Overview

Zurich is one of the world’s largest insurers, and has been protecting Australians for over 60 years. 

Zurich has an exclusive rewards program called Loving Life, which provides customers with over 4,500 lifestyle and entertainment offers. Zurich also offers a range of discounts on policies.

Key Points

  • Life cover offers a funeral advancement of up to $15,000 

  • Trauma cover offers a paralysis benefit that doubles your benefit if you’re diplegic, hemiplegic, paraplegic or quadraplegic

  • Australia-based call centre

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What types of cover does Zurich offer?

Nobody likes thinking about falling ill, having an accident or worse, but it’s important to be prepared if something were to happen to you. It’s all about providing a secure financial future for anyone who depends on you.

If you’ve got no dependents but not much in the way of savings, you may simply want income protection to cover your bills. Have a history of illness in your family? You may want to consider trauma (critical illness) cover. And if you have a growing family or big financial commitments like a mortgage, you might prefer the reassurance of life cover.

Zurich offers a wide range of options, some of which you can take out as part of your super

Life cover

Zurich Death Cover provides worldwide cover with a one-off payment that can be used to pay off debts, cover day-to-day expenses and help with your loved ones’ future needs. 

Key features:

  • A lump sum benefit if you die or are diagnosed with a terminal illness where your life expectancy is less than 12 months

  • A cash advance benefit of up to $15,000 to help with expenses like funeral costs

  • Inflation protection

Critical illness cover

Cover is available for up to 42 serious illnesses, including many types of cancer and heart disease. 

Zurich Wealth Protection offers two levels of critical illness cover under their Zurich Protection Plus products – Trauma and Trauma Plus.

If you want to know more about critical illness cover from Zurich, please read the PDS.

Trauma key features:

  • A lump sum benefit payable on diagnosis of one of 42 listed conditions

  • A boosted payment if you become paralysed

Trauma Plus key features:

  • A lump sum benefit payable on diagnosis of one of 42 listed conditions

  • A boosted payment if you become paralysed

  • Partial payments of up to 20% for 13 extra listed conditions

Total permanent disability (TPD)

Zurich Wealth Protection offers two levels of TPD cover under their Zurich Protection Plus product – TPD and Platinum TPD. Our TPD guide has more information on how this type of cover works. 

If you want to know more about TPD cover from Zurich, please read the PDS.

TPD key features:

  • A lump sum benefit if you are totally and permanently disabled

  • A TPD advancement benefit for specific events

Platinum TPD key features:

  • A lump sum benefit if you are totally and permanently disabled

  • A TPD advancement benefit for specific events

  • Partial payments at earlier stages of disablement and for less severe conditions

Income protection

Your ability to earn an income is one of your greatest assets, so it makes sense to protect it. With up to 70% of your income each month, Zurich Income Safeguard takes the pressure off so you can focus on getting back on your feet.

Key features:

  • Monthly payments to replace part of your income if you can’t work because you’re sick or injured 

  • Inflation Protection benefit, which means Zurich will offer to increase the monthly benefit each year in line with inflation

  • Premium waiver option, which means all premiums will be waived if the life insured is totally disabled prior to age 70

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What member benefits does Zurich offer?

Zurich provides multi-policy discounts, annual premium payment discounts and your first month’s premium is also waived.

Zurich also provides customers with access to the Loving Life rewards program, which allows customers to save up to 50% on 2,000 restaurants and more.

Can I get Zurich life insurance through my superannuation?

Yes, you can get life, TPD and income protection through your super. Compare Club can help with this

Trauma/critical illness cover isn't available with your superannuation through any insurer. 

Want to know more about how life insurance works with superannuation? Read our guide.

Performance of Zurich

According to Moneysmart.gov.au, Zurich’s number of finalised claims between 1 July 2020 and 30 June 2021 has a 97.7% acceptance rate, with an average claim time of 1.4 months.

The industry average during this period for claiming on advised life insurance policies is 1.5 months to settle a claim, with a 96.6% acceptance rate. Zurich has a 10.6% policy cancellation rate, which is slightly higher than the industry average of 13.6%.

Maximum cover amount*

  • Life cover – any financially justifiable amount

  • Critical illness – $2 million or $1 million for domestic duties

  • TPD – $5 million 

  • Income protection – $30,000 per month

*Cover amounts are subject to financial underwriting.

Maximum entry age

  • Life cover – 70

  • Critical illness – 59

  • TPD – 60 to 65 (depending on the type of cover)

  • Income protection – 60

Expiry age

  • Life cover – 99

  • TPD – 99 or 65 if linked to trauma

  • Critical illness – 75

  • Income protection – 65

Key exclusions

Zurich Insurance has listed its key exclusions by product type. You can see them below.

Life cover

A Life Cover claim will not be paid if the Life Insured’s death was caused or contributed by:

  • Suicide within the first 13 months of the cover commencing, being reinstated or increased

TPD

A TPD Cover claim will not be paid if total and permanent disablement is either caused, or contributed to, by:

  • A self inflicted injury or attempted suicide

  • Any event or medical condition specified as an exclusion on the policy schedule

Critical illness

A critical illness claim will not be paid if:

  • The claim arises because of an intentional, self inflicted act by you

  • Any event or medical condition specified as an exclusion on the policy schedule

Income protection

Zurich will not pay any benefit under if your disability, sickness, injury or death is caused directly or indirectly by:

  • An intentional self-inflicted act, suicide, or attempted suicide

  • You committing or attempting to commit a criminal offence or incarceration

  • Normal or uncomplicated pregnancy or childbirth

  • An act of war

  • Any event or medical condition specified as an exclusion on the policy schedule

If you want to know more about Zurich’s policy exclusions, please check the PDS.

Zurich life insurance costs

Everybody’s different, so your premium will be based on your individual circumstances, including your age, occupation and your insurance needs.

That's where Compare Club's specialists can help, by working  out what type of policy is right for you at a cost that fits in with your budget.

Of course, it’s worth consulting a financial advisor before making any financial decisions.

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FAQs

Who owns Zurich Life Insurance?

Zurich Life Insurance falls under Zurich Financial Services Australia Limited, part of the Zurich Insurance Group.

Do I need a medical exam to get life insurance with Zurich?

Possibly yes, as the underwriter may require blood tests to be done. If this is the case however, it will be at no additional cost to you.

Does smoking affect my premiums?

Yes. Smokers can pay up to 60% more for their premiums than non-smokers.

Does Zurich Life Insurance include funeral cover?

Yes, up to $15,000 is included with Life cover.

Is it easy to cancel Zurich Life Insurance?

Yes. You can cancel in writing within the cooling off period, which is 30 days from the day your policy is issued. You can cancel at any time after the cooling off period in writing; however, premiums paid through monthly installments are not eligible for a refund.

Where can I buy life insurance with Zurich?

Compare Club’s life insurance experts can help you find an affordable policy quickly and easily, and take care of the paperwork for you.

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The information contained in this guide is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of any advice and the relevant product disclosure statement (PDS) before proceeding. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Life Insurance Comparison Pty Ltd.