Zurich life insurance

Zurich Life Insurance

Compare Life Insurance Policies From Zurich

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.

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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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Features 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.

Additional 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 from $50,000 to $1 million.
  • 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 Life Insurance

Zurich Protection Plus Life Insurance 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 Life Insurance 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 life insurance following a TPD claim, and only applies if you have purchased life insurance and TPD Cover.
  • Buy back death benefit (Trauma): This allows you to reinstate life insurance following a Trauma claim, but is only available if you have purchased life insurance 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.

Life insurance from Zurich Protection Plus also includes the following extra-cost option:

  • Accelerated buy back death option: This allows early reinstatement of life insurance 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 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.

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

  • Double TPD option: This means life insurance 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 life insurance 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 42 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 life insurance can be reinstated following a Trauma claim. This is only available if you select life insurance as well.
  • Top-up option: This increases the partial trauma benefits payable.

Zurich Income Protector

Zurich Income Protector 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.

  • 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.
  • Special care benefit. This provides family assistance, personal attendant, accommodation and relocation benefits.

A range of additional options can also be added to the Income Protector

  • 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 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.

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 Income Protection: 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.

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