Sovereign general manager marketing and product David Drillien says it has also introduced a Guaranteed Enhancement Benefit where Sovereign will automatically apply any improvements in its latest TotalCareMax policy to TotalCareMax personal customers' policies.
"Future claims will be paid on a best of both basis. The promise applies to any policies issued from February 2001 onwards."
One of the major changes is that Sovereign will continue to pay the KiwiSaver contributions of eligible policyholders if they become totally disabled.
The Retirement Protection Benefit will be an optional add-on to its TotalCareMax Disability Income Protection policy.
Sovereign is also cutting the premium for disability income protection insurance with a 15% reduction in 13 week wait periods rates, a 10.3% reduction in 26 week wait period rates and a 4.4% reduction in 52 week wait period rates.
Another new initiative Breast cancer patients with an Absolute Health policy, for instance, will be able to claim up to $15,000 for breast reconstruction after a total mastectomy.
All 21 changes take effect on Monday 8 November.
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