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Zurich – Income Protection Insurance

Zurich’s history in Australia dates all the way back to 1920 and has grown to have presence all around Australia, with their headquarters based in North Sydney. They specialise in three categories: general insurance, life risk and investments. With their deep understanding of local markets and backed by the global expertise of their parent company — Zurich Financial Services Group, Zurich Australia is able to provide their customers with high quality products, services and financial solutions that are modern, flexible and delivered when it really matters.

Once in place, Zurich Wealth Protection insurance policies are very flexible, and they’re designed to provide long term protection which can change in line with your needs. Some things you can do are:

  • accept or reject yearly indexation increases;
  • make use of future insurability provisions, and increase cover when certain specified events occur;
  • apply for an underwritten increase in cover (subject to our assessment); and
  • reduce your cover (so your premiums won’t increase) to help manage the cost of your insurance over time.

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Zurich Income Protection Cover

  • Provides a monthly benefit if the life insured is unable to work due to a sickness or injury and is totally disabled or partially disabled for longer than the waiting period. It contributes towards a replacement income so that the life insured can concentrate on his or her recovery without having to worry about how to pay ongoing expenses
  • Replaces up to 75% of annualised claimable income
  • Entry ages: 19 – 60 years old
  • Expiry age: 65 or 70 years old (with age 70 benefit period)
  • Eligibility: full-time, part-time permanent employees, or self-employed workers that work a minimum of 20 hours per week, or fixed term contractors and casual workers that work a minimum of 24 hours per week
  • Cover from $1,500 up to $30,000 per month, and an additional $30,000 per month if choosing a one or two-year benefit period
  • Cover can be increased until the policy ends
  • Two levels of cover: Zurich Income Protector Plus and Zurich Income Protector
  • Three benefit types: indemnity, agreed value1 or endorsed agreed value1
  • Waiting periods: 14, 30, 60, 90, 180 days, one or two years
  • Benefit periods: one, two, or five-year, up to 65 or 70 years old2
  • Built-in benefits:
    • Total disability benefit - pays a benefit if the life insured is totally disabled after the waiting period
    • Partial disability benefit - pays a proportion of the total disability benefit if the life insured is partially disabled after the waiting period, based on the life insured’s pre-disability income and post-disability income
    • Specified injury benefit1, 4 - fixed period of benefits in lieu of the total or partial disability benefit if the life insured suffers a specified injury from a range of covered events including quadriplegia, loss of hands, feet or sight and certain fractures
    • Rehabilitation benefit1 - extra benefits to help the life insured get back to work sooner
    • Funeral benefit - a lump sum of four times the insured monthly benefit to help with immediate expenses is payable on death during claim
    • Confined to bed benefit5 - benefits are payable right away during the waiting period (max 180 days) if the life insured is disabled and confined to bed for more than two days and unable to earn any income
  • Built-in features:
    • Inflation protection - cover will increase every year (unless declined by you) without health assessment
    • Waiver of premium - premiums are waived while we’re paying a claim
    • Accommodation expenses5 - reimbursement of some travel and accommodation expenses for an immediate family member who travels more than 100km from home to be with the life insured who is confined to bed and requires full-time care
    • Recurrent disability - no waiting period applies if disability recurs from a related cause within 12 months (six months for special risk occupations)
    • Concurrent disability - if the life insured has more than one sickness or injury, the one which pays the most benefit will apply
    • Medical professionals feature - provides special terms for medical professionals who contract HIV, hepatitis B, or C and as a result have their occupational duties restricted
    • Waiting period reduction feature - allows for a one-year or two-year waiting period to be reduced to a one-year or 90-day waiting period if the life insured leaves an employer and their salary continuance cover ends as a result
    • Involuntary unemployment6- premiums are waived for up to three months if the life insured is involuntarily unemployed
    • Interim cover - puts some accidental injury cover in place while cover is applied for
    • Premium holiday7 - allows a break in cover (maximum 12 months over the life of the policy) to ease financial pressure, however you are not covered during this time
  • Optional benefits:
    • Increasing claims option - benefits increase annually with CPI while on claim
    • Super contributions option6 - cover is available for regular superannuation contributions in addition to the total or partial disability benefit, so that superannuation savings can continue during a claim
    • Day 4 accident option6 - benefits during the waiting period if the life insured is disabled due to accident. This option is only available with waiting periods of 30 days or less
    • Family care option1 – benefits can continue being paid to a surviving partner for up to five years if the life insured dies while on claim
    • Home support option1 - cover for the life insured’s partner carrying out home duties full-time up to age 55
    • Future insurability option6 - allows an increase in cover without underwriting every year subject to conditions
    • Lump sum accident option1, 6 - lump sum payable once if the life insured suffers an injury which causes (within 180 days) accidental death or a specified loss, e.g. loss of hands, feet or sight
    • Trauma advancement option1, 6 - an advance benefit payment if the life insured suffers a specified Trauma
    • Needlestick cover option1 - a lump sum payable on occupationally acquired HIV or occupationally acquired hepatitis B or C as a result of an occupational accident (for people who work in exposure-prone occupations)

Zurich Income Protector Plus

A fully featured level of cover, including:

  • three-tier definition of totally disabled (i.e. three ways to qualify for a benefit);
  • day one partial, meaning it is possible to claim a partial disability benefit without ever being totally disabled3;
  • full suite of built-in benefits, including Accommodation expenses (when held outside of superannuation) and Confined to bed benefit; and
  • selection of optional benefits to add.

Zurich Income Protector

A cost-effective level of cover which provides all the essentials of income protection. The cost of cover is reduced because:

  • the life insured must be totally disabled for at least five consecutive days during the waiting period to qualify for a total or partial disability benefit;
  • the definition of totally disabled is ‘unable to perform one or more important income producing duties’; and
  • after the total disability benefit and/or partial disability benefit has been paid for a period of 24 months, the ability to work is no longer based on a specific occupation; and
  • a reduced number of built-in benefits are included.

  1. Not available in superannuation but can be accessed via superannuation optimiser.
  2. Depending on occupation class.
  3. Available only when cover is held outside of superannuation.
  4. This benefit does not apply if a one or two-year waiting period is selected.
  5. Available on Zurich Income Protector Plus only.
  6. Not available for occupations categorised as special risk.
  7. Not available under a platform arrangement.

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