under an Optional Living Assurance Buyback Benefit will be available in respect of the reinstated Benefit(s).
Benefit and where applicable, the Optional Early Cancer Upgrade Benefit and/or Optional Children’s and Maternity Benefit to be reinstated without the need to provide further medical evidence following a Comprehensive Living Assurance Benefit claim, subject to the following conditions: The life assured must have had a claim paid on their Comprehensive Living Assurance Benefit that has reduced the sum assured to a nil balance. Buyback of the Benefit(s) is not available following a Comprehensive Living Assurance claim for a condition listed in Section 1 which results in a partial payment. No Living Assurance 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. A life assured can only exercise the Living Assurance Buyback Benefit for the cover provided under this policy once.
The reinstated Benefit(s) may require an increase in premium . This premium increase will be calculated at the rates applicable at the time the Benefit(s) are reinstated. However, where the Benefit(s) are reinstated after a full Comprehensive Living Assurance Benefit claim has been paid for cancer, stroke or heart attack, a discount will be applied to the Living Assurance Benefit premium .
Any special terms, exclusions or premium loadings that applied to the original Benefit(s) will also apply to the reinstated Benefit(s) under the new policy. If you had selected the Optional Total Permanent Disablement condition at the time of the first Comprehensive Living Assurance Benefit claim, this condition will be included under the reinstated Comprehensive Living Assurance Benefit, except where the Optional Total Permanent Disablement condition was the subject of the Comprehensive Living Assurance Benefit claim. If you had selected the Optional Early Cancer Upgrade Benefit at the time of the first Comprehensive Living Assurance Benefit claim, this benefit can be reinstated alongside the original Comprehensive Living Assurance Benefit, except where you have previously received a claim payment under the Optional Early Cancer Upgrade Benefit.
What is the maximum amount of cover that can be reinstated?
The maximum Comprehensive Living Assurance Benefit that can be reinstated is 100% of the Comprehensive Living Assurance Benefit claim payment or $2 million, whichever is the lesser.
When can the life assured exercise the Optional Living Assurance Buyback Benefit?
If you had selected the Optional Children’s and
Maternity Benefit at the time of the first Comprehensive Living Assurance Benefit claim, this benefit can be reinstated alongside the original Comprehensive Living Assurance Benefit.
The Optional Living Assurance Buyback Benefit can be exercised: within 60 days of the Comprehensive Living Assurance Benefit claim payment; or
In the event of a claim in respect of the reinstated Comprehensive Living Assurance Benefit, no claim will be paid for:
within 60 days of the first anniversary of the Comprehensive Living Assurance Benefit claim payment.
Any condition for the subsequent claim that is a related condition to the condition which was the subject of the first Comprehensive Living Assurance Benefit claim, as determined by Sovereign. The same condition for which Sovereign has paid a claim under a Comprehensive Living Assurance Benefit for the life assured , unless the original claim was for any of the conditions under the category of cancer , in which case : − any subsequent claims under the category of cancer will be excluded if the condition occurs with the 12 months immediately following the original claim event date; and
The Benefit(s) can only be reinstated on one occasion.
What other conditions apply to cover reinstated through the Optional Living Assurance Buyback Benefit?
On Sovereign’s acceptance of an application for reinstatement of the Comprehensive Living Assurance Benefit, and, where applicable, to the Optional Early Cancer Upgrade Benefit and/or Optional Children’s and Maternity Benefit, you will be issued a new policy for the Benefit(s) and sum assured amount(s) being reinstated in which case: The new policy will be issued based on the information provided at the time of buyback, together with the information provided in the original proposal.
−
following this period then the same condition shall include any cancer that is either:
▪
of the same organ system as the original cancer; considered by the treating oncologist as likely to be a secondary cancer of the original cancer; or
▪
The terms and conditions of the new policy will be those which are then offered by us to the general public, with the exception that no further reinstatements
▪
a related cancer .
852 TCB-LAC version 19 Effective 12 May 2026
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