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Zurich Life Insurance Review

Zurich Insurance Group is a worldwide insurer that services customers in over 210 countries and territories.

The company began in Zurich, Switzerland in 1872. Zurich headquarters remains there today, but their reach has expanded across the globe.

Zurich first came to Australia in 1920 as the Commonwealth General Assurance Corporation Ltd. In 1961, the CGA joined the Zurich Insurance Group, and the rest is history.

Zurich now employs over 1,000 people in Australia and New Zealand.

If you choose Zurich for your life insurance needs, you will receive the following features with your plan:

  • Link TPD and Trauma Cover to Death Cover to save money on your policy
  • No expiration date on TPD and Trauma coverage options when you link them to Death Cover
  • Up to $3,000 advice reimbursement on Death Cover
  • Inflation protection on select plans
  • Premium Holiday option which allows you 12 months (over the life of the policy) to delay premium payments
  • Other optional benefits depending on cover level and cover type

Zurich Protection Plus

Zurich Protection Plus includes a range of life insurance options under their “Wealth Protection” umbrella. These policies include the following coverage options.

Provides the policyholder’s family with a lump-sum payment when they die or receive a terminal diagnosis. You can use this money to cover funeral costs, pay debts, or take care of the home.

Death & Terminal Illness BenefitProvides the policyholder’s family with a lump-sum payment when they die or receive a terminal diagnosis.
Advancement for Funeral Expenses$15,000 advancement payment for funeral expenses.
Accidental Injury BenefitAccidental permanent injury that triggers the advance payout of some or all of the death benefit.
Future Insurability Business BenefitAllows you to increase cover if certain business events occur.
Premium Waiver (Optional)Waive premiums if the policyholder becomes disabled and is forced out of work.
Business Future Cover (Optional)Allows you to increase cover in certain business events (useful for key man insurance and similar plans).
Needlestack Cover (Optional)If you’re a health worker and contract HIV or hepatitis B or C, you’ll receive a lump-sum payment.

A lump-sum payment if the policyholder suffers a permanent disability that forces them out of work. You can use this payment to supplement income, help with medical costs, etc.

Zurich offers TPD cover in Platinum and Essential options. The Essential TPD option includes the basic TPD coverage listed above. Platinum allows you to receive partial payment in the early stages of disablement.

TPD BenefitLump-sum payment if the policyholder becomes permanently disabled.
TPD Advancement BenefitSmall advancement if the policyholder becomes partially disabled.
Partial Impairment Benefit (Platinum only)Partial payment if the policyholder suffers functional impairment of daily life.
Double TPD (Optional)Reinstate full death cover amount 14 days after its reduction as a result of the full TPD payment.
Buy Back Death (Optional)Reinstate death cover on the anniversary of a TPD payment benefit.

TPD Insurance also includes a Premium Waiver Option, a Business Future Cover Option, and a Needlestack Cover Option.

Trauma cover provides you with a lump-sum payment if you suffer one of the various “trauma” conditions included in your policy. This severe event usually forces you out of work, so you and your family can use the money to cover expenses while you heal.

Trauma BenefitLump-sum payment if you suffer one of the covered accidents or conditions.
Partial Trauma BenefitPartial trauma payment for select conditions. Platinum customers receive 25% (up to $200,000) and Extended customers receive 10% (up to $25,000).
Paralysis Booster BenefitDoubles your trauma payment if you suffer paralysis (up to $2,000,000).
Funeral BenefitIf you don’t also purchase death cover, Trauma cover will pay a $5,000 funeral benefit upon the policyholder’s death.
Trauma Reinstatement (Optional)Reinstate trauma cover on the anniversary of a trauma benefit payment.
Double Trauma (Optional)Reinstate full death cover amount 14 days after its reduction as a result of the full TPD payment.
Buy Back TPD (Optional)Reinstate TPD cover on the anniversary of a trauma payment benefit

Trauma cover also includes a buy back death option, a premium waiver option, a business future cover option, and a needlestick cover option.

Zurich Child Cover

Zurich child cover provides a payment to the family if the insured child suffers a severe injury, diagnosis, or death.

This coverage option includes a trauma benefit, injury replacement benefit, carer benefit, and death & terminal illness benefit for the child.

Zurich Income Protector

Zurich also offers an income protection plan that covers you with a monthly benefit if the policyholder is forced out of work. These plans provide supplemental income to keep you on your feet as you recover from a temporary disability.

The first of the two plans is simpler, with a few more restrictions. You’ll have to be unable to perform your job functions for at least five days. After 24 months of payment, the definition of “disabled” widens to include all forms of work – not just your industry.

The Income Protector Plus plan covers you quicker than the base plan, with more optional benefits from which you can choose.

Zurich Business Expenses

Zurich provides two kinds of business expenses cover:

  • Key person replacement: covers the monthly cost of replacing an insured employee
  • Ongoing fixed expenses: covers allowable business expenses related to the insured employee

Zurich has won multiple awards for their products and customer service over recent years. Their worldwide insurance arm paid over USD 2.8 billion in benefits in 2015 alone.

In 2014, the company paid $125 million to fulfil Australian family claims.

2017 claims paid by OnePath

  • Excellence and for Outstanding Value – Direct Life Insurance in 2010, 2012 & 2014
  • 2014 AFA Plan for Life Service Quality Award Winner
  • 2015 Best Featured Income Protection Insurance Award Winner
  • 2015 Lewers Research Life Insurance Benchmarking Reputation
  • 2015 FSC ‘Big Thinking’ Award
  • 2015 Direct Life Insurance Excellence Award Winner – Term Life
  • 2015 Direct Life Insurance Excellence Award Winner – Customer Service
  • 2015 Direct Life Insurance Excellence Award Winner – Overall Excellence

You start the claiming process by visiting the Zurich website and selecting which type of claim you require. From there, Zurich provides you with the forms you need to complete to submit your claim.

After you’ve compiled the necessary information and filled out the paperwork, you can either email or post the documents directly to Zurich (contact information below).

Zurich recently introduced the ‘Loving Life’ program to its members. Insurance policyholders can use this app-based program to save money on all kinds of everyday expenses.

The app will give you local deals for movie tickets, groceries, flights, holiday deals, hotels, restaurants, and much more.

There are also some health-related deals in the ‘Health and Wellbeing’ section of the app if you want to focus on your health more heavily. You can gain access to the Zurich Loving Life program by purchasing and retaining an insurance policy.

Phone: 131 551

Mailing Address:
Locked Bag 994
North Sydney NSW 2059

Hours: Weekdays 8:30am – 7:00pm AEST (Friday 8:30am – 5:30pm)

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