▪
When will Sovereign not pay a claim under the Optional Children’s and Maternity Benefit? Sovereign will not pay a benefit under the Optional Children’s and Maternity Benefit that arises as a direct or indirect consequence of:
Permanent loss of use of limbs ;
▪
Multiple sclerosis;
▪
Idiopathic Parkinson’s disease; or
within 60 days of the life assured surviving a period of twelve months after an accelerated Comprehensive Living Assurance Benefit claim payment for all other conditions (including the Optional Total Permanent Disablement condition , where applicable).
−
a pre-existing condition ; or
any congenital condition , unless expressly covered under the Children’s Congenital Condition’s Benefit.
The Optional Children’s and Maternity Benefit will cease if cover under the Comprehensive Living Assurance Benefit ceases. Where the life assured has the Optional Living Assurance Buyback Benefit, the Optional Children’s and Maternity Benefit can be reinstated in addition to their Comprehensive Living Assurance Benefit, subject to the life assured satisfying the terms of the Optional Living Assurance Buyback Benefit.
The Life Cover Benefit can be reinstated following a full payment claim or a partial payment claim.
Only one Life Cover Buyback reinstatement will apply per life assured per policy.
The maximum Life Cover Benefit that can be reinstated is 100% of the accelerated Comprehensive Living Assurance Benefit claim or $2,000,000, whichever is the lesser.
The Optional Children’s and Maternity Benefit ceases on the child’s 21 st birthday.
The Benefit(s) can only be reinstated on one occasion.
15. Optional Life Cover Buyback Benefit
What other conditions apply to cover reinstated under the Optional Life Cover Buyback Benefit?
What is the Optional Life Cover Buyback Benefit?
No reinstated Life Cover Benefit is payable:
The Optional Life Cover Buyback Benefit applies only if shown in the schedule and if you have selected an accelerated Comprehensive Living Assurance Benefit. Where an Optional Life Cover Buyback Benefit is selected, this allows the Life Cover Benefit to be reinstated without the need to provide further medical evidence following an accelerated Comprehensive Living Assurance Benefit claim, subject to the following conditions: The Life Cover Benefit can be reinstated to the level applying immediately before the accelerated Comprehensive Living Assurance Benefit claim.
− within six months (for the conditions listed above that require a six month survival period); or
− within twelve months (for all other conditions , including the Optional Total Permanent Disablement condition, where applicable),
from the date of the accelerated Comprehensive Living Assurance Benefit claim payment, except where the claim event is for accidental death. No Life Cover Buyback Benefit is available if the life assured has suffered a claim event under a Terminal Illness Benefit or a Specified Terminal Conditions Benefit under any Sovereign policy , whether or not a claim has been made. Any exercise of the Life Cover Buyback Benefit may require an increase in premium . This premium increase will be calculated on the rates applicable at the time the Life Cover Benefit is reinstated. Any accelerated benefits relating to the Life Cover Benefit for the life assured that have been reduced or removed as a result of an accelerated Comprehensive Living Assurance Benefit claim will not be reinstated.
The Optional Life Cover Buyback can be exercised:
within 60 days of the accelerated Comprehensive Living Assurance Benefit claim payment; or
−
within 60 days of the life assured surviving a period of six months after an accelerated Comprehensive Living Assurance Benefit claim payment for one of the following conditions:
−
▪
Paraplegia;
▪
Quadriplegia;
▪
Diplegia;
16. Optional Living Assurance Buyback Benefit
▪
Hemiplegia;
▪
Alzheimer’s disease;
What is the Optional Living Assurance Buyback Benefit?
▪
Permanent blindness;
The Optional Living Assurance Buyback Benefit applies only if shown in the schedule .
▪
Permanent loss of hearing;
Where an Optional Living Assurance Buyback Benefit is selected, this allows the Comprehensive Living Assurance
▪
Dementia;
852 TCB-LAC version 19 Effective 12 May 2026
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