Critical illness insurance

If you suffered a serious illness, would you be able to pay the mortgage or car loan, or simply maintain your lifestyle? How hard would it be on your family?

​Did you know?

  • Every day, there are 58 new cancer cases registered and 23 deaths from cancer in New Zealand. 1
  • Over 2,900 New Zealand men are diagnosed with prostate cancer every year. 1
  • Every day about 24 New Zealanders have a stroke. A quarter occur in people under 65. 2

How it works

Sovereign offers two types of critical illness insurance –conventional trauma cover, Living Assurance, which generally pays a one-off lump sum; and Progressive Care, which can pay out multiple times, based on the severity of your illness.

Progressive Care Living Assurance
Progressive Care can pay out more than once, for a wider range of illnesses, giving you financial support when you need it. Benefit payments are linked to the severity of your medical condition - the more serious it is, the larger the payout*.

*Subject to any previous claims under the policy

Sovereign’s Living Assurance pays a lump sum, designed to help you to survive financially while you take the time you need to recover. You can choose to have personal or business cover or both, depending on your needs. Both are available as comprehensive or essential cover options. You can also choose to extend your cover with a range of optional add-ons.

Key recent enhancements

  • Progressive Care
    • Children's Benefits: can pay a benefit if any of your children are born with a covered congenital condition or suffer an eligible medical condition.
    • More partial payments for intensive care, severe rheumatoid arthritis, and osteoporosis.
    • Special Events Increase Facility You are able to increase your Progressive Care Benefit following a set list of milestone events in your life without providing medical evidence.

    Optional Benefits

    • Total Permanent Disablement (TPD) condition: Enables you to widen your coverage to include TPD.
    • Children's and Maternity benefit: Provides additional children's trauma coverage of up to the further$50,000 per child, cover for pregnancy related complications and a bereavement support benefit.
  • Living Assurance
    • Children's Benefits: can pay a benefit if any of your children are born with a covered congenital condition or suffer an eligible medical condition.
    • More partial payments for intensive care, severe Crohn's disease, ulcerative colitis, severe rheumatoid arthritis, and osteoporosis.
    • Special Events Increase Facility You are able to increase your Living Assurance Benefit following a set list of milestone events in your life without providing medical evidence.

    Optional Benefits

    • Total Permanent Disablement (TPD) condition: Enables you to widen your coverage to include TPD.
    • Children's and Maternity benefit: Provides additional children's trauma coverage of up to the further$50,000 per child, cover for pregnancy related complications and a bereavement support benefit.

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 2012: New registrations and deaths 2010 (latest available)
  2. The Stroke Foundation of New Zealand, 2014

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.

    Rate our page - did you find this content helpful?YesNo

    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.