2. What effect does payment of an accelerated Essential Living Assurance Benefit have on the Life Cover Benefit?
Sovereign will pay this Benefit a maximum of once per child across all Sovereign policies .
What are the applicable conditions and how much will Sovereign pay?
This section applies only if an accelerated Essential Living Assurance Benefit is shown in the schedule .
Payments under this Benefit apply for those conditions where the criteria for a full payment are met as detailed in Section 15 below. For these conditions , the Benefit payable is the lower of $20,000 or 50% of the sum assured across all Essential Living Assurance Benefit policies for the life assured.
When Sovereign pays an accelerated Essential Living Assurance Benefit, the Life Cover Benefit for the life assured will decrease by the same amount. Any other accelerated benefits relating to that Life Cover will be reduced, if necessary, so that those accelerated benefits do not exceed the decreased Life Cover Benefit. If the Life Cover Benefit is reduced to nil, all accelerated benefits relating to that Life Cover Benefit will be removed. The maximum combined amount payable under the Life Cover Benefit, Specified Terminal Conditions Benefit, Terminal Illness Benefit, Bereavement Support, Repatriation Benefit, accelerated Living Assurance Benefit, and, if applicable, the accelerated Progressive Care Benefit and the accelerated Total Permanent Disablement Benefit is the amount of the Life Cover Benefit for that life assured.
No payments are made under this Benefit for those conditions where a partial payment applies.
Sovereign will pay a maximum of one claim per child under either the Children’s Trauma Benefit or the Newborn Children’s Benefit across all Sovereign policies . Payment of the Children’s Trauma Benefit will not affect the amount of any Living Assurance Benefit payable for the life assured.
The Built-in Children’s Trauma Benefit ceases on the child’s 21 st birthday.
3. Financial and Legal Advice Benefit
If Sovereign pays a full payment claim under this Living Assurance Benefit for a condition suffered by a life assured, then Sovereign will reimburse you for fees incurred up to $2,500 including GST (in total) that you pay for financial planning you receive from an accredited Adviser or legal advice received from a legal professional approved by Sovereign, subject to the following conditions : You must pay for the financial planning or legal advice within the 12 months following Sovereign paying the Living Assurance Benefit claim. Sovereign will only pay one Financial and Legal Advice Benefit per life assured across all Sovereign policies . This is in addition to the sum assured.
5. Newborn Children’s Benefit
What is the Newborn Children’s Benefit?
Sovereign will pay a Newborn Children’s Benefit if a biological child of a life assured is born with one of the following conditions and survives for thirty days after birth:
Cleft palate;
Down’s syndrome;
Spina bifida;
Total blindness;
Absence of one or more limbs ;
4. Children’s Trauma Benefit
Tetralogy of Fallot;
Transposition of Great Vessels; or
What is the Children’s Trauma Benefit?
Deafness.
Sovereign will pay a Children’s Trauma Benefit if a child of a life assured suffers one of the applicable conditions listed in Section 1 of this appendix .
Please refer to Section 16 for the definitions of these conditions .
This Benefit is only payable if the child of the life assured:
In order for Sovereign to pay a claim under this Benefit, we will require medical information from a registered medical practitioner acceptable to us that conclusively evidences the condition . In circumstances where a conclusive diagnosis cannot be made at birth, we will defer our assessment of the claim until sufficient evidence can be supplied. For example, this might apply in the case of total blindness or deafness, where a conclusive diagnosis may not be possible until later in the child’s life. In these cases, the claims assessment will be based on the child’s sight or hearing impairment at the
first suffers a condition after the risk commencement date , subject to the three month stand down period provisions where these apply;
is aged from three months up to their 21 st birthday at the time he or she first suffers from that condition ; and
survives for at least 14 days after suffering from the condition .
803 TCP-LAE version 14 Effective 12 May 2026
Page 4 of 18
Powered by FlippingBook