Zurich Launches Simpler Income Cover

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As part of its annual product review, Zurich Financial Services Australia (Zurich) has announced a range of enhancements “with the aim of simplifying insurance even further”.

Two of the major enhancements include:

  • Introduction of three levels of cover to Zurich’s Income Replacement policy
  • A simplified business expenses cover proposition

Zurich advises its Income Replacement cover will now be available to clients across three levels:

  • Premier
  • Comprehensive
  • Standard

According to Zurich, the three levels of cover cater to a “… full range of individuals who need income protection, from high-earning professionals to blue-collar workers, and provides benefits and options suited to each group.”

The changes to business expenses cover will allow clients to package it as an optional add-on within an Income Replacement policy, without the need for a standalone policy.

In an update focussed in particular on offering flexibility for the SME sector, other changes/enhancements include:

  • Improved offset provisions for higher-level income protection policy occupations
  • Related policies under lump sum covers extended to SMSF ownership
  • Enhanced TPD Own occupation definition
  • 12 month buy back of death cover after a TPD claim is now a standard, built-in benefit
  • Improved Malignant Cancer definition
  • Zurich notes that other than minor management fee chances there have been no rates changes in this update.

Speaking about the enhancements, General Manager – Life, Colin Morgan, said: “We are giving advisers the means to connect with a broader range of their customers and, in doing so, give them a strong platform for growth”.

“Small business has a big problem when it comes to underinsurance. As an insurer, one of the ways we can help tackle this is make our cover simpler and more accessible, and we believe these latest enhancements do just that,” added Mr Morgan.

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