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Three Recommended Steps

Follow the steps 1-2-3 in the site menu. You will be determining your Need, then getting a quote for the price, and then submitting a formal application document to Costello Financial Services.

For an optimal outcome, we suggest you:
  1. Select the type(s) of insurance required:
    Life Insurance and/or
    Accident Insurance and/or
    Critical Illness (Living Insurance) and/or
    Total Permanent Disablement Insurance and/or
    Income Protection Insurance
    (Any one or combinations of these benefits. Note: Life Insurance must be selected if Living Insurance or Total Permanent Disablement accelerated benefits are selected.) Read the Keypoints and Policy wording.
  2. Work out how much cover you need - do a Needs Analysis
  3. Get the cost - use the Quote Calculators. Adjust to meet your budget - what you can afford
  4. Complete the application form - Apply Now
  5. Print or Submit, check, enter payment options, sign and mail to NZLife.
What happens next?

Your completed and signed application form is passed to Sovereign for their underwriting assessment. Completion and issue can take several weeks depending on the conditions disclosed. You may contact us at any stage to determine progress.

In the interim you have automatic free cover for up to 60 days from the date Sovereign receives the application to the date of acceptance for up to a Maximum payable on:

  • Death - $500,000
  • Total Permanent Disablement, $150,000
  • Living Assurance: only kidney failure, major organ transplant surgery, paraplegia or quadriplegia is covered. $150,000
  • Income Protection - $24,000 per annum.
  • $100 per month Waiver of Premium

A Special pre-acceptance cover note will be sent to you by NZLife on receipt of your application. Keep this in a safe place until you receive your policy documents.

Sovereigns New Business Process

At Sovereign your application will be reviewed to see that you qualify for the cover applied for and that the premiums are correct. The questions you have answered in the application usually provide sufficient information, but sometimes additional details are required.

In some instances this may require you to see your doctor, meet with one of Sovereigns Healthscreen nurses or provide additional information via phone or email. The Healthscreen service gathers medical information and is excellent particularly for busy people and saves time. They will contact you for a personal appointment either at home or office, ask questions regarding your medical history and any medication, and conduct any tests required. You may choose to do this with your own doctor if you wish.

Sovereign may also write to your doctor or specialist to obtain further medical history if necessary.

All information provided is kept confidential and will not be disclosed to any parties without your authority.

Acceptance, Offers, Decline or Defer

On acceptance you may be offered standard terms (at quoted rates), or exclusions and/or a loading may be offered in an Offer of Terms letter.

A loading is a % added to standard premiums to cover an assessed higher risk. E.g. 50% An exclusion may be for a serious existing condition, such as "Heart and directly or indirectly related conditions" for those who have had a previous and ongoing Heart condition.

Your application may, on rare occasions, be declined or deferred for a period or until certain conditions are met (such as a recent serious medical condition and test results are awaited), after which it can be resubmitted.

If your application is declined on medical grounds, you can obtain No Medicals Life Insurance at

On acceptance, policy documents and a schedule will be mailed to you. We suggest you keep this in a safe place and quote the policy number whenever you wish to contact us or Sovereign.

Later we recommend you:
  1. Check policy documents and schedules on receipt from Sovereign and file in a safe place
  2. Make claims when required - see Claims
  3. Review that your policies are adequate regularly or as your Life changes - see below.
Replacing older policies

There are many good reasons to replace older more expensive policies. As well as significant savings, many like the certainty and clarity of the Sovereign Insurance policies with their clear wording and excellent claims service when you need it.

If your new application is to replace an existing policy, we request you complete and return the Replacement Form - see documents. We strongly recommend that you do not cancel your old policies until you have received and are happy with your new policy. Why: - If your medical (or financial circumstances), have changed Sovereign may make you an offer which may include a loading or exclusions in the new policy. You may then wish to stay with your existing policy.

Note: Any new life insurance policy will include a suicide clause, which means that the new policy will not pay for death by suicide within the first 13 months.

Make regular Reviews:

NZLife recommend that you review your insurance needs and policies annually or whenever a major change in circumstances occurs. Examples may be:

  • Buying a home or another property
  • The birth of a child
  • Starting a new job
  • Buying or starting a business
  • Marriage or divorce
  • Have not smoked for over 12 months. On providing a written and signed note to this effect, your premiums will be adjusted to nonsmokers rates.
  • Have a medical exclusion or loading, and your condition has stabilised or you are now well or your blood pressure, cholestoral, or weight has reduced and is normal and stable. Provide medical evidence and any exclusion or loading will be reviewed and potentially reduced or removed.

Your review could include re-entering your information into the Needs calculators.

If you require an annual email reminder tick this box:
Your Email address is:

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