The two new policies are Key Health and Absolute Health, with the former being a stripped down version of a major medical policy and the latter being a comprehensive policy.
Key Health is a policy that covers just the three big health events – major joint replacements, cardiac and heart related conditions and invasive cancers.
Policyholders can claim up to a total of $100,000 during the lifetime of the policy.
At current prices this is sufficient to pay for multiple treatments Sovereign says. It says that if at any point the policy doesn’t cover three treatments then the maximum amount will be increased.
Key Health is targeted at people who want to self-insure rather than buy a full-blown health insurance policy.
“There are people who do not want to pay the substantial premiums associated with current major medical and comprehensive policies and want to insure only those things that they consider true insurable risks.”
MajorCare officially closed yesterday. Sovereign says that it was time to change the policy as MajorCare had been through four or five major changes since it was launched.
As part of the new product launch Sovereign has developed a much shorter, and easier to use application form.
Sovereign says there is a huge opportunity to sell health insurance to New Zealanders at the moment. Currently New Zealanders spend more than $1.7 billion a year on private health care and another $650,000 million on health insurance.
This shows, Sovereign says, that New Zealanders want to go private and need to have the ability to fund that desire.
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