by Graeme Lindsay
Graeme Lindsay
Sovereign has announced some changes to its Private Health medical product. Included are:
The major change however, and one for which Sovereign is to be applauded, is the extending of cover for chemotherapy treatments approved by Medsafe but not funded by Pharmac, to its legacy products Absolute Health and Majorcare 2003. (Note, that Majorcare issued prior to November 2003 didn’t exclude non-Pharmac treatments.)
It is impressive too, that the level of cover for these treatments is realistic rather than the token level ($10,000) introduced by Southern Cross recently.
Sovereign is also to be recognised for the fact that whilst their policy wording allows them to retrospectively change the terms of their medical products, they have never done so to restrict or remove a cover in place. This change is a positive change for existing policyholders.
Graeme Lindsay runs Strategy Financial which provides research to advisers on insurance products. The comments in "Strategy Thoughts" outlines his view on recent product and policy changes.
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