Family Income Continuance
This benefit provides for a monthly income to be paid to a life assured’s family upon their death rather than just a lump-sum payment. A regular monthly income assists the family to maintain the lifestyle they had before the life assured’s death.
Built in Features
The life assured nominates the term they wish the benefit to be paid for after death. This can be for a set amount of years (from 5 up to 30) or until the time you would have reached a nominated age (from 31 to 70).
Bereavement Support Benefit
This benefit pays an immediate lump sum of $15,000 or the monthly benefit, whichever is less, upon the death of a life assured. This benefit can be used for grief counseling, estate advice, flights and accommodation for family members to attend the funeral, or to offset funeral expenses, or whatever their executors deem appropriate at the time. This benefit is an early payment of part of a life assured’s Family Protection Benefit. The death benefit payable will be reduced by $10,000 on payment of this benefit.
Special Events Increase Facility
When a life assured’s financial responsibilities increase because they have a child (by birth or legal adoption), get married or enter into a civil union, become divorced or dissolve a civil union, or become responsible for the full time care of a close relative they may write to Sovereign, to request an increase to the sum assured.
They do not need to produce any medical evidence regarding the life assured when they request the increase. A request must be made within 12 months of the relevant event happening and the life assured must supply evidence of the occurrence of the special event.