Zurich Life Insurance Reviews 2023
Zurich Financial Services Group, commonly referred to as Zurich, was founded in 1872.
Headquartered in Zurich, Switzerland, the company offers personal and commercial insurance in more than 170 countries. Types of cover include whole of life insurance, decreasing term, and critical illness cover.
Zurich is one of the largest insurance groups in the world and one of only a handful considered genuinely global. Life insurance is one of its most popular products, and the company offers a range of plans to UK residents.
Zurich Life Insurance Review
The Level Protection Plan provides financial protection and peace of mind to help beneficiaries make a claim, cover living expenses or repay a loan or mortgage. It may include term life, term critical illness, or term life or earlier covered critical illness coverage. Life coverage pays a cash benefit if, during the policy term, the insured is diagnosed with a terminal illness and is expected to live for fewer than 12 months or the individual dies.
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Critical illness coverage pays a cash sum if the insured is diagnosed with a specified critical illness during the policy term. Life or earlier covered critical illness coverage will pay a lump sum upon the earlier of the two incidents that occur during the term.
Indexation of life coverage is available with the Level Protection Plan, increasing the benefit in line with increases in the Retail Prices Index, Average Earnings Index, or five or ten percent, as elected by the insured. The premium increase is based on age, sex, smoking status at the policy start, and the number of years remaining in the term.
A Payment Protection Benefit is available that pays a regular income if a long-term injury or illness prevents the insured from working. Depending on the coverage selected, the insured may be able to opt for guaranteed or reviewable premiums. A guaranteed premium is fixed for the term of the Zurich life insurance policy.
A reviewable premium is subject to regular assessment and adjustment. At the end of the term, this plan can be renewed for an additional term. In addition, some or all of the life insurance coverage may be convertible to a new whole of life policy, which provides lifetime protection with guaranteed premiums.
Consumers must be at least 16 years old and no older than 59 if the Payment Protection Benefit is chosen. If they select reviewable premiums, they may be no older than 69. When guaranteed premiums are selected, consumers cannot be older than 59 if they choose this, 69 if they include critical illness coverage, or 83 for life coverage only.
A Myriad Of Life Cover Plans
Reviewable life insurance cover plan terms range from five to 40 years, with a maximum age of 75 (65 when the Payment Protection Benefit is selected). Terms for guaranteed premium plans span from one to 50 years for life coverage only (maximum age 85), five to 30 years (maximum age 75) if critical illness is included, and five to 49 years (maximum age 65) if the PPB is included.
The Decreasing Mortgage Coverage Plan is designed to repay a loan or repayment mortgage upon the diagnosis of a critical or terminal illness, or death of the insured, depending on the policy chosen. It is available as life, critical illness, or life or earlier critical illness coverage.
Guaranteed or reviewable premiums may be available, and the Payment Protection Benefit is also offered for this plan. The cash benefit of a life insurance plan declines over time, and if the interest rate on a mortgage or loan exceeds ten percent, the coverage may not provide a benefit sufficient for repaying it.
The Adaptable Life Plan is a whole of life plan that provides a guaranteed cash sum/lump sum when the insured is diagnosed with a terminal illness with a life expectancy of fewer than 12 months or the individual dies. It is available with guaranteed or reviewable premiums to UK residents aged 16 to 83 (69 for a joint plan). Only reviewable premiums were offered when the plan was established, and guaranteed premiums became available in 2006.
With each of these plans including critical illness cover, joint life coverage is available, and the benefit is paid on the first claim submitted during the policy term. The coverage then ends. If the insured stops making premium payments, coverage will end, and premiums paid will not be refunded.
Some of the plans offer a waiver of payment option is available to consumers age 55 or younger. If an injury or illness such as a heart attack incapacitates the insured for at least six consecutive months, the plan will make premium payments until the earlier of being able to return to work, the 65th birthday, or the end of the plan term.
Zurich insurance company is regulated by the financial conduct authority and provides so many life insurance plans and joint policy options that it can be time-consuming and frustrating to research them all. Through our Zurich life insurance reviews, we make this work more comfortable by assessing Zurich products when we do our comprehensive industry review for your next life insurance policy.
Submit our online quote request form, and we will provide you with your best options, making the decision less complicated and life insurance claims simpler. We believe that choosing the best life insurance premiums should be a simple process. Hopefully, this life insurance review has been helpful to you.
Zurich Life Insurance Reviews, Further Information:
UK Head Office (Zurich support service):
The Zurich Centre,
FCA Firm Reference Number is 203093.
Telephone: 0800 096 6233
Office Hours: Mon to Fri 8.30 am – 6.00 pm