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Zurich – Life 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 Protection Plus – Death Cover

  • Provides a lump sum payment to your estate or nominated beneficiary if the life insured dies or is diagnosed with a terminal illness. The payment could be used by your family to help maintain their current lifestyle in the absence of an income
  • Entry ages: 10 – 70 years old
  • Expiry age: 99 years old
  • Cover from $50,000 up to an unlimited amount of cover
  • Cover can be increased until the policy anniversary following the life insured’s 69th birthday
  • 21-day cooling off period
  • Stepped or level premium options
  • Built-in benefits:
    • A lump sum payment on death or diagnosis of terminal illness
    • Advanced payment of $15,0001 towards funeral expenses
    • Accidental injury benefit - an advance payment of part or all of the death benefit if the life insured suffers a specified accidental injury e.g. loss of use of a hand or foot. If superannuation ownership applies, the life insured must also meet the definition of permanent incapacity
    • Future insurability business benefit1 - allows an increase in cover without underwriting if certain business events occur
  • Built-in features:
    • Inflation protection - cover will increase every year (unless declined by you) without health assessment
    • Future insurability - allows an increase in cover without underwriting on certain life events e.g. marriage or birth of a child
    • Accommodation expenses2 - 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
    • Financial planning advice - Zurich will reimburse the cost of advice (up to $3,000) following a claim payment. If the death (or terminal illness) benefit paid has been in place for five years or more, the limit on this benefit increases to $6,000
    • Free interim accidental death cover for up to 90 days while cover is applied for
    • Premium holiday3 - 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 benefits4:
    • Premium waiver option - no premiums are payable if the life insured is disabled and can’t work
    • Business future cover option - allows increases in cover without health evidence each year if certain events occur. Useful for key person insurance, loan/guarantor protection, buy-sell/shareholder or partnership protection or for a combination of purposes
    • Needlestick cover option5 - 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 Protection Plus – Total and permanent disablement (TPD) Cover

  • Provides a lump sum payment if the life insured suffers a permanent disability that meets the TPD definition provided by your policy. The payment could be used to cover the extra expenses associated with being disabled or help family to maintain current lifestyle in the absence of income
  • Entry ages: 15 – 60 years old or 15 – 65 years old for modified TPD
  • Expiry age: 99 years old or 65 if linked to Trauma cover
  • Cover from $50,000 up to $5 million, or up to $2 million for domestic duties TPD
  • Cover can be increased until the policy anniversary following the life insured’s 59th birthday
  • Choose between two types of cover: Platinum TPD5 or TPD
  • Choose between different definitions of TPD: own occupation, any occupation, domestic duties or modified
  • 21-day cooling off period
  • Stepped or level premium options
  • Built-in benefits:
    • TPD benefit6 - pays the TPD sum insured if the life insured suffers a permanent disability that meets the TPD definition provided by your policy as shown on the policy schedule
    • TPD advancement benefit5 - advances a small portion of the TPD sum insured if the life insured suffers loss of a hand or foot or loss of sight in one eye
    • Funeral benefit - a $5,000 payment on death (only if Death cover isn’t selected)
    • Partial impairment benefit5, 7 - pays part of the TPD sum insured if the life insured suffers functional impairment of two or three extended activities of daily living (extended ADLs)
  • Built-in features:
    • Inflation protection - cover will increase every year (unless declined by you) without health assessment
    • Future insurability - allows an increase in cover without underwriting on certain life events e.g. marriage or birth of a child
    • Accommodation expenses2 - 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
    • Financial planning advice - Zurich will reimburse the cost of advice (up to $3,000) following a claim payment. If the TPD benefit paid has been in place for five years or more, the limit on this benefit increases to $6,000
    • Free interim accidental injury cover if you’re disabled and suffer a loss of hands, feet, or sight as a result of an accidental injury for up to 90 days while cover is applied for
    • Premium holiday3 - allows a break in cover (maximum 12 months over the life of the policy) to ease financial pressure
  • Optional benefits4:
    • Double TPD option - allows the reinstatement of the Death cover amount 14 days after it was reduced due to the payment of the full TPD cover amount. The premium for the reinstated Death cover amount is then waived for the remaining life of the policy
    • Buy back death option (TPD) - Death cover can be reinstated on the anniversary of the payment of the full TPD cover amount
    • Premium waiver option - no premiums are payable if the life insured is disabled and can’t work
    • Business future cover option - allows increases in cover without health evidence each year if certain events occur. Useful for key person insurance, loan/guarantor protection, buy-sell/shareholder or partnership protection or for a combination of purposes
    • Needlestick cover option5 - 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 Protection Plus – Trauma Cover

  • Provides a lump sum payment if the life insured suffers one of the Trauma conditions covered by your policy. The payment could be used to pay for additional unexpected expenses as a result of a serious health event or provide funds to allow the life insured to take additional time off work
  • Entry ages: 15 – 59 years old
  • Expiry age: 99 years old if linked to Death cover, 75 years old in other cases
  • Cover from $50,000 up to $2 million or $1 million for domestic duties
  • Cover can be increased until the policy anniversary following the life insured’s 59th birthday
  • 21-day cooling off period
  • Stepped or level premium options
  • Choice of Platinum or Extended Trauma cover
  • Built-in benefits:
    • Trauma benefit - a lump sum payment on diagnosis/occurrence of a range of covered conditions
    • Partial Trauma benefit:
      • A partial advance payment for 13 conditions (only if the Trauma sum insured is $100,000 or more)
      • Platinum Trauma pays 25% up to $200,000
      • Extended Trauma pays 10% up to $25,000
      • Multiple claims can be made for angioplasty (minimally invasive cardiac surgery). The maximums payable per event are $50,000 (Platinum) and $25,000 (Extended)
    • Paralysis booster benefit - doubles the benefit payable for paralysis (to a maximum of $2 million)
    • Funeral benefit - a $5,000 payment on death (only if Death cover isn’t selected)
  • Built-in features:
    • Inflation protection - cover will increase every year (unless declined by you) without health assessment
    • Future insurability - allows an increase in cover without underwriting on certain life events e.g. marriage or birth of a child
    • Accommodation expenses2 - 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
    • Financial planning advice - Zurich will reimburse the cost of advice (up to $3,000) following a claim payment. If the Trauma benefit paid has been in place for five years or more, the limit on this benefit increases to $6,000
    • Free interim accidental Trauma cover for up to 90 days while cover is applied for
    • Premium holiday3 - allows a break in cover (maximum 12 months over the life of the policy) to ease financial pressure
  • Optional benefits4:
    • Trauma reinstatement option - Trauma cover can be reinstated (for unrelated conditions) on the anniversary of the payment of a Trauma benefit
    • Double Trauma option - allows the reinstatement of the Death cover amount 14 days after it was reduced due to the payment of the full Trauma cover amount. The premium for the reinstated Death cover amount is then waived for the remaining life of the policy
    • Buy back TPD option - TPD cover can be reinstated over three years, starting on the first anniversary of the payment of a Trauma benefit
    • Buy back death option (Trauma) - Death cover can be reinstated on the anniversary of the payment of the full Trauma benefit amount
    • Premium waiver option - no premiums are payable if the life insured is disabled and can’t work
    • Business future cover option - allows increases in cover without health evidence each year if certain events occur. Useful for key person insurance, loan/guarantor protection, buy-sell/shareholder or partnership protection or for a combination of purposes
    • Needlestick cover option5 - 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 Child Cover

  • Provides a lump sum payment if an insured child suffers one of the insured Trauma conditions covered by your policy. The payment could be used to cover additional unexpected expenses as a result of the sickness or injury, or provide funds to allow you or your partner to take time off work to care for your child while they’re unwell
  • Entry ages: 2 – 17 years old
  • Expiry age: 18 years old
  • Cover from $10,000 up to $500,000 (Trauma) or $200,000 (death and terminal illness)
  • Cover can be increased until the policy anniversary following the child insured’s 17th birthday
  • Built-in benefits:
    • Trauma benefit - pays the Child cover benefit amount if an insured child suffers one of the 18 insured Trauma conditions
    • Injury advancement benefit - an advance payment of $10,000 is payable if an insured child suffers loss of a hand or foot or sight in one eye or severe accident or illness requiring intensive care (with mechanical ventilation for 10 consecutive days)
    • Carer benefit - a monthly carer benefit of $5,000 is payable if the Child cover benefit amount is $200,000 or more and the policy owner or the policy owner’s partner has to stop full-time paid employment to care for an insured child at home (unless a Trauma benefit is payable)
    • Death and terminal illness benefit - pays up to $200,000 on the death or terminal illness of an insured child
  • Built-in features:
    • Inflation protection - cover will increase every year (unless declined by you) without health assessment
    • Cover increase provision - the sum insured can be increased by $10,000 on each insured child’s 6th, 10th and 14th birthdays, without our reassessment of his/her health within 30 days of any of the specified birthdays
    • Continuation of cover - allows the insured child to convert the Child cover policy to an adult policy without the need for medical underwriting once they reach the age of 15
    • Free interim accidental death cover for up to 90 days while cover is applied for
    • Premium holiday3 - allows a break in cover (max 12 months over the life of the policy) to ease financial pressure

  1. Not available if your policy is held within super.
  2. Available if we’ve paid or are paying a terminal illness, TPD or Trauma benefit.
  3. Not available under a platform arrangement.
  4. Optional benefits can be added after policy commencement, but they then generally can’t be exercised if an insured event occurs or is apparent within 90 days after the option is added.
  5. Not available in superannuation but can be accessed via superannuation optimiser.
  6. For cover held within superannuation, additional terms must be met for a benefit to be payable. There are qualifying periods that apply in order to meet a TPD definition.
  7. Platinum TPD only.

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