Sovereign Life Insurance
Sovereign Life Insurance is New Zealand’s largest life insurance providers providing life, trauma, and income cover for some 646,000 New Zealanders and their families. And one of the country’s leading health insurance companies.
Last year, Sovereign Life Insurance paid 94% of claims totalling more than $350 million.
Altogether since 2001, Sovereign has paid out in claims $3,288,716,761
The company is a values-based company that believes in putting people first, and that includes customers, employees, and the community. Sovereign life insurance is a partner to many important community initiatives such as Youthline and Volunteering Auckland.
Sovereign life insurance offers the usual standard inclusions but has some attractive options as well including:
- Accidental death — a more affordable option that pays your beneficiaries a lump sum only if your death is the result of an accident
- Policy loans — some Sovereign Life policies allow you to borrow against the sum assured for those special needs
- Specialist & diagnostic testing — up to $5,000 per year for specialist consultations (e.g. oncologist) and diagnostic procedures (e.g. MRI scans)
The usual product portfolio, Sovereign Life Insurance offers are:
- TotalcareMax — Fully underwritten
- SimpleLife — Instant Cover, no underwriting
- ProgressiveCare — can pay out more than once, for a wider range of illnesses
- Living Assurance — can pay a one-off lump sum
- Disability Income Protection — Provides you with a monthly payment if you’re unable to work due to sickness or injury
- Mortgage and Income Protection — Helps cover your mortgage or rent payments or other expenses if your ability to earn is severely affected by illness, disability or redundancy
- Essential Disability Income Protection — A lower-cost option for Kiwis working in occupations that prevent them from purchasing regular Disability Income Protection.
Rating: A+ A.M. Best
Actual Solvency Capital: $734.3M
Solvency Margin: $163.3M
Solvency Ratio: 129%