More about
This type of cover can provide you with a monthly income if you are disabled after experiencing a covered illness or condition.
It will help you and your family to maintain your usual lifestyle, even though you're no longer able to work. Monthly payments begin after a waiting period of eight weeks.
Good reasons to get Monthly Critical Illness
- Waiver of premium: You won't have to pay premiums during a claim.
- Waiver of waiting period: There's no waiting period if you suffer a reoccurrence of a condition that you've previously claimed for within 6 months of your previous claim ceasing.
- Partial disability benefit: Disability isn't always total. You may suffer a partial disability that limits your ability to work and results in decreased income. This benefit may supplement that income.
- Children’s benefit: Without any additional cost, all of your children (by birth or legal adoption) aged between 3 and 18 years will automatically be protected for up to $500 per month each, or 50% of the Monthly Critical Illness Benefit, whichever is less. This benefit applies if your child is confined to a home or medical institution and requires continuous nursing care due to sickness or injury.
- Part of your plan: This cover may be written in conjunction with the full range of ASB Lifestyle Security Plan benefits.
- Underwritten by Sovereign: You have the security of knowing that your policy is underwritten by Sovereign Assurance Company Limited, New Zealand’s leading life insurance provider.
Quick facts
| | |
| Eligible occupations | Most. However, some high-risk occupations are uninsurable. To confirm eligibility, please contact your ASB Insurance Manager |
| Cover options | Level or inflation linked |
| Benefit | Two versions are available: benefit to age 65, or a limited benefit period of 5 years |
| Benefit payment period | A benefit will be payable monthly in arrears |
List of conditions covered
- Alzheimer's disease and dementia
- Angioplasty - 3 vessels or more
- Aortic surgery
- Aplastic anmia
- Benign brain tumour
- Cancer
- Carcinoma-in-situ surgery
- Cardiomyopathy
- Chronic liver disease
- Chronic lung disease
- Chronic renal failure
- Coma
- Coronary artery bypass surgery
- Diplegia
- Encephalitis
- Heart attack
- Heart valve surgery
- Hemiplegia
- HIV
- Idiopathic Parkinson's disease
- Intensive Care benefit
- Kidney failure
- Loss of independent existence
- Major burns
- Major head trauma
- Major transplant surgery
- Meningitis
- Motor neurone disease
- Multiple sclerosis
- Muscular dystrophy
- Paraplegia
- Peripheral neuropathy
- Permanent blindness
- Permanent loss of speech, hearing or limbs
- Prostatic Cancer surgery
- Pulmonary hypertension
- Quadriplegia
- Stroke
Exclusions
Sovereign will not pay any Monthly Critical Illness Benefit where the relevant condition is caused or contributed to by (and in each case either directly or indirectly):
- The life assured (or child in respect of the children's benefit) deliberately injuring himself or herself or attempting to do so.
- The life assured (or child in respect of the children's benefit) participating in any criminal act.
- Pregnancy or childbirth of the life assured unless the disability lasts more than 90 days after the end of pregnancy in which case the waiting period will start from the 91st day.
- The life assured deliberately taking or using non-prescribed drugs, other than for a proper therapeutic or medical purpose and in accordance with the manufacturer's directions for use, or the deliberate misuse by the life assured of prescribed drugs.
- The life assured not complying with the treatment prescribed by the attending treatment providers.
- 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 also not pay a children's benefit if a congenital disorder directly or indirectly causes or contributes to the disability or the disability was known by any person to be present at the risk commencement date shown in the schedule.
- Sovereign will not continue paying a benefit where the ongoing cause of disablement ceases to be the condition that gave rise to the claim. No amount will be payable where the ongoing cause of disablement becomes a secondary condition, not included as a condition, such as depression.
- If the life assured is imprisoned for any reason, no monthly benefit will be payable during the term of imprisonment.
