Disability income protection

Transcription

1 TotalCareMax Why Sovereign ADVISER USE ONLY MARCH 2013 Disability income protection BUSINESS INSURANCE PERSONAL INSURANCE

2 WHY SOVEREIGN? Our passion for service excellence coupled with our proven financial strength makes Sovereign New Zealand s leading life insurer. In times of uncertainty, it s good to know who you can trust. Sovereign has an A.M. Best financial strength rating of A+ (Superior)*, and year on year we pay out more claims than any other New Zealand life insurance provider. As a values-based company, we believe in putting people first. That means not only our customers but also our staff and the wider community. We re building a sustainable long-term business, to ensure we re there for our customers today, and for generations to come. So, no matter how life changes, you can depend on Sovereign. * Given by A.M. Best Inc., an approved insurance rating agency. A copy of the scale, of which this rating forms part of, is available from Sovereign. EXPERT HELP IS PROVIDED BY: > We have a dedicated Disability Income Protection claims team with nurses who specialise in rehabilitation, supported by a panel of registered medical doctors. > Health Screen nurses to help with underwriting. > Dedicated underwriters who provide a telephone underwriting service. RELATED TOOLS We have a number of tools available to help you and your clients understand Disability Income Protection: > Disability Income Protection Benefit Sheet > Mortgage and Income Protection Benefit Sheet > Income Protection Education and Marketing Kit > Specialist and Diagnostic Testing Benefit Sheet > Specialist and Diagnostic Testing Benefit Marketing Kit The information in this document is provided as a sales support tool to be used in conjunction with and subject to the appropriate policy wording and the relevant Competitor Comparison that provides specific benefit and definition level comparisons against the main providers of this cover. Competitor review details as at 7 January 2013.

3 5 REASONS YOUR CLIENT SHOULD CHOOSE SOVEREIGN DISABILITY INCOME PROTECTION 1 Ten Choices of Cover Made to connect you with the full spectrum of New Zealanders income protection needs, from core to specialist. As there are so many ways to earn a living and live one s life, we offer a broad range of well-constructed income protection options each designed to ensure there s suitable cover for the spectrum of New Zealanders needs. TOTALCAREMAX DISABILITY INCOME PROTECTION PERSONAL NEW Mortgage and Income Protection Agreed Value Income Protection* Essential Disability Income Indemnity Income Protection* NEW Loss of Earnings* Simple protection that caters to a broad spectrum of New Zealanders particularly those starting out. Straight-forward cover providing certainty at claim time of what benefit payments will be. Lower-cost, simplified indemnity option. Provides a benefit of up to 75% of your client s gross remuneration package, less offsets. The best of both worlds indemnity or agreed value; your client chooses the calculation that is most favourable at claim time. MADE TO CONNECT WITH AGREED VALUE BENEFIT INDEMNITY BENEFIT BEST OF BOTH New Zealanders who want straight-forward income protection calculated on what s likely to be the biggest component of their living costs their rent or mortgage payments. New Zealanders who want certainty today around how much their benefit payments will be should they need to claim tomorrow. Kiwis working in occupations that prevent them from purchasing regular Disability Income Protection and for those seeking a lower-cost option. New Zealanders who want income protection that calculates benefit payments based on their remuneration at the time they need to claim. High-earning Kiwis particularly those on fluctuating incomes contractors, the self-employed or those starting or buying into a new business. * PREMIER OPTION Upgrade option for Indemnity, Agreed Value Income Protection and Loss of Earnings. This option will provide extra funds in a variety of circumstances over and above Indemnity, Agreed Value or Loss of Earnings. The Premier Option is made to connect with New Zealanders who want extra peace of mind from their cover. Please refer to the Income Protection Education and Marketing Guide or Policy Wordings for more detail on the types of cover offered. Sovereign TotalCareMax Why Sovereign Disability Income Protection 2

4 5 REASONS WHY YOUR CLIENT SHOULD CHOOSE SOVEREIGN TOTALCAREMAX DISABILITY INCOME PROTECTION BUSINESS Start-up Locum Cover Rural Continuity Business Overheads Business Continuity Easy and affordable protection for the newly self-employed. Covers the reasonable costs of engaging a suitably qualified person to run your client s business if they are unable to work due to sickness or injury. Protects farmers and sharemilkers from loss of income relating to illness or accident through the payment of a monthly benefit. Designed to pay the ongoing business expenses that continue to be incurred in the event of the owner being unable to work. Provides a monthly benefit payment to help keep your client s business in action should they or their key employees be unable to earn an income for the business due to an accident or ill health. MADE TO CONNECT WITH AGREED VALUE BENEFIT CHOICE OF BOTH New Zealanders striking out on their own in business and who might find it difficult to provide financial evidence of their last three years income. Business owners where the impact of the principal being unable to work is significant. Farmers and their partners who also work on the farm, as well as herd owning/leasing sharemilkers. Small business owners where the impact of the principal being unable to work is significant. Business owners and shareholders who have been trading for more than three years and their key employees. Please refer to the Income Protection Education and Marketing Guide or Policy Wordings for more detail on the types of cover offered. 3 Sovereign TotalCareMax Why Sovereign Disability Income Protection

5 5 REASONS WHY YOUR CLIENT SHOULD CHOOSE SOVEREIGN Specialist and Diagnostic Testing with Best Doctors (optional benefit) Sovereign is the only insurer in New Zealand to offer Specialist and Diagnostic Testing with Best Doctors as an optional benefit with Disability Income Protection. This benefit can make a real difference to the time it takes to receive essential treatment. > Your client is able to avoid public waiting lists, select the best specialist available, and receive any required diagnostic testing quickly, increasing their chances to receive early treatment for potentially life-threatening conditions. > Through Best Doctors, your client, their partner and children can call upon a unique worldwide network of over 50,000 leading medical specialists and they don t need to be on claim to use the service. The service offers: InterConsultation: A full medical review and a second opinion on a diagnosis or treatment plan. FindBestCare: If InterConsultation results in Best Doctors suggesting overseas treatment that your client wishes to undertake, Best Doctors will arrange all the treatment and travel logistics (at your client s expense). AskTheExpert: Consultation with world-leading specialists for cases not requiring a full medical review but where your client needs questions answered for greater clarity and comfort. DocOnline: Answers within 48 hours to a simple medical question, or provided on the diagnosis of a symptom. Online multimedia medical library: Access to information from credible sources on hundreds of medical conditions. Includes over 300 educational videos. Redundancy Cover Benefit (optional benefit) This benefit can be offered as an optional benefit with the majority of Disability Income policies (not applicable to selfemployed, contractors or business owners). This optional benefit provides a safety net for your clients if they are made redundant. It means they don t have to be sick or disabled for a benefit to be applicable. Your clients have the flexibility to include this cover with any Sovereign Disability Income Protection policy. Should your client be made redundant, we will provide up to six months of benefit payments while they are looking for a new job. NB: Your client must have held the policy for more than six months prior to a claim event. HOW UNIQUE IS THIS FEATURE? Zero competitors have this feature Retirement Protection Benefit (optional benefit) Pays your client s KiwiSaver contributions while on claim, providing an agreed value option of 3% or 4% of initial salary. Provides peace of mind that retirement savings will continue to grow when your client is on claim, no matter which KiwiSaver provider they are with. HOW UNIQUE IS THIS FEATURE? Only two competitors have this feature 5 Guaranteed Enhancement Benefit All future enhancements to TotalCareMax, that are favourable to your client, will automatically and immediately be applied to their policy. Your client benefits from positive changes to a section or a condition regardless of when their policy was taken out. This benefit gives your client the flexibility to choose the definition that best suits them at claim time. Importantly, unlike many competitors, Sovereign s Guaranteed Enhancement is effective as soon as a definition is changed. HOW UNIQUE IS THIS FEATURE? HOW UNIQUE IS THIS FEATURE? Zero competitors have this feature* * As provided by Best Doctors Five competitors have this feature Refer to the TotalCareMax umbrella wordings for more information. Sovereign TotalCareMax Why Sovereign Disability Income Protection 4

6 CLAIMS INFORMATION Certainty at claim time When you recommend Sovereign, you re recommending New Zealand s largest life insurer and its strength to pay your clients claims. The total amount of Disability Income Protection claims paid by Sovereign in the 12 months to June 2012 was $40.2 million. * Source: Sovereign Actuarial Department, June 2012 Causes of Sovereign Disability Income Protection Claims (by number of claims) Accident 1% Cancer 11% Cardiovascular 13% Digestive 1% Genitourinary 1% Infection 2% Mental Health 38% Musculo Skeletal 17% Neurological 12% Other 2% Respiratory 1% Sense organ 1% 5 Sovereign TotalCareMax Why Sovereign Disability Income Protection

7 THE FACTS At the time of the last census 20% of New Zealanders lived with a disability 1 Every year around 19,000 people are diagnosed with cancer. 2 There are over 48,000 people with dementia in New Zealand. People of all ages, ethnicities and intellectual ability can get dementia. While it is more common in people over the age of 65, it can also affect younger people. 3 In New Zealand, there are approximately 300 people suffering from Motor Neurone Disease at any one time. 4 KiwiSaver membership reached 1.95m in the year ending March Statistics New Zealand, Disability Survey 2006 (latest available) 2 Cancer supportive care, Ministry of Health Alzheimer s New Zealand website, Motor Neurone Disease Association, Financial Markets Authority, KiwiSaver Annual Report, 30 June 2012 Sovereign TotalCareMax Why Sovereign Disability Income Protection 6

8 SOVEREIGN.CO.NZ Sovereign House 74 Taharoto Road, Takapuna, Auckland 0622 Private Bag Sovereign, Victoria Street West, Auckland 1142 Telephone: Fax The information in this document is provided as a sales support tool to be used in conjunction with the appropriate policy wording and the relevant Competitor Comparison, which provides specific benefit and definition level comparisons against the main providers of this cover. Competitor review details as at 7 January Sovereign Assurance Company Limited. All rights reserved. Images used by permission