Zurich Life Insurance

Information verified correct on September 28th, 2016

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Zurich Life Insurance in Australia is delivered by the Australian arm of the global Zurich Financial Services Group. This connection with Australia dates back to 1920 when the Commonwealth General Assurance Corporation (CGA) began operating in New South Wales. CGA was acquired by the Zurich Financial Services Group in 1961 and rebranded as Zurich Financial Services Australia Limited, otherwise known as Zurich Australia. Zurich Financial Services is an insurance based financial services provider that operates world wide.

Different Types of Zurich Life Insurance Products Available with Advice

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Zurich Company History

The original company was founded in 1872 and its global headquarters remain in Zurich, Switzerland to this day. It now employs 60,000 people in 170 countries and is the second largest insurer of corporate business world wide with general insurance gross written premiums exceeding US$55 billion. It is listed on the Zurich Stock Exchange.

Zurich Australia, which has its headquarters in North Sydney, is 100 per cent owned by Zurich Financial Services Group and operates under the global Zurich brand, the only global financial services company operating in Australia under a single brand, it employs approximately 1,000 people within its Australian operations.

Awards Received by Zurich

  • 2013 Best of the Best Awards - Money Magazine
    • 2012 Outstanding Value Term Life & TPD Insurance – Canstar Cannex
    • 2012 Outstanding Value Direct Life Insurance Australia – Canstar Cannex
  • 2011 Outstanding Value Term Life Insurance – Canstar Cannex
  • 2011 Outstanding Value TPD Insurance – Canstar Cannex
  • 2011 Outstanding Value Packaged Life Insurance – Canstar Cannex

Key Facts of Zurich Life Insurance

  • Zurich was the first Australian insurance provider in 2008 to provide automatic flood insurance for the majority of its commercial customers - and it has continued to be the only insurer to do so.
  • 98.7% of Zurich's Business Insurance customers have flood cover through its commercial insurance.
  • Zurich paid out 99.2% of its customers’ claims in 2010/2011 surrounding the flood events.

Zurich: A Global and Independent Financial Services Provider with a Localised Approach

Zurich Life and general insurance is offered by Zurich Australia to commercial customers, mainly through advisers. It also handles life risk as well as investment opportunities to both corporate and personal customers through their advisers and financial planners. Zurich Life Insurance does not openly compete in the Australian marketplace, preferring to focus on business planning to mutually assist in the growing of their business. It is not owned nor is it backed by any bank.

Zurich Life Insurance Enjoys a Standard and Poor A+ Rating

Both Zurich life Insurance and its general insurance arms enjoy a Standard and Poor A+ rating. This rating is indicative of its excellent capacity to be able to meet its claims. This is also an important consideration to be taken into account in the area of risk management in which Zurich Australia targets a large range of its business operations. It also offers flexibility and choice through its strong suite of core business and personal risk insurances. Personal risk including life, trauma and disability areas of cover. It is the only Australian insurer to receive a five star ranking for four consecutive years in this specific area of personal insurance.

Key Features and Benefits of Protection Plans from Zurich

All Zurich Protection Plus plans come with the following standard built-in benefits:

  • Inflation protection: Your cover will increase annually in line with the Consumer Price Index.
  • Future insurability benefit: Increase cover without underwriting at certain times.
  • Financial planning advice benefit: Reimburses the cost of financial planning.
  • Premium freeze: This lets you freeze your premium amount by reducing your cover.
  • Interim cover: Puts a level of cover in place as soon as you apply.

Extra-cost benefits available on Zurich Protection Plus plans include:

  • Premium waiver option: You don’t have to pay premiums if you’re disabled and cannot work.
  • Accidental death option: Extra cover for accidental death.
  • Living activities TPD option. A lump sum payment if you are unable to perform at least two activities of daily living, or if you suffer a specific loss.
  • Business future cover option: Increases your cover each year without the need to provide health information.
  • Needlestick cover option: A lump sum payment on occupationally acquired HIV, Hepatitis B and C.
  • Insured child option: This includes death, terminal illness and trauma benefits for each child you insure.

Zurich Protection Plus Death Cover

Zurich Protection Plus Death Cover pays a lump sum on your death or diagnosis of terminal illness. It can help your family repay debts and provides an adequate income to help your dependents manage their day-to-day living expenses.

Standard built-in features of Zurich Protection Plus Death Cover include:

  • Death benefit: This is a lump sum payment to your family on your death.
  • Terminal illness benefit: An advance payment of the death benefit if you are diagnosed with a terminal illness.
  • Accidental injury benefit: This is an advanced payment of the death benefit you will receive if you suffer a specific injury, such as the loss of the use of a hand or foot or the loss of sight in one eye.
  • Advancement for funeral expenses: While a death claim is being settled, Zurich may advance a portion of the death benefit (up to $15,000) to help cover funeral expenses.
  • Buy back death benefit (TPD): This benefit allows you to reinstate death cover following a TPD claim, and only applies if you have purchased Death Cover and TPD Cover.
  • Buy back death benefit (Trauma): This allows you to reinstate death cover following a Trauma claim, but is only available if you have purchased Death Cover and Trauma Cover.
  • Future insurability benefit (business): This lets you increase your cover without underwriting at certain times, such as if your financial interest in your business increases.

Death Cover from Zurich Protection Plus also includes the following extra-cost option:

  • Accelerated buy back death option: This allows early reinstatement of Death Cover following a Trauma claim.

Zurich Protection Plus TPD Cover

Zurich Protection Plus Total and Permanent Disablement (TPD) Cover pays a lump sum if you become totally and permanently disabled and are unlikely to ever work again. TPD Cover is all about maintaining your quality of life, including funding your care and helping to repay any debts you may have.

Zurich Protection Plus TPD Cover includes the following standard features:

  • TPD benefit: This is a lump sum payment of up to $5 million if you suffer total and permanent disablement and, as a result of this, you are unlikely to ever work again.
  • Partial TPD benefit: This is an advance payment of the TPD benefit if you suffer a specific injury, such as the permanent loss of the use of a hand or foot. Zurich will pay will pay the lesser of 25 per cent of your TPD cover or $500,000.

TPD Cover from Zurich Protection Plus also includes the following extra-cost options:

  • Double TPD option: This means Death Cover can be reinstated following a TPD claim.
  • Buy back TPD option: This benefit means TPD Cover can be reinstated after a Trauma claim.

Zurich Protection Plus Trauma Cover

Zurich Protection Plus Trauma Cover pays out a lump sum benefit when you are diagnosed with a specific illness or suffer a particular injury or illness, such as cancer, heart attack and stroke. This type of cover can help pay for unexpected medical costs, provide for lifestyle changes and professional care, as well as help you repay debts.

Basic Trauma Cover from Zurich Protection Plus includes the following benefits:

  • Trauma benefit: A lump sum payment on the diagnosis or occurrence of 12 injuries and illnesses. These include heart attack, stroke, cancer, paraplegia, quadriplegia and major organ transplant.
  • Funeral benefit: Zurich will pay a benefit of $5000 of you die but do not meet the requirements for a trauma benefit. This only applies if Death Cover has not been purchased.
  • Paralysis booster benefit: This doubles the benefit payable in the event of paralysis.

Extended Trauma Cover from Zurich Protection Plus also includes the funeral benefit and the paralysis booster benefit, plus these additional features:

  • Trauma benefit: On the Extended Trauma Cover Plan, this benefit will be paid on the diagnosis or occurrence of 41 injuries and illnesses. On top of those trauma events covered in a Basic plan, this also includes things like severe burns, a severe accident or illness requiring intensive care, and bacterial meningitis.
  • Partial trauma benefit: This benefit provides cover for 10 additional events, as long as your Extended trauma benefit amount is $100,000 or more. The list of events covered includes early stage melanoma, early stage prostate cancer, and the single loss of limb or eye.

Extended Trauma Cover is also available with the following extra-cost features:

  • Trauma reinstatement option: This option lets you reinstate Trauma Cover following a Trauma or Partial Trauma claim.
  • Double trauma option: This means Death Cover can be reinstated following a Trauma claim. This is only available if you select Death Cover as well.
  • Top-up option: This increases the partial trauma benefits payable.

Zurich Income Replacement

Zurich Income Replacement cover provides a monthly payment of up to 75% of your pre-tax income if you are unable to work due to sickness or injury. This type of cover is designed to help you continue to provide for your family and cover ongoing expenses until you get back on your feet.

Zurich Protection Plus offers three levels of Income Replacement cover: Standard, Comprehensive and Premier. All three plans feature the few following benefits:

  • Income benefit: This provides a monthly payment of you are sick or injured and unable to work.
  • Choice of agreed value or indemnity cover.
  • Waiver of premium: You won’t have to pay your insurance premiums while you are receiving a monthly benefit payment.
  • Recurrent disability: This means no waiting period applies if your disability recurs from the same cause within 12 months of you returning to work. This will be treated as a continuation of your claim.
  • Concurrent disability: If more than one sickness or injury caused your disability, your benefit payments will be based on the condition that attracts the highest benefits.

To this list of benefits, Comprehensive and Premier plans add:

  • Day one partial benefits. This means you don’t have to stop working in the waiting period in order to be eligible for an income benefit.
  • Confined to bed benefit. Benefits will be payable straight away if you are disabled and confined to bed.
  • Special care benefit. This provides family assistance, personal attendant, accommodation and relocation benefits.

A range of extra-cost options can also be added to the three Income Protection plans. These include the following few options:

  • Increasing claims option: Your benefits can increase quarterly while on claim.
  • Super contributions option: This provides cover for your regular super contributions.
  • Business expenses option: This provides cover for the fixed expenses of running your business.
  • Lump sum accident option. A lump sum is payable if you suffer a specified injury.
  • Day 4 accident option: You can receive benefits in the waiting period if you are disabled due to an accident.

Zurich Business Expenses Insurance

Zurich Protection Plus Business Expenses Insurance covers your fixed business expenses if you are unable to work due to sickness or injury. Its purpose is to help keep your business running while you focus on your recovery. This type of cover is available as an additional option on Zurich Protection Plus’ Standard, Comprehensive and Premier Income Replacement policies.

Zurich Superannuation Term Life Plus

Zurich Superannuation Term Life Plus is classed as a risk-only superannuation product. It gives you an interest in the Zurich Master Superannuation Fund, plus a life insurance policy
issued by Zurich Australia Limited.

Some of the standard built-in benefits of Zurich Superannuation Term Life Plus include:

  • Death benefit. Your family will receive a lump sum payment if you die.
  • Terminal illness benefit. An advance payment of the death benefit if you are diagnosed with a terminal illness.
  • Advancement for funeral expenses. While a death claim is being settled, Zurich may advance a portion of the death benefit (up to $15,000) to help cover funeral expenses.
  • Financial planning advice benefit. Reimburses the cost of financial planning.

A range of extra-cost optional benefits are also available:

  • Premium waiver option: You don’t have to pay premiums if you’re disabled and cannot work.
  • Accidental death option: Extra cover for accidental death.
  • Business future cover option: Increases your cover each year without the need to provide health information.

It’s also possible to link your Zurich Superannuation Term Life Plus policy with a Protection Plus insurance policy with Zurich’s tailored super structuring option. This lets you hold part of your cover in super, without compromising the overall package of cover selected, so that you can split your super and ordinary benefits across two separate policies.

Purchase Life Insurance Direct Through Zurich EziCover

You can also purchase life insurance through Zurich EziCover. Rather than being sold through financial advisers, as per Zurich Protection Plus, EziCover is Zurich’s DIY online range of insurance products. The EziCover options are designed to be easy to understand, affordable, and simple to apply for.

Zurich Ezicover offers four policies to help provide financial security for you and your family:

  • EziCover Life Insurance: This policy offers a lump sum payment of up to
    $1.5 million on your death or diagnosis of terminal illness.
  • EziCover Accidental Death Insurance: This policy pays a lump sum benefit of up to $500,000 in the event of your accidental death.
  • EziCover Accident Income Insurance: This policy pays out a monthly benefit for a period of up to 12 months if you are unable to work due to accidental injury.
  • EziCover Funeral Advantage Insurance: This pays out up to $15,000 on your death to help your family and loved ones cope with your funeral expenses.

Zurich Offers Wealth Creation Solutions Through Investments and Superannuation

There is a comprehensive range of superannuation and investment solutions available with Zurich Australia to suit any situation. The competitive products on offer give individual flexibility in account-based allocated pension plans as well as in superannuation and managed funds. The company plans to further grow its fund management business here through establishing strategic investment joint ventures as well as in intermediary based distribution structures. It had already achieved more than $6.3 billion in funds under management in its strategic investment partnerships by June 2008.

Zurich Australia's Corporate Responsibility

Zurich Australia looks on its Corporate Responsibility approach as building trust and integrity with its customers, employees, the community and all others with an interest through a well thought out contribution to the community and the environment. Its Corporate Responsibility initiatives instigated by Zurich Australia in 2008 include the following:

    • Founding the Zurich Heart Foundation Health Index.
    • Forming a partnership with the Heart Foundation to show its commitment to the heart condition of its clients.
    • The development of an education program with its advisers and SME clients in order to assist them in the understanding and adoption of climate change and its related risks.

Automatically including flood insurance cover on all its commercial policies.

Why Consider Zurich Life Insurance for Protection Needs?

Zurich is one of the world’s leading insurers, operating in over 170 countries and employing more than 60,000 people. This means you are dealing with a company that is backed by years of insurance experience and impressive financial strength.

Zurich offers a range of quality cover to help provide financial security for you and your family, and is committed to paying claims quickly, sensitively and transparently. If you’d like to apply for an award-winning Zurich life insurance policy, fill in your details on the form below for Zurich Protection Plus policies and an insurance adviser will get in touch with to confirm your details.

Get a Quote for Zurich Life Insurance and Income Protection

Looking for a quick quote for life insurance policies that you can buy online? Zurich EziCover life insurance products can be purchased direct from Zurich online or over the phone. To get a quote, just follow the link below.

Receive a preliminary life insurance quote from Zurich

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