This provides income protection for newly self employed (less than 36 months), in the form of monthly payments made if the life assured is unable to work due to sickness or injury. No financial evidence is required to support an application under Start-Up Income Protection. This is an Agreed Value benefit which has a 3 year policy term and includes an upgrade path to a comprehensive TotalCare Disability Income Protection benefit. If not upgraded will continue with Indemnity cover to age 65.
Alternative: See Application Form (PDF).
Sovereign will pay the monthly sum assured amount of either regardless of pre-disability income. The monthly benefit amount can range from $1,000 to $9,000.
Sovereign will also pay any premium due under this policy while a benefit is being paid.
Choice of 3 waiting periods: 4, 8 or 13 weeks
The waiting period will be waived by Sovereign if the life assured becomes disabled again from the cause not later than six months after the original total disability benefit ceased.
All claims resulting from the same or related cause will be considered to be the same claim in respect of the benefit payment period.
This product has a 3 year policy term and provides for an upgrade path into Sovereign's income protection benefit under TotalCare. This can occur at any time after 12 months of cover under this policy if there is adequate financial information to support the application. Some medical underwriting may apply. Please contact us for more information.
Totally disabled means that, in Sovereign's opinion, after considering the advice of a Registered Medical Practitioner and other relevant information, the life assured for the benefit is so seriously incapacitated by illness or injury that they are:
Sovereign will not pay the benefit where any of the following (and in each case either directly or indirectly) causes or contributes to the total disability:
If the life assured is imprisoned for any reason, no monthly benefit will be payable during the term of imprisonment.
Minimum age: 16
Maximum age: 55
Self employed for less than 36 months in occupations classes 1 - 4. To be eligible for Start-Up Income Protection the applicant must only have one and not multiple businesses. Some high risk occupations are uninsurable. To confirm eligibility, please contact us.
$1,000 to $9,000 per month
6, 12 or 24 months
3 years Agreed then to Age 65 Indemnity Cover