Protect your lifestyle
and your home loan
FlexiLife works
hard for you
when you can’t
Introducing Sovereign, the Underwriter
Since its inception in 1989, Sovereign Assurance Company Limited (“Sovereign”) has become New Zealand’s leading life insurance provider with a proud history of innovation and service.
Sovereign became a member of the ASB Group of Companies in 1998, and as the underwriter for FlexiLife they bring experience and expertise to the administration of your policy.
Sovereign has an ‘A+ (Superior)’ claims rating assigned 28 December 2007 by A.M. Best Company Inc of New Jersey, United States of America.
01 Protecting your home and your lifestyle
02 FlexiLife Benefits
05 Lifestyle insurance - How much is enough?
06 About the FlexiLife policy
08 How to apply
09 ASB can offer you a full range of other insurance products
Don’t wait for misfortune to strike.
FlexiLife protects you and your loved
ones and makes a big difference in
diffi cult times.
Nobody likes thinking about worst case scenarios however the unexpected could happen to any of us. It may be hard to imagine now, but there is a
possibility you could develop a serious illness or may even die.
How would you or your loved ones cope? The distress caused by serious injury, illness or death could be compounded by the inability to repay debt or maintain a reasonable lifestyle. With any level of borrowing you need to be reassured that you are fi nancially covered. FlexiLife will protect your home and your lifestyle in the event of an injury, illness, redundancy or at worst death.
1 0800 200 252, 8am-9pm, 7 days a week.
>
Protecting your home and your lifestyle
Cover yourself for the possibility that you may need help to get on with life with a serious debilitating condition.
Life Cover
It makes sense to cover the basics and protect what matters most. Providing a lump sum payment in the event of your death, a Life Cover benefi t can contribute greatly towards the fi nancial survival, security, peace of mind and the future of your family and loved ones. >
Terminal
Illness
You are eligible for the immediate payment of 100% of your Life Cover benefi t upon the diagnosis of a terminal illness, where you have a projected life expectancy of 12 months or less. >
Bereavement
Support
An immediate payment of $10,000 will be paid to your estate on notifi cation of death of the insured. This benefi t can be used to help offset
funeral expenses.
Total Permanent Disablement
If an illness or accident leaves you permanently disabled there will still be the usual bills to pay and new medical costs to meet. This optional FlexiLife benefi t pays out a lump sum to provide fi nancial peace of mind. When a Total Permanent Disablement claim is accepted, the Life Cover benefi t you have will decrease by the amount of the claim paid.
5
Loan Instalment Repayment
If you have an illness or injury that leaves you tempo-rarily disabled, FlexiLife’s Loan Instalment Repayment benefi t helps you and your family cover your loan repay-ments at this crucial time:
Benefi t Paid: Monthly Stand-down Period: 4 weeks
Benefi t Period: Maximum of 2 years for each period of claim
>
Waiver of Premium
With FlexiLife, you automatically get a Waiver of Premium benefi t with your Loan Instalment Repayment benefi t. During the time when you are unable to work, due to total disability, your regular premiums payable under this policy will be waived for the duration of the claim
payment period.
Redundancy
This is an optional benefi t, available when you select a Loan Instalment Repayment benefi t. FlexiLife’s Redundancy benefi t can help to remove concerns you may have meeting your fi nancial responsibilities while you go through this diffi cult time. You will receive a monthly benefi t, giving you fi nancial assistance while you consider your employment options.
>
Benefi t Paid: Monthly based on the Loan Instalment Repayment benefi t amount. Stand-down Period: 4 weeks (which may be extended up to 6 months to take into account any redundancy payments received).
Benefi t Period: Maximum of 6 months for each period of claim.
Features of FlexiLife
> Flexibility – at any stage you can apply to alter
your level of cover
> All benefi t payments are tax free
> The lump sum payment for Terminal Illness can
be used for any purpose you choose
> 15 day ‘free look’ period
> Underwritten by Sovereign, New Zealand’s
5
>
5 www.asb.co.nzfor information on rates, products and services.
>
Lifestyle insurance – how much is enough?
To help determine the level of lifestyle cover you need, you should consider the following:
> Covering outstanding personal or business
loans including ASB home loan, overdraft, hire purchases, credit card debts
> Protecting your assets and loan repayments and
maintaining a good everyday lifestyle
> Ensuring your spouse continues to have an
adequate income
> Making provision for your children’s education
> Covering your funeral and associated expenses
ASB staff are always more than happy to advise you and help you carry out this important assessment.
>
Who is eligible?
You are eligible to apply for cover from age 16 to 55 inclusive.
>
What happens when your
situation
changes?
It’s important to ensure that your insurance keeps pace with any changes in your life, for example, the arrival of a child, moving to a new house or the topping up of an existing home loan. With FlexiLife you can apply to increase or decrease the amount of cover required as your
circumstances change.
About the FlexiLife Policy
5
>
7 www.asb.co.nzfor information on rates, products and services.
>
Level
Cover
Level Cover is a unique feature that allows you to build a surplus of cover. As the graph below shows, the cover remains constant.
>
After your loan is repaid
It is an accomplishment to repay your home loan, but it does not mean that your cover should cease. FlexiLife will continue to offer ongoing protection even after your home loan is repaid.
AMOUNT OF COVER/LOAN
As your loan decreases, your cover remains the same, allowing a surplus to be built. Loan Cover Surplus
Applying for your FlexiLife policy is simple. You can apply at any ASB branch or over the phone. All policies are issued subject to the acceptance of a completed application. In some cases where further medical information may be required this will be handled by a telephone call from our Underwriters.
>
Take a ‘free look’
With our ‘free look’ period, any premiums paid will be refunded in full if you change your mind within 15 days from your policy being received, provided no claim has been made.
>
What is not covered?
There are some circumstances where no cover is provided under FlexiLife. These are listed in the Policy Document available from any ASB branch.
>
ASB can offer you a full range of other
insurance products, for example;
> Income Protection > Living Assurance > Accidental Death > Health Insurance > Business Protection
> Home, Contents and Private Motor Vehicle Insurance
> Travel Insurance
To fi nd out more, to get a no-obligation quote, or to apply, simply call into any ASB branch or call our Contact Centre on 0800 200 252. Our staff are happy to discuss your requirements, advise you and answer any questions you may have.
FlexiLife is underwritten by Sovereign Assurance Company Limited (“Sovereign”), Sovereign House, 74 Taharoto Road, Takapuna, North Shore City 0622. Sovereign is a member of the ASB Group of Companies. This brochure is not a policy document. The availability of any insurance cover is subject to acceptance and approval by the underwriter “Sovereign.” All applications are subject to individual consideration. Special conditions, maximums, exclusions or premium loadings may apply. For full details, please refer to the Policy Document available from ASB Bank Limited. Sovereign Assurance Company Limited, the policy insurer, is part of the Commonwealth Bank of Australia Group and is a related company of ASB Bank Limited and its subsidiaries (the “Banking Group”). Neither the Banking Group, the Commonwealth Bank of Australia, nor any other company in the Commonwealth Bank of Australia Group, nor any other person, guarantees Sovereign Assurance Company Limited or its subsidiaries, or any of the products issued by Sovereign Assurance Company Limited or its subsidiaries.
