|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, April 21st, 6:39PM


Latest Headlines

Sovereign makes insurance applications easier

Good quality business from advisers allows Sovereign to ease its underwriting conditions.

Friday, March 16th 2007, 6:15AM
Sovereign has lifted its non-medical limits on lump-sum benefit policies, meaning that customers can now insure themselves for much more without being required to have a mandatory blood test or medical.

The new limits mean that anyone aged 45 or under with a clean application can potentially take out $1 million of life cover, living assurance benefit, or total and permanent disability cover without a blood test or medical.

Those aged between 46 and 60 with a clean application can potentially get $500,000 of cover without a blood test.

“We were able to make the changes due to the quality of business that advisers have given us. Because there are now fewer blood test requirements, we anticipate faster turnaround times,” Sovereign managing director Simon Blair says.

“But more importantly it means that Sovereign’s application process is less invasive for customers.”

In addition, Sovereign will no longer aggregate all lump sum benefits for medical limits. Mandatory medical requirements in most cases will now be based on the highest sum insured only. Assuming there is no existing cover, the combined effect of non-aggregated benefits and increased medical limits will enable Sovereign to offer up to $1 million life, $1 million LAB and $1 million TPD cover without mandatory medical requirements. This scenario is $3 million worth of cover – a significant change from previous approaches and highly beneficial to advisers and customers.

“The combined non-aggregated benefits and increased medical limits break new ground in the market but more importantly make life easier for both customers and advisers,” Blair says.

« Fidelity Life acquires FMGAXA changes commission structures on life products »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

nib helps protect future rugby stars
nib New Zealand has partnered with the Auckland Blues Super Rugby Aotearoa team to launch its nib Little Legends Little Smiles initiative, giving 1000 junior rugby players OPRO custom-fitted mouthguards – the same ones worn by the professionals.

Insurance professionals get time to shine
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has launched an initiative aimed at showcasing the success of insurance professionals.

Cigna retains high Financial Strength Rating
Cigna New Zealand has announced that A.M. Best has reaffirmed its Financial Strength Rating of A (excellent) and Long-Term Issuer credit rating of "a" - "with stable outlooks".

AIA adds more benefits to Vitality; Changes Airpoints

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
Site by Web Developer and