It differs from traditional Trauma Insurance policies in that it is introducing a new severity based payout system, intended to mitigate costs and allow the insurance to be offered at a lower cost to customers. With Progressive Care, an impressive number of medical conditions are covered (62 in total), however, based on the severity of the illness suffered the payout can range from between 10% of the agreed sum assured all the way to the full amount.
|Sovereign's New Progressive Care is aiming to be a more affordable trauma product.|
The Progressive Care product would payout less overall, but would be more accessible to people who cannot afford current Trauma Insurance premiums, which tend to be higher than other forms of insurance such as Life or Total Permanent Disablement. If people don't like the idea of having insurance that could result in only a partial payout, the traditional forms of Trauma and Critical Illness cover will remain available from numerous sources on the marketplace.