Both of the following maximum sum assured limits also apply across all Sovereign policies for each life assured:
the increased sum assured when you exercise the Essential LAB Future Insurability Benefit.
(a) the total of the sum assured for all Living Assurance Benefits, Progressive Care Benefits, and similar trauma benefits (combined), including increases under this Facility must not exceed $2,000,000; and (b) the total of the sum assured for all trauma benefits combined must not exceed $2,000,000 and the total sum assured for all trauma and Total Permanent
When will Sovereign not pay a claim for an increase under this Benefit?
a. Increases in sum assured added to this policy
After an Essential LAB Future Insurability Benefit increase has been made, Sovereign will not pay the increased amount if, before the increase, or within six months of the increase, the life assured: suffers any condition for the first time other than due to an accident under the Essential Living Assurance Benefit; or has any symptoms or signs leading to a condition (whether or not a r egistered medical practitioner has been consulted) that may result in a claim for anything other than an accident under the Essential Living Assurance Benefit.
Disablement Benefits (and similar benefits) combined must not exceed $5,000,000.
Where this Essential Living Assurance Benefit is shown in the schedule as accelerated against the Life Cover Benefit, the Essential Living Assurance Benefit, including the total of all Essential LAB Future Insurability Benefit increases, cannot exceed the sum assured of the Life Cover Benefit. See Section 2 “What effect does payment of an accelerated Essential Living Assurance Benefit have on the Life Cover Benefit” for details.
A life assured is only eligible for Essential LAB Future Insurability Benefit increases before age 55.
b. Increases in sum assured issued as an additional new policy
Sovereign will increase the Essential Living Assurance Benefit for a life assured from the date we accept your request. If, at any time before you seek to exercise an increase under this Benefit, a claim for the life assured had been accepted by us or notified to us, Sovereign will have discretion in determining whether the increase will be accepted. In exercising discretion, we will consider whether the life assured represents an increased risk of claim for the cover being added under this Benefit.
Where this policy or any part of the sum assured under it, has been issued as the result of an increase under the Essential LAB Future Insurability Benefit, then: the Essential LAB Future Insurability Benefit under this policy will not be available for the proportion of the sum assured that represents the increase. Sovereign will not pay the increased amount if, before the increase, or within six months of the increase, the life assured: - suffers any condition for the first time other than due to an accident under the Essential Living Assurance Benefit; or - has any symptoms or signs leading to a condition (whether or not a r egistered medical practitioner has been consulted) that may result in a claim for anything other than an accident under the Essential Living Assurance Benefit.
Only one of the following is available in any 12 month period:
- an Essential LAB Future Insurability Benefit increase; or
- a Special Events Increase under a Living Assurance Benefit or Progressive Care Benefit; or
- (if applicable) exercising the Special Events TPD/Trauma Facility under the Life Cover Benefit and/or similar benefits to add an accelerated Living Assurance Benefit or an accelerated Progressive Care Benefit. Each Essential LAB Future Insurability Benefit increase in sum assured will require an increase in premium . This increase will be calculated on the rates applicable at the time the Essential LAB Future Insurability Benefit is exercised. Any loadings, exclusions or special terms on the original Essential Living Assurance Benefit sum assured will be applied to the increased amount. If you have the Optional Life Cover Buyback benefit selected on the policy for your original Essential Living Assurance Benefit, you can choose to add this benefit to the portion of
12. Optional Life Cover Buyback Benefit
What is the Optional Life Cover Buyback Benefit?
The Optional Life Cover Buyback Benefit applies only if shown in the schedule and if you have selected an accelerated Essential 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 Essential Living Assurance Benefit claim, subject to the following conditions:
The Life Cover Benefit can be reinstated to the level
803 TCP-LAE version 14 Effective 12 May 2026
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