Sovereign has updated its TotalCareMax product range over the last few months.
Announcing changes in phases probably makes it easier to focus, educate, and update the range – and we have picked up on some of the enhancements as they were released. Now that process is complete we can consider the range as a whole.
An enhancement that has been added across the range is the Special Events Increase Facility. This allows your clients to increase their existing Life, Trauma and TPD cover, or add a limited amount of Trauma and TPD cover to their existing Life cover, when a special event occurs in their life.
Adding the TPD as a rider on Trauma is a very cost effective way to include TPD in a risk plan. Industry data shows that there isn’t much TPD sold. Life plus Trauma is quoted much more often than Life plus TPD, yet recent discussions with advisers suggest that more are contemplating adding TPD in the Trauma add-on format. It is a good effective catch-all. (We will provide a separate post with a detailed review of TPD add-on features early next week).
A new Specified Terminal Illness benefit pays an early partial payment immediately on diagnosis for some specified terminal conditions, regardless of life expectancy.
The addition of a series of children’s benefits to trauma reminds me of when our first child was born and after a few months required some special tests for a suspected medical condition. That moment when you think all is not well is a good reminder that covering your kids, and having eligibility for cover for them is valuable.
Sovereign’s Income Protection enhancements move to paying in advance for total disability (and bridging for partial disability, which effectively meets the gap) now makes payment in advance the standard for the industry as a whole.
The benefits are added automatically to all policies sold on or after February 1st 2001.