Zurich – Life Insurance

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 each year (so your premium may also reduce) to help manage the cost of your insurance over time.

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 59^th 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.
• 30-day cooling off period.
• Stepped or level premium options.
• Built-in benefits:
  • TPD benefit – pays the TPD sum insured if the life insured suffers a permanent disability that meets the TPD definition provided by your policy in the PDS, with the applicable definitions shown on the policy schedule.
  • TPD advancement benefit⁵ – advances a small portion (max 25% up to $500,000) 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 and subject to approval).
  • Partial impairment benefit⁵, (platinum cover only) – pays part of the TPD sum insured (40% or 65%) 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 (up to 50% of the benefit amount in any 12-month period, max $1M increase overall).
  • 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 has been paid and the cover has been in place for five years or more, the limit on this benefit increases to $6,000.
  • Free interim accidental death and 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 (subject to eligibility).
  • Cover Suspension³ – 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 (expires age 65). 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 (expires age 74).
  • Premium waiver option – no premiums are payable if the life insured is totally disabled and can’t work.
  • Business future cover option¹ – allows increases in cover without health evidence each year if certain events occur. Policy must be purchased for business purposes such as key person insurance, loan/guarantor protection, buy-sell/shareholder or partnership protection or for a combination of purposes. Expiration age applies.
  • Needlestick cover option⁵ – a lump sum payable (up to $1M per event or $2M combined) on occupationally acquired infection with defined HIV or occupationally acquired defined hepatitis B or C as a result of an occupational accident (for people who work in exposure-prone occupations) subject to expiration age.

Zurich Protection Plus – Trauma Cover

• Provides a lump sum payment if the life insured suffers one of the specific defined 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: 75 years old.
• 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 59^th birthday.
• 30-day cooling off period.
• Stepped or level premium options.
• Choice of Trauma or Trauma Plus cover.
• Built-in benefits:
  • Trauma benefit – a lump sum payment on diagnosis/occurrence of a range of covered conditions.
  • Partial Trauma benefit applies for Trauma Plus only.
    • A partial advance payment for defined conditions of 20% of the benefit amount up to $100,000 per covered condition (exclusion period may apply).
  • Multiple claims can be made for angioplasty (minimally invasive cardiac surgery up to $20,000 per event, provided the claimed for procedures occur more than 6 months apart. 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 (up to 50% of the benefit amount in any 12-month period, max $1M increase overall).
  • 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 has been paid and the cover 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 (subject to eligibility).
  • Cover Suspension³ – 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 subject to expiration age 64. 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 totally disabled and can’t work.
  • Business future cover option – allows increases in cover without health evidence each year if certain events occur. Policy must be purchased for business purposes such as key person insurance, loan/guarantor protection, buy-sell/shareholder or partnership protection or for a combination of purposes. Expiration age applies.
  • Needlestick cover option⁵ – a lump sum payable (up to $1M per event or $2M combined) on occupationally acquired infection with defined HIV or occupationally acquired defined hepatitis B or C as a result of an occupational accident (for people who work in exposure-prone occupations) subject to expiration age.

Zurich Child Cover

• Provides a lump sum payment if an insured child suffers one of the defined 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 17^th birthday (eligibility applies).
• Built-in benefits:
  • Trauma benefit – pays the Child cover benefit amount if an insured child suffers one of the defined insured Trauma conditions (exclusion periods apply to some 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 6^th, 10^th and 14^th 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 (subject to eligibility).
  • Cover Suspension³ – allows a break in cover (max 12 months over the life of the policy) to ease financial pressure.