date that conclusive diagnosis is first possible.
The life assured was accepted with standard underwriting terms (e.g. there are no special terms, exclusions or premium loadings applicable to the life assured);
A claim is only payable under the Newborn Children’s Benefit if cover remains in effect for the life assured up to the date that the conclusive diagnosis for the child occurs.
The life assured is only eligible for the Standalone Conversion Option where the conversion occurs before age 60; The life assured has not made a claim, with Sovereign or any other insurer, and is not eligible to make a claim under their standalone Essential Living Assurance Benefit. This includes any claim currently under assessment; and
How much will Sovereign pay?
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. Sovereign will pay a maximum of one claim per child under either the Newborn Children’s Benefit or the Children’s Trauma Benefit, across all Sovereign policies . The Newborn Children’s Benefit is only payable where the birth of the child with one of the applicable conditions occurs at least twelve months after the risk commencement date . This requirement applies anew to all added cover from the date the cover commences, including cover added using the Essential LAB Future Insurability Benefit, the Special Events Increase Facility, or the Special Events TPD/Trauma Facility under the Life Cover Benefit. Payment of the Newborn Children’s Benefit will not affect the amount of any Living Assurance Benefit payable for the life assured.
The life assured is not terminally ill or suffering from a terminal illness; and
The premiums for their standalone Essential Living Assurance Benefit are paid up to date; and
The accelerated Essential Living Assurance Benefit sum assured must be less than or equal to the standalone Essential Living Assurance sum assured; and
The Life Benefit sum assured does not exceed the accelerated Essential Living Assurance sum assured.
The premium for the conversion will be based on the age of the life assured and our premium rates at the date of conversion . If the death of the life assured occurs within three months of the date of conversion , other than by accidental death , then this conversion is void and the standalone Essential Living Assurance Benefit will be reinstated from the date of conversion.
6. Built-in Children’s Trauma Conversion Facility
The Built-in Children’s Trauma Benefit can be converted to a standalone Essential Living Assurance Benefit with a maximum sum assured of $20,000 or 50% of the life assured’s original sum assured whichever is the lesser. Where the life assured’s sum assured has reduced, the conversion will be calculated on the reduced amount, without further medical evidence.
8. Built-in Premium Conversion Facility
You may at any time prior to the life assured reaching age sixty five:
The following conditions are applicable:
A conversion cannot occur if the child has claimed or was eligible to claim under the Built-in Children’s Trauma Benefit; and Your request for conversion must be received by Sovereign within 60 days of the anniversary date after the child’s 21st birthday; and
Convert all or part of your Essential Living Assurance Benefit from the premium shown in the schedule to a Level premium structure. The Essential Living Assurance Benefit under your policy will be reduced by the sum assured amount converted; or Convert a Level premium Term to a further Level premium Term, of which duration may be the same or less than current Level premium term. We will not require you or the life assured to produce further medical evidence at the time of conversion. The terms and conditions of the new policy will be those which are then offered by us to the general public. Premiums will be calculated on the current age of the life assured . Any loading(s) and/or exclusion(s) that applied to your existing Essential Living Assurance Benefit will apply to your new Essential Living Assurance Benefit.
Your request must be received in writing.
An applicable premium will be payable on converted cover.
7. Built-in Standalone Conversion Facility
If the schedule shows the Essential Living Assurance Benefit as standalone you can convert this to an accelerated Essential Living Assurance Benefit with an equal amount of Life Cover without any further medical evidence subject to the following:
803 TCP-LAE version 14 Effective 12 May 2026
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