Zurich, one of the largest global players in Life Risk, today announced its Australian products were being revamped to offer better value and protection, showing how quickly it can respond to evolving market conditions.
“It’s pleasing to be able to give advisers a second upgrade this year, showing our commitment to being the preferred partner to independent financial advisers” said Zurich’s General Manager – Life Risk Australia, Mr Colin Morgan, “people now more than ever need to feel secure and our upgrades directly reflect customer needs.”
Many of the improvements are designed to reflect the increasing life insurance demands amongst older Australians. People working to a later age can carry debt well into their sixties. Growing trends for Australians to stay in the workforce longer has led Zurich to increase the maximum entry age to 70 for its Superannuation Term Life Plus contract.
Zurich also hopes that by streamlining its underwriting experience, it will reduce the paperwork burden and reduce time for advisers and their clients. Zurich has revised the health and financial requirements customers needed to provide, removing some tests and making others more accessible.
Zurich has addressed issues for clients who suffer from cancer, and will now pay based on the diagnosis that major interventionist therapy is required, regardless of whether or not the life insured actually undergoes the therapy.
“We are one of the longest standing independent players (not aligned to a bank). We are able to draw on our global strength to provide exceptional service and outstanding value and yet remain agile enough to be able to respond to advisers needs for innovative products” Mr Morgan added.
Reflecting the continually evolving employment landscape, Zurich has addressed job titles and classifications in its income protection cover to help provide more clarity and certainty for advisers and their clients. “It is important to keep up with the changing job market and make sure that we make it easy for advisers to accurately classify their clients for income protection cover,” Mr Morgan said, “we have introduced 10 new occupations to the market this time around,” Mr Morgan added.
Zurich has also analysed and revised their Income Protection rates delivering a very competitive package for high earning professionals.