choice life your Sovereign update / issue one / 2011 www.sovereign.co.nz choose a longer life What do Mexican with Sovereign wrestlers, late-night skinny-dippers and 30-something skateboarders have to do with life insurance? If our new TV ads have got you asking that question, we’re pleased to hear it. Over the next few mOnths yOu’ll see a new message frOm sOvereign. we’re still abOut being strOng and reliable – that’s vital – but we thOught it was time we presented a fresh face that’s inspiratiOnal, pOsitive and brave. Why are we doing this? Well a lot of people think we just Our fresh approach began with demonstrating the strength ‘do’ life insurance, but Sovereign doesn’t only provide and ability of Sovereign through our financial rating* and assistance at the end of your life – we can add considerable our claim-paying ability. Now it’s time to tell everyone what value to your life while you’re living it through our makes us different and to build an iconic Kiwi brand that market-leading range of insurance products. We want sets us apart from other insurers. our customers and potential customers to live a happier, Best Doctors® was a great first step towards showing that healthier life every day and to live a longer, better quality there’s more to Sovereign than end-of-life insurance. We life. That’s why we talk about ‘longer life insurance’. hope you’ll agree the next phase in our journey is a giant It’s when people are in their 20s and 30s – when they often leap forward in providing Kiwis – including you – with do something life-changing like get married, have kids, buy ‘longer life insurance’. house or start a business – that they need to start thinking about longer life insurance. We’re making sure that what * Sovereign has an A+ (Superior) claims rating from A.M. Best Company Inc we have to say is relevant to people at that life stage while of New Jersey, United States of America, 21 December 2010. A.M. Best is ensuring that all our customers, no matter how many years an approved insurance rating agency in terms of the Insurance Companies young or old they are, understand why Sovereign is the (Ratings and Inspections) Act 1994. The scale of rating is available for inspection from Sovereign. best choice for longer life insurance. Play the Life's Choice game and be in to win a share of $15,000 to live the life you want. We’ve got $10,000 left to give away over the next two months. But what do you need? Maybe it’s $900 for a new surfboard, $500 for a weekend escape or just $200 for new tramping boots. Simply let us know what you choose for your chance to win. Play the game now at sovereign.co.nz/chooselife regulation you’re safer than ever with Sovereign when yOu’re dealing with financial advisers healthy choice it’s gOOd tO knOw that new legislatiOn nOw prOvides yOu with even mOre safeguards. The Government recently introduced new rules for people you look after who advise on financial matters aimed at lifting professional standards and providing greater protection for customers. yourself – we’ll A key piece of legislation is the Financial Advisers Act 2008 (FAA). This requires all financial advisers, including mortgage look after the bills and insurance brokers, to meet certain obligations. For example, they have to register as providing a financial adviser service on the Financial Service Providers Register (FSPR), and must exercise “due care, diligence and skill” mOst peOple appreciate the value and gOOd when providing financial adviser services. sense Of taking Out health insurance. it’s easy tO understand and the benefits are Advisers who offer investment advice must also be ObviOus. have yOu ever stOpped tO cOnsider licensed by the Financial Markets Authority to operate as the cOst Of recOvery frOm a seriOus illness? an Authorised Financial Adviser (AFA) and comply with the Code of Professional Conduct for Authorised Financial One in five men and one in seven women between the Advisers, which provides minimal standards for ethical ages of 30 and 64 will suffer a critical illness, such as behaviour, client care, competence, and continued training. cancer, heart attack or stroke.* If this happened to you, There are significant penalties for unregistered advisers and would you be able to pay the mortgage or car loan, let for advisers who deliberately mislead or deceive a client. alone maintain your current lifestyle? You can now go to an independent dispute resolution Ongoing advances in medical treatment mean provider if you have a problem that can’t be resolved directly New Zealanders have a greater chance of surviving with a financial adviser. critical illness than ever before – and a greater need for financial support over that time. PROTecT yOuRselF wITh lIvIng AssuRAnce Sovereign Living Assurance is designed to support you financially if you suffer a critical illness, so you can focus on your recovery without having to worry about paying the bills. It provides a lump-sum payment which is ideal “I love it when for paying immediate living expenses and alleviating the Dad swings me burden of debt. round. It’s like With Sovereign Living Assurance you can choose there’s a safety net personal or business cover, or both, depending on your that will catch me, needs. Both are available in either comprehensive or no matter what.” essential cover options. You can also choose to extend your cover with a range of optional add-ons. The best idea is to talk to your Sovereign adviser – they’ll help identify the best cover for you. sOveReIgn AdvIseRs AheAd OF The ResT Sovereign advisers have always been top-notch and *Gen Re LifeHealth Australian Critical Illness Survey 2008 we’ve now helped more than 500 advisers achieve new qualifications and comply with all the standards required by Read some of our law. This means they can deliver even better service to you. customers’ real-life Serious stuff insurance experiences There’s never been a better time to get your insurance from Every day about 22 people in Sovereign and get great advice from an adviser you can trust. after serious illness at New Zealand have strokes. www.sovereign.co.nz/ (the stroke foundation of new Zealand, 2010) Half of all cancer patients real-life-insurance Want to know more? will recover and be alive five for more information about the information in this article years later. you can also visit the financial markets authority website (new Zealand ministry of health, 2008) www.fma.govt.nz Some indicative costs of common medical you can easily check out whether an adviser is appropriately procedures in 2010 were: qualified on the fspr at www.business.govt.nz/fsp • Coronary artery surgery $27,000-$32,000 if your adviser belongs to the sovereign group Qfe, they • Heart surgery $50,000-$75,000 are not required to individually register and so may not • Mastectomy (not including reconstruction) appear. in this instance call sovereign on 0800 500 108 to $18,000-$25,000 confirm their nominated representative status. sOvereign lifeCHoiCE choice as our readers’ top tips for healthy living Cut me out and pin me up surviving the supermarket A HEALtHy diEt StArtS At tHE SourCE – tHE groCEry StorE or superMarket. after all, if you don’t Have groceries in tHe fridge, you’re More likely to end up eating fast foods or ordEriNg iN A piZZA. Tick of f this check list opping can AVOID RUSH HOUR We know sh uming and be time-cons schedule your shopping to avoid those log-jammed supermarket aisles. o here are a early in the morning is a good time, even on weekends. you’ll always find expensive, s a trolley and the produce is fresher. ake the few tips to m easier, MAke A lISt – AnD keep tO It chore a little d more it might sound obvious but you’re less likely to go for the junk food with healthier an a list in hand. try to plan your meals for the week (or a few days) ahead – affordable. if you’re stuck for ideas, flick through some recipe books for inspiration. get the kids to cross off the items on the list as you go. DOn’t SHOp On An eMpty StOMAcH we’ve all had the experience of shopping when we’re hungry, tired or rushed, and coming home with fast or junk food items we bought on impulse. beat that one by eating before you go and you’ll resist temptation. FReSH IS beSt it’s easy to tell how healthy your food is – just look at whether it comes in boxes and cans, or fresh from the farm and fields. if more than half your groceries are processed, you might want to think about changing your eating habits. StIck tO tHe peRIMeteR most healthy foods, such as fruit and vegetables, fish and dairy products are located around the edges of the store. steering clear of the aisles containing cookies, chips and alcohol will mean those items are less likely sinhgatirpse andsobee inchoitocewin to land in your trolley. m ReAD tHe FIne pRInt we all know lots of fresh food is best, but with our busy lives it’s hard to liv completely avoid the processed stuff. to make the best choice, read the food labels and learn about the different names for ingredients. DIRect MARketIng check out your local farmers’ market for a better selection, lower prices If you have some choice and a fun shopping experience. you’ll buy seasonally straight from the producer, when the produce is freshest, and you’ll also be buying locally, living tips to share with doing your bit to help the environment. readers, send them to us at tHe bIg FReeze email@example.com buying in bulk is cheaper and means you can make the most of a bargain when you see one. make sure you pick produce that freezes well, and If your tips are published check how long it will last when frozen. you’ll pick up one of ten tHIRSty wORk double movie passes! water, low-fat milk, real juice and herbal tea are the best beverages to buy. if you simply can’t resist soft drinks, choose the diet options to avoid all that extra sugar. Need some help with meal planning? Check out www.healthyfood.co.nz sOvereign lifeCHoiCE news sOveReIgn welcOMes cOlOnIAl POlIcyhOldeRs leading the way in sustainability august was an exciting mOnth fOr sOvereign as the cOmpany cO-hOsted a cOnference Of internatiOnal insurance representatives tO talk abOut the industry’s future. Aimed at generating feedback on the newly developed global Principles for Sustainable Insurance (PSI), the Oceania region meeting was also hosted by the United Nations Environment Programme Finance Initiative; the Investment, Savings and Insurance Association of New Zealand; and the Insurance Council of Australia. if yOu’re a cOlOnial mutual pOlicyhOlder, yOur pOlicy has nOw been transferred The two-day event kicked off with a welcome function tO sOvereign – but yOur pOlicy wOn’t be hosted at Sovereign House. Delegates from the insurance affected in any way. industry, government and regulators, business, industry and academia from all around Oceania heard Sovereign Chief On 30 June 2011, the colonial mutual life assurance Executive Charles Anderson, United Nations’ Butch Bacani society limited (cmla) transferred its new Zealand and renowned adventurer and insurance business to sovereign, which already philanthropist Peter Hillary give Insurance administered the policies. this transfer was approved keynote speeches explaining the by the reserve bank. both companies are owned by importance of sustainability to sustainability the commonwealth bank of australia. Sovereign, the insurance industry doesn’t just the transfer means the new Zealand business is now and the United Nations. administered solely in accordance with new Zealand The global insurance industry involve addressing law, resulting in a reduction in compliance costs. is developing a best practice environmental the day-to-day administration of the policies has framework to help it address not changed as a result of the transfer, and the rights issues affecting its insurance and issues. It’s about and benefits of colonial policyholders have not been investment activities. This will, in affected in any way. turn, make it more effective at understanding, reducing risk and better placed managing and Choice to contribute to sustainable economic development. carrying risk in a Sponsored by the United Nations, sustainable way. feedback ! the draft principles for this framework had been developed by LifeChoice isn’t the PSI project team. The regional just about us consultation meetings, happening on seven continents, are about getting these underlying principles right so that the talking to you – global framework is robust. we’d love to hear from The feedback from Oceania, together with that from the you too. If you’ve got an insurance other six consultation meetings around the world, will story to share or simply want help shape the final version of PSI before its official launch to provide feedback, email next year at Rio+20, the United Nations Conference on Sustainable Development. At Sovereign we’re proud to have firstname.lastname@example.org played a key part in this global initiative, leading the way in the development of a sustainable insurance industry. to find out more go to: need MORe InFORMATIOn www.unepfi.org/work_streams/insurance/index.html if you have a query about your current policy, or would like information on our other products or services, please contact your adviser. if you would like to be put in contact with an adviser, hAve yOuR deTAIls chAnged? if you have moved our customer relationship team can help you. house, changed your name or any other personal details, please PleAse cAll On 0800 500 108 Monday to Friday 8.00am email us at email@example.com or call us on 0800 500 108. to 6.00pm, or email firstname.lastname@example.org yOu dOn’T need TO AdvIse us IF yOuR POsTcOde hAs chAnged. The information contained in this publication is general in nature and is not intended as advice. It may not be relevant to individual circumstances and before making any investment, insurance or financial planning decision; you should consult a professional adviser. Copies of our disclosure statements are available on request, free of charge.