Living Assurance is designed to pay a lump sum if you are affected by one of the critical conditions covered by your policy.

The money from a Living Assurance claim could help in many ways. For example, it could repay loans, pay for house modifications, create an income-generating income fund or cover health expenses.

Good reasons to get Living Assurance:

• Lump sum benefit: Receive up to $2 million, depending on the level of cover you choose, if you suffer from a specified critical condition.
• A choice of two plans: Choose Essential or Comprehensive. Each plan is outlined below.
• Add on to Term Life or stand alone: You can get Essential or Comprehensive Living Assurance in conjunction with Term Life, which means that Living Assurance can be an early (accelerated) payment of the Term Life benefit. Or you can get either type of Living Assurance as standalone cover.
• Children’s benefit: For no extra cost, all of your children (either by birth or legal adoption) aged between 3 and 18 years will automatically be protected for up to $20,000 each, or 50% of the Living Assurance benefit, whichever is less.
• Optional Living Assurance buy-back: This option allows the Living Assurance benefit to be reinstated following a claim, without having to provide further medical evidence.
• Underwritten by Sovereign: You have the security of knowing that your policy is underwritten by Sovereign, New Zealand’s leading life insurance provider.

Quick facts

Two Versions of Living Assurance:

Living Assurance is available as two options, Comprehensive and Essential. Comprehensive covers the full sum assured for 40 of 42 serious health events, with a partial payment for the other two. Essential covers 12 serious health events for the full sum assured, with a partial payment for the other 30. For both versions of Living Assurance, the partial payment is limited to 10% of the sum assured under the policy, to a maximum of $20,000.

In the event of you suffering from one of the following conditions, you must survive for at least 14 days before you can claim.

* The full definitions of these conditions can be found in the policy document. You can make only one claim for each condition.

Sovereign will not pay any Living Assurance Benefit where the relevant condition is caused or contributed to by, or arises from (and in each case either directly or indirectly):

• The life assured (or their child in the case of a children's benefit) deliberately injuring himself or herself or attempting to do so.
• The life assured (or their child in the case of a children's benefit) participating in any criminal act.
• Any condition that existed before the risk commencement date, unless Sovereign is satisfied that you could not have known of the existence of the condition, or the condition was declared on your application and accepted by Sovereign.
• Sovereign will not pay a children's benefit for the relevant condition, if the condition directly or indirectly arises from an injury caused by you, the child's parents or guardian.
• Sovereign will not pay a children's benefit if a congenital defect directly or indirectly causes or contributes to the claim.

These exclusions apply to any subsequent benefit increase made by the policy owner.