditions apply, see the policy document. ExclusionsSovereign will not pay any insurance benefit where any of the following (and in each case either directly or indirectly) causes or contributes to the death or terminal illness of the life assured;
Life Insurance Case StudiesHistorical Claims paid by Sovereign to 30 June 2005 for the benefits listed were:
The Case studies recorded below are taken from actual claims processed and paid by Sovereign. Case StudyMarianne was 46 years old. She worked in the banking industry and as part of her employment package had Life Cover provided by Sovereign. In March of 1997, she went to see her doctor as she hadn't been feeling well for some time. Her doctor diagnosed her condition as cancer of the gall bladder. The doctor also advised that her illness was terminal and that unfortunately she was unlikely to live longer than 12 months. Marianne was suddenly faced with the prospect of trying to make the most of the time she had left, as well as ensuring that the loved ones she would inevitably leave behind would be provided for by her estate. A letter from her doctor was sent to Sovereign confirming that Marianne had less than 12 months to live. With this in hand, the following day Sovereign paid her a lump sum terminal illness benefit of $93,000, which equated to the total amount of her Life Cover. Other clients we have assisted include:
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