Life insurance for business

Life Cover can support the loved ones you leave behind and, if you're a business owner or shareholder, it can also help you to secure the long-term survival of your business.

Did you know?

  • Bowel cancer is the second highest cause of cancer death in New Zealand. 1
  • On average there is one death in New Zealand every 16 minutes.2
  • Cancer was the leading cause of death for both males and females in New Zealand in 2010, accounting for nearly a third of all deaths. 3

How it works

Life insurance for business provides a lump sum if you or an insured key person dies. The money can be used to reduce business debt or replace income that would have been generated by the key person.

Up to 100% of the Life Cover Benefit can be paid if you or a key person is diagnosed as being terminally ill, and is likely to die within 12 months of the diagnosis. The Life Cover Benefit is reduced by the amount of any Terminal Illness Benefit paid.

We'll also pay up to $1,500 for professional financial advice, to ensure you get the most benefit from a lump-sum payout.

Optional add-ons include the Business Safeguard Facility, which allows you to increase your cover level up to $10 million or five times the original Life Cover amount (whichever is less), without further medical evidence, when your financial interests in the business increase. Terms and conditions apply.

Key recent enhancements

For further information about these and other enhancements, please contact your adviser or refer to the Life Cover customer guide or policy document.


  1. Ministry of Health 2013
  2. Statistics New Zealand, population clock, September 2014
  3. Ministry of Health 2014, Cancer: New registrations and deaths 2010 (latest available)

Disclaimer: The availability of any insurance cover is subject to your application being approved. For full details, refer to the policy document which is available on request from Sovereign. Applications are subject to individual consideration. Special conditions, premiums, maximums and exclusions may apply.

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The information contained on this website is general in nature and is not intended as advice. It may not be relevant to individual circumstances and before making any investment, insurance or financial planning decision; you should consult a professional adviser. Copies of our disclosure statements are available on request, free of charge.