The available excess amounts under Private Health Cover are $0, $250, $500, $750, $1,000, $2,000 or $4,000. The excess will apply to each benefit available under Private Health Cover unless:
the benefits component of the premium increases with the life assured ’ s age each year until they reach 70 years of age. The corresponding premium increase will take effect from the first anniversary date after a life assured turns 21.
otherwise specified in the benefit; or
Changes to the premium
it relates to any surgery that occurs within 3 months of a related surgery, in which case it will be waived.
Subject to the above, the premium will increase at each anniversary date based on :
However, in any event an excess is only payable once per life assured per policy year .
the excess amount for each life assured ;
Sovereign ’s underlying premium rates at that time; and
The available excess amounts under Private Health Plus are $0 or $250. The excess will apply to each benefit available under Private Health Plus unless otherwise specified in the benefit. This excess is in addition to any applicable excess under Private Health Cover. However, in any event the additional excess is only payable once per life assured per policy year . If you would like to reduce the excess for a life assured they may be required to provide further health information before we agree to this. Please see section ‘Part F: Changes to your policy’ on pages 6– 8 for more details.
the age of the life/lives assured .
You will need to pay the new premium from the next premium due date . Sovereign will advise you in writing of any adjustments to your premium .
What happens if you do not pay your premium on time?
Sovereign is not liable to pay any claims while any premium is overdue and remains unpaid.
Overseas treatment
Sovereign is entitled to cancel your policy by giving you notice in writing if your premium remains unpaid for 31 days after the premium due date . If you want to have this policy reinstated, you will need to pay any outstanding premiums and apply to Sovereign to have the policy reinstated. Sovereign is not obliged to agree to reinstate the policy but may do so on any conditions it considers appropriate.
This policy offers a number of overseas treatment options as listed in ‘Part H: Benefits – what yo u are covered for’ on pages 10 - 21. There are costs associated with having treatment overseas that may not be covered by this policy. You should consider comprehensive travel insurance before travelling overseas.
E. Premiums
F. Changes to your policy Adding and removing family members
To ensure that your policy remains in force, you must pay the premium on the regular basis as agreed with Sovereign. You must pay all premiums to Sovereign directly. Premiums can be paid by direct debit, credit card, or debit card. Please contact us on 0800 500 108 if you want to discuss payment of your premium . Your premium is shown in your schedule . Your premium is payable to Sovereign on the first premium due date , which normally coincides with the risk commencement date . Thereafter your premium is due annually, monthly, fortnightly or weekly as agreed with Sovereign. The premium is made up of a policy fee and a benefits component based on the benefits available under this policy.
You may apply at any time in writing to Sovereign to extend cover under this policy to:
> The policy owner.
> The spouse or de facto partner of the policy owner .
> A child under the age of 21.
Sovereign is not obliged to agree to cover any additional life assured unless it is satisfied that the life assured is in good health. The assessment of a life assured ’ s good health is based on the health information provided about that life assured in the application for cover under this policy. If Sovereign deems it necessary to obtain further information beyond that provided in the application form, about a potential life assured ’ s good health, Sovereign may require a report from a registered medical practitioner to confirm or clarify the extent of any existing health conditions.
One of the factors affecting the benefits component of the premium is the age of each life assured , except that:
> All lives assured less than 21 years of age will pay the same premium .
> The premium does not increase with age from the first anniversary date after age 71.
If you add your child to this policy within the first three months after he or she is born, the child will be
At the first anniversary date after a life assured turns 21,
Page 6 of 27
712 PH-UMB version 9 Effective 8 April 2022
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