Review of Zurich Life Insurance

Zurich Insurance has more than 130 years’ experience of providing financial solutions. They can be found in more than 170 countries. In 2016 they paid out 90% of critical illness claims. The cover is available for those living in the UK for the past six months. Continue reading our full Zurich Life Insurance review below.

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Pros
  • Paid 98% of Death Claims in 2016
  • Immediately Insured on Acceptance
  • Free Cover During Application Assessment
Cons
  • Income Protection Can Only Be Purchased Through a Financial Advisor
  • Not all Critical Illnesses are covered.

About Zurich

They offer two life insurance options, Life Term Cover and Whole of Life. They also offer a Critical Illness Cover and an Income Protection cover.

Insurance Options: Our Honest Breakdown

Zurich Life Insurance Company offers two term policies: Level Protection Plan and Decreasing Mortgage Plan. Their Adaptable Life plan is a whole of life cover. Two other covers they provide is a Critical Illness cover and an Income Protection Cover.

All Zurich insurance plans will payout with a diagnosis of a terminal illness with fewer than 12 months left to live. This benefit is not available on the Income Protection Cover.

Plans are available to the United Kingdom residents with no intention of leaving.

Level Protection Plan

Zurich Insurance will pay a lump sum if death occurs or the diagnosis of a terminal illness where you are expected to live fewer than 12 months. Applicants must be between the ages of 16 and 83. If a joint policy, the age applies to both of you.

Premiums and cover are fixed for the term period. Unless you choose to increase either. The term of the policy must be at least one year up to 50 years. The plan must end before age 85.

If the plan includes critical illness then the age restriction changes to 16 to 69 years of age.

With your Zurich insurance policy you have three-term options:

Convertible Term gives you the option of converting part or all of your life cover to a whole of life plan without any additional health or lifestyle questions.

Renewable Term with or without Critical Illness cover you have the option to renew the policy at the same term and cover you have on your existing plan. A Zurich insurance does not ask any additional health or lifestyle questions.

Indexation offers an increase of cover each year based on an increase of the average weekly earnings measure or the RPI. Premiums will increase also.

Decreasing Mortgage Cover Plan

Zurich Insurance will pay a lump sum if death occurs or the diagnosis of a terminal illness where you are expected to live less than 12 months. Applicants must be between the ages of 16 and 79. If a joint policy, the age applies to both of you. Terms must be at least 5 years and the maximum is 50 years. The policy will end by age 85.

The premium for a decreasing term policy is fixed and its cover is designed to reduce its amount each year throughout the life of the plan and reach zero by the end of the plan. Its reduction is similar to the amount unpaid mortgage you have. If a claim is filed then it should be enough cover to pay off your mortgage in full if your initial cover matched your outstanding mortgage at the beginning of the Zurich insurance policy.

Adaptable Life Plan

Zurich Insurance Adaptable Life Plan is a whole of life insurance. The plan will pay a cash sum if you die or are diagnosed with a terminal illness with life expectancy is fewer than 12 months. Applicants must be between the ages of 16 and 83.

Premiums and cover are fixed unless you chose to increase your cover. This policy is a whole of life plan and has no term period. Joint plans are available. You can choose to have the policy payout when the first person dies, or after the second one passes away.

Zurich Insurance also offers these added benefits for the Adaptable Life Plan at additional cost. They must be selected at the beginning of your policy.

Waiver of payment benefit will make premium payments if you are unable to work due to an injury or illness.

Indexation – this allows your life cover to increase to compensate for the rate of inflation. Your cover will increase each year as will your premium payments with Zurich Insurance.

Critical Illness

Zurich Life Insurance Critical Illness Cover will pay out a cash sum in the event of diagnosis of a critical illness as defined in the plan. This policy can be issued as a stand-alone policy or taken out with a Life Cover. The term for either option must be between 5 and 40 years. The policy must end by age 75.

Children’s critical illness cover automatically covers your children between three months and 18 years. The amount of cover paid out is the lesser of half the cover amount you have on your plan and £25,000.

Income Protection

Zurich Income Protection Plan is designed to pay a monthly amount to you in the event of injury or long-term illness that prohibits you from working the job you have.

Applicants must reside in the UK and be between the ages of 16 and 59. The plan must end by age 65. There is no joint option, this plan only covers one person.

The maximum benefit from the Zurich insurance is 60% of the first £45,000 of before injury income before taxes plus 33.33% of your earnings that are above £45,000 each year, minus the Single Person’s Employment Support Allowance.

You can choose the differed period for the Zurich insurance benefit to start. You have the choice of one, three, six and twelve months for Premier Cover and on, three, and six months for Essential Care. Benefits will continue until you are no longer considered incapacitated, no longer have loss of income, the end of the plan’s term, or you die.

Premium Cover –the term is variable and must be at least five years and must end before age 65. It provides cover until the end of the term. There is no limit to claims filed.

Essential Cover –the term is fixed at five years. It also must end before age 65. It will cover for the plan term of five years. It can be renewable but would need to be with more than a year left on the Zurich insurance policy. If you have filed a claim you are unable to renew.

Zurich Life Insurance - Review Conclusion

The following optional extra benefits may be available at the time you apply for the plan with Zurich insurance for an extra cost:

  • Total permanent disability is a benefit available with the critical illness cover. If you are unable to do your own occupation ever again you will have the ability to claim the cash sum.
  • Payment protection benefit – this benefit may allow a monthly amount to be paid if you are unable to perform your occupation due to an injury or have an illness. Your premium payments will also be made for you.
  • Waiver of payment benefit – premium payments will be made for you if you are unable to work due to an injury or an illness.

We hope you found our Zurich Life Insurance review helpful, and we answered majority of the questions you have. If that's the case, grab your free quote below.

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