Zurich Protection Plus Life Insurance

Get complete protection for Death, TPD and Trauma cover with the Zurich Protection Plus policy

The Zurich Protection Plus life insurance product allows you to select any combination of Death cover, TPD cover and Trauma cover so you can ensure you have an appropriate level of cover in place for a range of losses. Within each of the different types of cover there are both built-in and optional benefits to choose from. Cover can be purchased separately or combined to make a complete protection package.

This review will provide an overview of the benefits and features of the Zurich Protection plan. If you are ready to receive a quote from an insurance specialist, simply enter your details in the form below.

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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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Key features of Zurich Protection Plus Death Cover

Zurich Protection Plus Death Cover pays a lump sum if you die or are diagnosed with a terminal illness. This payment can help your family repay debts (such as your mortgage or credit card debt) and provide an adequate income to lessen the financial impact of your passing.

Zurich Protection Plus Death Cover includes the following benefits:

  • 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 your 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.

Optional extra-cost benefits available with this type of cover include:

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

Built-In and optional benefits available with Zurich Protection Plus

Zurich Protection Plus Life Insurance includes the following standard features and benefits:

  • Inflation protection: Your cover will increase annually in line with the Consumer Price Index to protect you against inflation.
  • Future insurability benefit: This lets you increase your cover without underwriting at certain times.
  • Financial planning advice benefit: This benefit reimburses the cost of financial planning advice you receive.
  • Premium freeze: This lets you freeze your premium amount by reducing your cover.
  • Interim cover: This puts a certain level of cover in place as soon as you apply and while your application is being assessed.

All Zurich Protection Plus Life Insurance plans also offer the following extra-cost options:

  • 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.

Link Your Zurich Protection Plus Life Insurance Policies with TPD and/or Trauma Cover

If you take out more than one type of Zurich Protection Plus cover, your covers will be automatically linked together. While this ensures you get the most cost-effective package available, it also means that a claim on one cover will impact your other forms of cover. As the PDS explains, if you select Death Cover and Trauma Cover and then make a claim on your Trauma Cover, the Death Cover will be reduced by the amount of the Trauma cover claim.

It’s also possible to set up each of your covers as stand-alone policies, but your financial adviser will be able to let you know which option is best for your situation.

Applying for Zurich Protection Plus Life Insurance

In order to apply for Zurich Protection Plus Life Insurance you must meet certain eligibility criteria. Cover is only available to Australian residents, while you must fit into the following age ranges to apply for each type of cover:

  • Death cover: 10 – 69
  • TPD cover: 19 – 59
  • Trauma cover: 18 – 59
  • Accidental death option: 19 – 65
  • Living activities TPD option: 19 – 69
  • Needlestick cover option: 19 – 65

Can I get a discount if I buy more than one insurance policy?

If you buy more than one Zurich Protection Plus policy, you will be charged only one management fee rather than a fee for each individual policy. In addition, depending on which policies you apply for, you may be given one of the following loyalty discounts:

  • Multi policy discount: This rewards people who have more than one life risk policy with Zurich (or who have multiple stand-alone covers within Zurich Protection Plus).
  • Family discount: A discount for members of the same family who take policies (or one multi-life policy) with Zurich. The more people involved, the higher the discount.
  • Business discount: This is a discount for employees/partners in a business who take policies (or one multi-life policy) with Zurich. Once again, the more people involved, the higher the discount.

Interim cover with all Zurich Protection Plus policies

While your Zurich Protection Plus insurance application is being assessed, interim cover is available until your policy kicks in. Benefits available through this cover include:

  • Interim Death Cover: Zurich will pay you a benefit of up to $1,000,000 in the event of your accidental death during the period of this interim cover.
  • Interim Total and Permanent Disablement (TPD) Cover: Zurich will pay you a benefit of up to $600,000 if you become disabled and suffer loss of limbs or sight as a result of an accidental injury. You must survive at least 14 days after the loss to receive the benefit.
  • Interim Trauma Cover: Zurich will pay you a benefit if you suffer a number of conditions as a result of accidental injury. Covered conditions include blindness, coma, severe accident or illness requiring intensive care, paralysis, major head trauma and severe burns.

Once you’ve applied for a Zurich Wealth Protection product and you have received your policy schedule, a 21-day cooling-off period applies to let you check that your policy meets your needs. During this time you can cancel your policy and receive a full refund of any premiums you may have paid.

Since Zurich Australia is involved in investment planning as well as insurance services, the plans that it offers its clients are comprehensive financial planning tools rather than simply being a life insurance plan or an investment plan. By opting for any of their products such as the Zurich Protection Plus plan, you can rest assured that you have a complete financial plan at your disposal, which enables you to take care of your family and loved ones in a manner that they are accustomed to.

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William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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