8. Changing your sum assured
> 75% of the life assured’s pre-disability income less offsets as described below.
You may apply to Sovereign in writing at any time to increase or reduce your sum assured.
Offsets:
> Any other income replacement, rural income protection, business income protection, key person or mortgage protection benefits that any person receives or is entitled to receive from any sources in relation to the life assured and in respect of the same or a related disability (for example payments from ACC, Work and Income New Zealand (WINZ) or another insurer). − Where the life assured is covered by income replacement, rural income protection, business income protection, key person or mortgage protection benefits held with more than one provider, Sovereign will negotiate with the other provider(s) to determine the amount to be offset. − If the life assured is entitled to receive a benefit from ACC but is not receiving that benefit because the life assured has either not applied for the benefit, or has not provided all of the requirements necessary to assess the benefit, or the benefit has been stopped due to any non-compliance with ACC requirements, Sovereign will offset the full ACC entitlement regardless of whether the life assured is receiving a payment or not. > Any income before income tax, as a result of the life assured being actively involved in or actively carrying on business , other than passive income such as investment
Sovereign does not have to accept an application for any increase in your sum assured. Any acceptance will depend on a number of factors, including the state of health of the life assured. Any increase or reduction in your sum assured will start from the next premium due date after Sovereign accepts your application. Your premium will be recalculated based on Sovereign’s underlying premium rates at that time.
9. How to make a claim
For any claims enquiries, advice about submitting a claim or before incurring any costs in respect to a claim, please phone the Sovereign Claims Team or your Sovereign Registered financial adviser for assistance.
Sovereign Claims Hotline: 0800 500 108
Sovereign will tell you about any other information that may be required once notice of the claim has been received.
Sovereign is under no obligation to consider a claim unless all of the information requested is provided. Furthermore, Sovereign is under no obligation to assess or pay a claim prior to receiving notification. Sovereign may also ask you to undergo further medical examinations throughout the life of the claim. Any requests made by Sovereign for further medical information will be at our expense.
income, rental income or income earned by the business which cannot be attributed to the active involvement of the life assured.
> The life assured’s sick leave payments, subject to a maximum of 10 days’ sick leave payments for all claims resulting from the same or a related disability .
To make a Start-Up Income Protection claim, Sovereign will require:
In addition, Sovereign will also pay any premiums due under this policy while a benefit is being paid.
the life assured to be examined by a Registered Medical Practitioner acceptable to Sovereign, before accepting liability for a claim; and a Sovereign claims form completed by the life assured and a Registered Medical Practitioner (at your expense); and other information which Sovereign may reasonably request to help assess the claim, which may include evidence of earnings, taxable income , business accounts, Accident Compensation Corporation details or similar; and proof of financial information where applicable under Section 6; and the life assured to undergo medical and/or surgical treatment (including any operation or vocational, medical and/or social rehabilitation programme) at your expense which the life assured’s Registered Medical Practitioner or a Registered Medical Practitioner approved by Sovereign considers necessary; and any other information that Sovereign may deem relevant to the assessment of the claim.
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7. Policy transfer options
From one year after your risk commencement date you may apply to transfer to a relevant Sovereign Personal or Business income protection policy. Please Note : If you are able to transfer to an income protection policy and you have previously been on claim under your Start-Up Income Protection policy, the condition(s) that you claimed for may be excluded under the new policy. This means you will be unable to make any further claims for that/those condition(s). If you have any exclusions or loadings on your existing Start- Up Income Protection policy, these will also apply to your new Sovereign Personal or Business income protection policy, regardless of the benefit payment period you choose for that new income protection policy.
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420 Start-Up IP version 7 Effective 06 March 2017
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