Public Limited Company
Zurich Insurance Group is one of the world’s largest insurers and operates across the globe, with locations in more than 170 countries worldwide. Zurich has 60,000 employees, including around 11,000 in the UK.
Zurich operates in general insurance, Life Insurance, pensions, savings and investments.
Zurich is a Swiss insurer founded in 1872. Today it is Switzerland’s largest insurer and ranks in the world’s top 100 largest public companies. Zurich Insurance Group was previously known as Zurich Financial Services until 2012.
As well as being Switzerland’s largest insurer, Zurich has a sizeable presence in the UK, with more than 11,000 people employed here.
Overview of Key Policy Details
Level / Decreasing / Joint life first death
Full Medical Underwriting
Terminal Illness Cover
Optional Critical Illness Cover
Critical Illnesses Covered
Children’s Critical Illness Cover
Waiver of premium
Minimum Entry Age
Maximum Entry Age
Level Protection Plans
Decreasing Mortgage Cover Plans
Suicide within the first 12 months of the policy
Zurich’s life insurance policies offer a range of options including a standard level term and mortgage-friendly decreasing term.
An optional extra to your Life Insurance with Critical Illness Cover, the Payment Protection Benefit pays you a monthly income if you can’t work due to illness or injury. You must be no more than 59 to include this in your policy. The policy will continue paying out the agreed sum after your chosen deferred period until either:
Another optional extra, Waiver of Premium benefit will pay your insurance premiums for you if you can’t work due to illness or injury for longer than six months.
This allows some or all of the life benefit to be converted to a Zurich Whole of Life plan without you giving Zurich an update on your health and activities. This is not available if your policy includes Payment Protection Benefit or Critical Illness Cover.
You can choose to renew your plan for the same term and amount of cover after the end of the policy’s term. If your plan is for life cover only you must be no more than 68 years old to include this benefit. If your policy includes Critical Illness Cover, you must be no more than 64 to include this benefit.
The option to renew is available each time the plan reaches the end of a term, up until the renewal on, or closest to (but before), your 70th birthday when you’ll be offered a final renewal which may be for a different term to the plan’s original term. Renewable Term will not be available if you choose Payment Protection Benefit or your plan includes Convertible Term.
Provides a free and confidential health and wellbeing service for you and your family with no limit on queries or issues. Also includes up to six sessions of professional counselling.
Provides free cover while a property purchase is being completed (where contracts have been exchanged but the contract to buy has not been completed). Available for up to £500,000 or the lower figure applied for.
We try to find out everything there is to know about the policies we advise on to ensure that we are in the best position to match you with the most appropriate policy.
Below, we have answered a few frequently asked questions given to us by our customers about your Zurich Life Insurance policy. If you need any further help, please do not hesitate to call us on 01273646484.
A. There will be no personal liability to income tax or capital gains tax on death. To avoid probate, many of our clients choose to write their Life Insurance into trust, which keeps it outside the estate for inheritance tax purposes and can significantly speed up your family’s ability to access the funds should you pass away.
There is an alternative tax-efficient life Insurance for the Self Employed, contractors and company directors known as a relevant life policy. This type of policy with offer significant tax-deductible savings on your monthly premiums and, under a relevant life trust, the benefit will not for part of your lifetime pensions allowance.
We can offer you advice on your insurance options and talk you through the process and help you to complete the relevant special trust section on your application. For advice on tax, please speak to a qualified financial adviser on 01273646484.
A. Yes. Although most life insurance products only cover death or terminal illness, Zurich’s Critical Illness add-on offers an additional benefit paid out should you be unable to work due to sickness or injury during the term of your life insurance policy.
However, we would recommend speaking to one of our independent insurance experts to ensure that this is the best option for you – there is a separate policy, known as Income Protection, which is specifically designed for this purpose and may suit you better.
As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.Pop us a call on 02084327333 or email email@example.com.
Independent Protection Expert at Drewberry
I had the pleasure of dealing with Jake Mills in organising my insurance. Jake was fantastic to deal with — his patience and understanding really helped.