Zurich Ezicover Income Protection

What is Ezicover Income Protection and what does it cover?

Ezicover is a product range from Zurich which includes income protection insurance.

What are the key benefits?

Both Ezicover Income Protection plans include:

• The first month of cover free
• A $500 return to work benefit when your claim ends to help you cover costs associated with returning to employment
• Worldwide cover in any country, making Ezicover a good option for those who move frequently for work-related purposes
• Premiums that are generally tax deductible. However, monthly benefits paid are typically tax assessable
• A 5.7% discount for annual subscriptions and a 5% discount if you also hold an Ezicover Life Insurance policy

Things to know

• All Ezicover Income Protection plans only protect against injuries and illnesses that prevent you from working, by paying either flat monthly benefits or 75% of your normal income. This is only applicable if you’re unable to work purely due to an injury or illness.

• The Injury Only policy is an option for people who might not be eligible for sickness and injury income protection insurance plans, either due to a lack of consistent income or employment, or because of pre-existing medical conditions that make health issues more likely.

Additional options offered with Ezicover

Both Ezicover Income Protection plans include optional extras that offer more flexibility. These can provide more benefits in exchange for a higher premium.

• Inflation Protection: If your income increases to keep up with inflation then you’re better off with an insurance policy that does the same. The Inflation Protection option will increase your benefits paid in line with the consumer price index up to a maximum of 3% per annum. This will also increase your premium to reflect the increased amount of cover.
• Flexible coverage plans: If your income has been reduced, you can reduce your sum insured with the Reducing Income feature, or temporarily put your cover on hold with the Premium Holiday feature.

All benefits will continue to be paid until you either reach the end of the benefit period, are able to return to work or are no longer under the care of a medical practitioner who’s treating your illness or injury. If the policy expires or you pass away while claiming benefits, the payments will also stop.

Am I eligible for Ezicover Income Protection Insurance?

In order to be eligible for Ezicover Income Protection you must be between 19 and 60 years old and living in Australia on a permanent basis, either as a citizen or a permanent resident.

You must be permanently employed and working more than 20 hours per week, or you must be a contractor/self-employed person who has been in the same business for more than 12 months.

How much will my premiums cost?

Your exact premium depends on the type of income protection insurance you have, and whether you’re eligible for any discounts. The following factors all have an impact on your premiums:

• Level of cover. The higher your monthly benefit, the higher your premiums.
• Age. Premiums generally increase as you get older and are more likely to suffer health issues.
• Smoking vs non-smoking. Smokers are at higher risk of health issues and will have higher premiums.
• Your occupation. Occupations with higher risk levels or more physical intensity will have higher premiums.
• Your health. Premiums may be higher for people with certain ongoing health issues, or a history of injury or illness.
• Hobbies and pastimes. Premiums are higher for people who do more dangerous or hazardous sports and activities.
• The benefit period. Longer benefit periods (the maximum amount of time that you can continuously claim benefits for) will have higher premiums.
• The waiting period. Shorter waiting periods have higher premiums.
• Any tax requirements or stamp duty charged by state governments will be reflected in increased premiums.

What is not covered by Ezicover Income Protection Insurance?

Even though they may qualify as injury, illness or other loss of income, certain situations are not covered by Ezicover. These are:

• Self-inflicted or intentional injuries, or attempted suicide
• Uncomplicated pregnancy or childbirth. However, health issues arising from complications are covered
• Acts of war, whether declared or not
• Injuries or illnesses that result from illicit drug use or criminal activities
• Incarceration or lawful detainment
• Elective surgery, unless it results in you being disabled and unable to work for more than 90 days
• Any sickness or injury that resulted from elective surgery or donor transplant surgery within 90 days of the start of or reinstatement of the policy
• Anything that happens in another country if the Australian government has officially advised against travelling to that country
• Any exclusion or condition that you agree to at the time of application. These will be specifically noted in writing on your insurance policy

Ezicover frequently asked questions

• Q. How exactly does the waiting period work?

  A. The waiting period is the minimum amount of time that you must be disabled before you can claim benefits. So if your waiting period is 30 days, you must be disabled for 30 days before you can apply for benefits. After that it will be 15 days before you receive your first payment. If you return to work for less than 5 days during the waiting period, but then become unable to work again, the waiting period will not restart.

• Q. Can Zurich discontinue my policy whenever they want?

  A. No. If you are meeting your obligations and keeping up with your payments, Zurich must maintain your policy.

• Q. When does my cover start?

  A. Your cover will have an official start date as laid out in your insurance policy document.

• Q. When does my cover end?

  A. It ends on the policy anniversary following your 65th birthday, which is between a month and a year after you turn 65. It will also end if you die.

• Q. What happens if I stop making my payments?

  A. If you don’t pay your premiums within 30 days of their due date, Zurich can cancel your policy.

• Q. How do I cancel my policy?

  A. To cancel your policy, inform Zurich of your intention in writing. As soon as they receive it, your policy is officially cancelled.