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
Specified Terminal Conditions Benefit:
Pays a partial payment of your Life Cover Benefit if you are diagnosed with one of four serious medical conditions, such as Motor Neurone Disease.
Increased Financial Advice Benefit to $2,500:
If you receive a TPD claim payment, you are eligible to claim up to $2,500 for the cost of financial advice from an eligible adviser.
For further information about these and other enhancements, please contact your adviser or refer to the Life Cover customer guide or policy document.
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.