12. Suspension of Premium Benefit
Sovereign.
The maximum amount of the Repatriation Benefit across all Sovereign policies for that life assured is the lower of:
A life assured can suspend their cover under this Life Cover Benefit appendix for up to 12 months if they:
The Life Cover Benefit; or
go on parental leave;
$25,000.
go on leave without pay for any reason;
The Repatriation Benefit will be treated as an early payment of the Life Cover Benefit. The Life Cover Benefit will then be reduced by the amount paid. The Repatriation Benefit may be paid in addition to the Bereavement Support Benefit but no more than the Life Cover Benefit sum assured will be paid for both benefits.
become unemployed or redundant;
experience at least a 20% reduction in pay (comparing the most recent payslip against a previous payslip from the same year); or if self-employed, experience a 30% reduction in revenue (by comparing one month’s revenue against the same month for the previous year),
10. Counselling Benefit
provided that:
The Counselling Benefit covers the cost of a Psychiatrist or Psychologist consultation and/or counselling for the life assured and/or a close relative of the life assured where the support treatments and/or consultations directly relate to a claim under the Life Cover Benefit, the Specified Terminal Conditions Benefit or Terminal Illness Benefit. After referral by a registered medical practitioner we will reimburse up to $2,500 including GST (in total) per life assured, subject to the following conditions: The consultation and/or counselling must be paid for within 12 months following Sovereign paying the Life Cover Benefit, the Specified Terminal Conditions Benefit or Terminal Illness Benefit claim; and Sovereign must be provided with a receipt for the consultation and/or counselling being claimed. The $2,500 is payable once per life assured per policy. This is in addition to the sum assured.
The premium type shown in the schedule for the Life Cover Benefit is Rate for Age; You notify Sovereign within three months of one of the above listed suspension events occurring and provide evidence to Sovereign of the suspension event; and Sovereign acknowledges in writing receipt of that notification. Cover for the life assured will be suspended from the date set out in Sovereign's written acknowledgement. No premium will be payable during the period that the cover is suspended. No claim under this Life Cover Benefit appendix will be payable for any claim event that occurs during the period that the cover is suspended. A claim may only be payable if the life assured first meets the criteria for an eligible claim under this policy after their cover is reinstated. Cover under this Life Cover Benefit appendix may be reinstated at the end of the suspension period in accordance with this section without the need to provide further medical evidence, provided that the benefit has been suspended for no longer than 12 months. At the end of the suspension period, the benefit will be automatically reinstated for the life assured. Cover for the life assured will be reinstated from the date set out in Sovereign's written acknowledgement. The premium payable for the reinstated benefit will be based on Sovereign's premium rates at the time of reinstatement.
11. Premium Conversion Facility
You may at any time:
Convert all or part of your Life Cover Benefit from the premium shown in the schedule to a Level premium structure. The Life Cover 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. Sovereign 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 special terms, exclusions or premium loading that applied to your existing Life Cover Benefit will apply to your new Life Cover Benefit.
13. Optional Life Future Insurability Benefit
The Optional Life Future Insurability Benefit applies only if shown in the schedule . Where a Life Future Insurability Benefit is selected, the original Life Cover Benefit may be increased without the need to provide further medical evidence, subject to the following conditions: The Life Cover Benefit may be increased by up to 20% of the original Life Cover Benefit or $100,000, whichever
801 TCP-LIFE version 12 Effective 12 May 2026
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