Insurance enhancements


Your needs can change. So our insurance does as well.

​We’re here to make sure our TotalCareMax (TCM) insurance product range looks after you and your family when you need it most. Often this means updating current products.

Our TotalCareMax products include all the ones listed below.

  • Life Cover
  • Disability Income Protection
  • Mortgage and Income Protection
  • Essential Disability Income Protection
  • Total Permanent Disablement
  • Progressive Care
  • Living Assurance
  • Rural Continuity
  • Business Continuity

As a Sovereign customer, all enhancements we make to our TCM range will be automatically applied to your existing cover.

We also introduce new or expand our product range to help ensure you have a range of insurance options that are right for you.

Read on to see the updates we’ve made.

Income Protection updates - April 2018

Here at Sovereign, we want you to be able to build the best possible insurance plans for you and your family. So we’ve made a number of enhancements to our Mortgage and Income protection and Income Protection products to ensure they continue to support you.

Mortgage and Income Protection limits

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We’ve increased the Mortgage and Income Protection cover limits to better reflect the changing financial environment. This includes increases in rental, mortgage and living costs. You can now choose the option of 115% (increased from 110%) of contractual mortgage repayments or 45% (increased from 40%) of gross income.

Mortgage and Income Protection wait periods

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We’re offering more wait periods for our Mortgage and Income Protection customers who do not require short-term benefit cover. You will now be able to choose the following MIP wait periods: 4 weeks; 8 weeks; 13 weeks; 26 weeks (new); 52 weeks (new); 104 weeks (new)

Mortgage Income Protection fixed term premium pricing

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You’ll now have the option to choose fixed term premium pricing for Mortgage and Income Protection to help you with your financial planning and future certainty. You can now choose 10 years, or to age 65, as well as rate for age. The premiums are not guaranteed and may be reviewed at any time in line with emerging claims experience.

Mortgage Income Protection indexation on mortgage component

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Economic volatility impacts mortgages just as much as incomes and currency. If you are a Mortgage and Income Protection customer, you can now choose indexation across both our Mortgage and Income Protection cover options to protect yourself against future interest changes or inflation.

Mortgage and Income Protection Cover Suspension

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As a Mortgage and Income Protection customer you will now have the option to suspend your cover when you meet the specified criteria. This will help you to navigate your finances during changes in circumstances, which removes the burden of paying premiums for a period of time, and you don’t have to go through the complexity of reapplying for cover when you’re able to pay it again.

Bed Confinement offsets

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We’ve removed the offset calculation from the Bed Confinement Benefit. Our claims team work with you at claim time to make sure that you can quickly get the financial support you need. This means a quicker process to provide the bed confinement benefit while working through your larger Income Protection or Mortgage and Income Protection claim, to help you with the additional expenses, such as full-time care, you may incur during this difficult time.

Income Protection Occupation class 5 update

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We’ve increased the benefit amounts for Occupation Class 5 customers with Agreed Value, Indemnity or Loss of Earnings cover to reflect the rising cost of homecare and support.

Please contact your Adviser if you have any questions about these enhancements.

Accidental Injury Cover – 1st September 2017

Experiencing an accidental injury can have an immediate impact on your daily life and ability to do your job, whether you’re a builder, office worker, or a parent caring for children at home.

Recognising this consumer need, we’ve now introduced Accidental Injury Cover which is an optional product that you can choose to add to your core Sovereign insurance for some extra support.

It provides a lump sum payment, should you be injured accidentally. You can use this money for whatever you need: covering treatment costs, getting taxis to work, hiring someone to help with children or run your business, or simply taking time off work to recover.

You can find more information on this new product here, or contact your Adviser.


Introducing trauma insurance for children – 19th June 2017

While most of us can comprehend the implications were we to suffer a trauma (become seriously ill or injured), it’s easy to underestimate the impact on your family and finances, should this happen to your child.

In times like these your children need more than money, they need you. The last thing you want to be worrying about when your child is seriously ill or injured is how you’ll afford time off work to be by their side while they receive treatment, and cover the unexpected costs while continuing to look after the rest of your family.

So we’ve lowered the entry age of personal Progressive Care and Comprehensive Living Assurance from age 16 down to age two.

Sovereign’s trauma insurance for children provides a lump sum of up to $250,000, and is available to children as young as age two, without having to be linked to a parent’s policy.

So, if you’re a parent or legal guardian, trauma insurance for your children can provide even greater protection and peace of mind – giving you the financial flexibility to be with your child in a difficult time.

You can find more information here, or contact your Adviser.​​​​​​​​​​​​​​​​​​​

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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.​