> Premiums for health benefits are related to the life assured’s age, unless otherwise agreed to by Sovereign. > Premiums will increase each year and the premium increase will usually take effect from the anniversary date .
Information that may be required for each different type of benefit is detailed in the benefit appendix. Sovereign will tell you about any other information that may be required once notice of the claim has been received. You must give Sovereign written notice of a claim as soon as practicable but at least within 12 months of the event giving rise to the claim. 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 any life assured 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.
Any policy fee will increase each year on the anniversary date in line with the consumer price index .
>
The other circumstances in which your premium will change are as follows: > When you add or remove optional health benefits or adjust the excess. > When you add or delete a life or lives assured to or from this policy.
You will be given at least 30 days’ written notice of such premium increase prior to the increase taking effect.
6. When can your policy be cancelled?
How will you know what to pay?
When can you cancel your policy or individual benefits? If for any reason you are not happy with your policy or individual benefits you may return it to us within 15 days from the date your policy document is received. You will be deemed to have received your policy document three days after postage from Sovereign. Sovereign will promptly refund any premiums paid under your policy provided that no benefit has been paid or any claim has been made. Alternatively changes to your policy or individual benefits may be made and a replacement policy document issued. You can cancel your policy or individual benefits at any time by giving Sovereign notice in writing. If you have elected to pay premiums less frequently than monthly, we will refund any part of a premium already paid for this policy or the cancelled benefits to cover any period of more than one month beyond the date of cancellation (being the date we receive the cancellation notice). Otherwise, we do not have to refund any premiums or part of premiums already paid. You will remain liable to pay any premium due on the policy before Sovereign received the cancellation notice. From (and including) the date Sovereign receives notice of cancellation of your policy, you will not be entitled to any benefits under the policy, unless otherwise agreed in writing by Sovereign. From (and including) the date Sovereign receives notice of cancellation of any individual benefits, you will not be entitled to any of the cancelled benefits under the policy, unless otherwise agreed in writing by Sovereign. When can Sovereign cancel your policy? Sovereign can cancel this policy if the premium has not been paid within 31 days of the premium due date . If Sovereign issues you this policy with the understanding that it is to replace a policy you already have then you must cancel your existing policy. If you fail to cancel your existing policy, Sovereign can cancel this policy or decline liability for any claims made under this policy. A Business Replacement Advice (BRA), application form, illustration or
Each year prior to the anniversary date Sovereign will write to you and tell you how much the premium will need to be to maintain your existing cover. If Sovereign tells you that your non-health benefit premiums need to increase to maintain your existing benefit amounts, you can choose to: > increase the premium to maintain the existing benefit amounts; or > reduce the benefits to the amount which your existing premium will cover.
Other circumstances that can change your premium
The other circumstances in which your premium will change are as follows: > When you add other benefits to the policy or increase or reduce the amount of benefits under the policy. > When you add or delete a life or lives assured to or from this policy. > When you request, and we agree to, a change in premium type. > When a claim is paid and the benefit ceases as a result of the payment being made. > When a benefit ceases due to the life assured covered for that benefit attaining the benefit expiry age as specified in the schedule . > Any changes to the tax treatment of any premium payable or claims receivable in respect of the policy (such as changes to GST).
5. 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 adviser for assistance.
Sovereign Claims Hotline: 0800 500 108
800 TC-UMB Version 9 Effective 06 March 2017
Page 4 of 7
Powered by FlippingBook