Start Up Income Protection

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Benefits available
Income Protection with built in Waiver of Premium

Eligible Ages
Minimum age: 16
Maximum age: 55

Eligible Occupations
Self employed for less than 18 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.

Cover Type
Level

Benefit Amount
$2,500 or $4,000 per month

Benefit Period
6 or 12 months

Premium Guarantee
1 year

Policy Term
3 years

Start Up Policy Wording

Income Protection Needs calculator

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Essential Disability Income

TotalCare Income Protection

This provides income protection for newly self employed (less than 18 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.

Built-in features

Agreed value benefit

Sovereign will pay the monthly sum assured amount of either regardless of pre-disability income. There is a choice of either a monthly benefit amount of $2,500 or $4,000.

Waiver of premium benefit

Sovereign will also pay any premium due under this policy while a benefit is being paid.

Waiting period

Choice of 2 waiting periods: 4 or 8 weeks

Waiver of waiting period

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.

Additional benefits

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.

Definition of disability

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:

• Unable to follow the occupation or carry on the business they were involved in before the disablement date for more than 10 hours per week; and
• Not in fact working, or engaged in any other business.

Exclusions

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:

• The life assured deliberately injures him or herself or attempts to do so.
• The life assured participates in any criminal act.
• The life assured does not comply with the treatment prescribed by the attending treatment providers.
• The life assured is pregnant or gives birth, unless the total disability lasts for more than 90 days after the end of pregnancy, in which case the waiting period will start from the 91st day.
The life assured deliberately takes or uses non-prescribed drugs, other than for proper therapeutic or medical purpose and in accordance with the manufacturer's directions for use, or deliberately misuses prescribed drugs.

If the life assured is imprisoned for any reason, no monthly benefit will be payable during the term of imprisonment.

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