Zurich Select Term Life Insurance

Zurich Select Term Life Insurance Product Review

Zurich Select Term Life Insurance pays a lump sum amount on the insured person's death as well as paying a benefit should the life insured be found to be suffering from a terminal illness. This means that you too are able to share in the benefits of your life insurance policy while still living, as well as your beneficiaries after you die.

Zurich Life Insurance in Australia is a part of the world wide Zurich Financial Services Group. It began its Australian operations in 1920 when the Australian Commonwealth General Assurance Corporation (CGA) was formed in New South Wales. In 1961 CGA was acquired by the Zurich Financial Services Group and renamed Zurich Financial Services Australia, more commonly known as Zurich Australia.

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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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The original Zurich life insurance company was formed in Zurich Switzerland in 1872. Its global headquarters remain there to this day. The company has grown to now employ 60,000 people in 170 countries worldwide, 1,000 of them in Australia. It is the second biggest business insurer in the world with general insurance premiums of more than US$55 billion. Its Australian headquarters are located in North Sydney and it is the only global financial services company doing business in Australia that operates under the one brand name.

Zurich Select Term Life Insurance Details and Options:

  • If you are diagnosed with a terminal illness Zurich will advance your benefit. This means that if you are given 12 months or less to live Zurich will advance your death benefit the full 100%.
  • HIV and Hepatitis B and C are a real concern, especially for health workers. The Zurich Select Term Life Insurance policy can put your mind to rest in this area as well with its Needle stick cover option. You are able to nominate an amount from $50,000 to $100,000 to cover you should you become infected if you are employed in the health care industry and occupationally exposed to such an infection.
  • Cover under this insurance plan can be taken out for five, 10 or 15 years. The company guarantees that the premiums will remain the same for the first five years of the policy being in force.
  • When you choose to include the double total and permanent disability cover, and a claim is paid, your death benefit can be reinstated after 14 days. As a further benefit all future premiums that would normally be due after the death benefit reinstatement will be waived up until the policy expires.
  • The inflation option can increase your cover. If you accept this option Zurich will increase your benefit by 5% each year to allow for inflation.
  • Total and Permanent Disablement (TPD) cover is available for your own specific occupation, any occupation whatsoever or domestic duties. This particular option will cover you for any specific loss, or you being unable to carry out two daily living activities as well as cognitive impairment.
  • An advancement of your death benefit may also be arranged if you suffer a serious injury. The injury however must be one that is listed in the policy.
  • Funeral expenses of up to $15,000 can be advanced while waiting for a claim to be settled. Sometimes claims can be held up for various reasons, if this occurs when you have Zurich Select Term Insurance policy a funeral payment will be advanced subject to superannuation laws where superannuation is involved.
  • Financial planning advice helps manage a pay out better. Life insurance pay outs are big money and therefore Zurich will pay an amount of $1,000 to help towards getting professional advice on how to handle this large amount of money.
  • If you become totally disabled you premium payments will be waived. If you happen to become disabled before the expiry date of the policy you will no longer have to pay any further premiums but you will still receive all the benefits as though you had still been paying them.
  • If you take up the accidental death option you can increase your death benefits. You will have to nominate an amount of from $50,000 to $100,000 as an extra accidental death pay out figure and this amount will then be paid over and above the sum insured.

Zurich has the Highest of Ratings.

Zurich Financial Services Australia have a Standard and Poor A+ rating. This is because of its capacity to be able to meet any and all claims as they arise. This is an important consideration to be taken into consideration in these days of economic turmoil around the world. It also gives a high level of flexibility and choice via its raft of business and personal insurances. Personal risks insurance such as disability, trauma and life insurance are its prime areas of cover. The company's Australian branch is proud of being the only Australian insurance company to be awarded a five star ranking for four years in a row in regard to its personal insurances.

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