Protection Plus Life Insurance

Zurich Protection Plus is a life insurance product which allows you to select any combination of Death cover, TPD cover and Trauma cover. Within these covers there are standard and optional benefits. Your policy may consist of:

  • A ‘stand-alone’ cover, ie Death cover or TPD cover or Trauma cover; or
  • Any combination of Death, TPD and Trauma covers

within the minimum and maximum cover levels.

Features & Benefits

Death cover (built-in benefits)

Death cover (built-in benefits)

Death benefit

A lump sum payment on death.

Terminal illness benefit

An advance payment of the Death benefit on terminal illness.

Accidental injury benefit

An advance payment of the Death benefit if the insured suffers a specified injury.

Advancement for funeral expenses

An advance payment to cover expenses.

Buy back death benefit (TPD)

Death cover can be reinstated following a TPD claim.

Buy back death benefit (Trauma)

Death cover can be reinstated following a Trauma claim.

Future insurability benefit (business)

Increase cover without underwriting at certain times.

TPD cover (built-in benefits)

TPD cover (built-in benefits)

TPD benefit

A lump sum payment on the insured’s total and permanent disablement.

If the TPD cover exceeds $3,000,000, it must be matched by an equal amount of Death cover.

Partial TPD benefit

An advance payment of the TPD benefit if the insured suffers a specified injury.

Basic trauma cover (built-in benefits)

Basic trauma cover (built-in benefits)

Trauma benefit

A lump sum payment on diagnosis /occurrence of a range of 12 illnesses and injuries.

Funeral benefit

A lump sum payment on death (stand-alone Trauma only).

Paralysis booster benefit

Doubles the benefit payable in the event of paralysis.

Extended trauma cover (built-in benefits)

Extended trauma cover (built-in benefits)

Trauma benefit

A lump sum payment on diagnosis/occurrence of a range of 41 illnesses and injuries.

Funeral benefit

A lump sum payment on death (stand-alone Trauma only).

Partial trauma benefit

A part payment of Extended trauma for certain conditions.

Paralysis booster benefit

Doubles the benefit payable in the event of paralysis.

Standard benefits - available for no extra premium

Standard benefits - available for no extra premium

Inflation protection

Zurich will offer to index the cover each year by the greater of the CPI and 5%.

Future insurability benefit (personal)

On certain specified occasions related to personal circumstances such as marriage or birth of a child, the owner is entitled to increase the cover within guidelines without any further assessment of health.

Financial planning advice benefit

Zurich will reimburse up to $3,000 toward the cost of financial planning advice after a benefit has been paid.

Premium holiday

Allows a 3, 6, 9, or 12 month break in cover (max 12 months over life of policy) to ease financial pressure.

Premium freeze

The owner may elect to freeze the premiums, in which case they will continue to pay the same amount and the cover will be reduced annually.

Interim cover

While Zurich is assessing the application, interim cover is provided for up to 90 days. The cover provided depends on the cover applied for.

Extra cost options – available for extra premium

Death cover (extra-cost options)

Death cover (extra-cost options)

Premium waiver option

Pays premiums if the insured is disabled and cannot work.

Accidental death option

Extra cover for death due to accident.

Living activities TPD option

A lump sum payment upon the insured’s inability to perform at least two activities of daily living, cognitive impairment or specific loss.

Business future cover option

Increases cover without health evidence each year.

Needlestick cover option

A lump sum payment on occupationally acquired HIV, Hepatitis B or C.

Insured child option

Includes death, terminal illness and trauma benefits for each insured child. May also pay a carer benefit. 

TPD cover (extra-cost options)

TPD cover (extra-cost options)

Premium waiver option

Pays premiums if the insured is disabled and cannot work.

Accidental death option

Extra cover for death due to accident.

Living activities TPD option

A lump sum payment upon the insured’s inability to perform at least two activities of daily living, cognitive impairment or specific loss.

Business future cover option

Increases cover without health evidence each year.

Needlestick cover option

A lump sum payment on occupationally acquired HIV, Hepatitis B or C.

Insured child option

Includes death, terminal illness and trauma benefits for each insured child.

Double TPD option

Death cover can be reinstated after a TPD claim.

Buy back TPD option

TPD cover can be reinstated following a Trauma claim.

Trauma cover (extra-cost options)

Trauma cover (extra-cost options)

Premium waiver option

Pays premiums if the insured is disabled and cannot work.

Accidental death option

Extra cover for death due to accident.

Living activities TPD option

A lump sum payment upon the insured’s inability to perform at least two activities of daily living, cognitive impairment or specific loss.

Business future cover option

Automatic cover increase each year.

Needlestick cover option

A lump sum payment on occupationally acquired HIV, Hepatitis B or C.

Insured child option

Includes death, terminal illness and trauma benefits for each insured child.

Trauma reinstatement option (Extended trauma only)

Cover can be reinstated after a Trauma claim (for unrelated conditions).

Double trauma option (Extended trauma only)

Death cover can be reinstated after a Trauma claim.

Top-up option (Extended trauma only)

Increases the Partial trauma benefits payable.

Accelerated buy back death option

Early reinstatement of Death cover following a Trauma claim.

Additional features

Tailored Super Structuring

It is possible to have a Superannuation Term Life Plus policy which is related to a Protection Plus policy or two related Protection Plus policies (where external trustee ownership applies to one), allowing a mixture of super and ordinary benefits to be linked for a cost-effective package of cover overall. Related policies remain as two separate policies but will behave as if all linked benefits are combined on one policy, which means that a claim on one cover will impact the other/s.

Within the related policies structure, TPD can be set up as:

  • Any occupation TPD (in super) and
  • Own occupation TPD  - superlink (outside super),

allowing both ‘own’ and ‘any’ occupation TPD to be put in place without any overlap of premium. Only one TPD benefit is payable in the event of total and permanent disablement.

More information about tailored super structuring is set out in the PDS.

The summary information contained on this page is general in nature and does not take into account a client’s objectives, financial situation or needs. The relevant Product Disclosure Statement (PDS) should be considered prior to making any decisions about the product. This page is for adviser use only.

What is covered

Death cover

Death cover pays a lump sum on your death or diagnosis of terminal illness. It’s one of the easiest products to understand and it’s usually the first one people think of. It may:

  • Allow your family to repay debts including mortgage, personal loans, guarantees, credit cards and store cards
  • Provide an adequate income for your dependants to pay for living expenses, school fees, child care and regular bills
  • Protect your business if a key person or principal dies
  • Provide a cash deposit to the estate, which may prevent other assets being sold.

TPD cover

TPD cover pays a lump sum if you become totally and permanently disabled and therefore are unlikely to ever work again. TPD is about ensuring that you retain as much quality of life as possible. It can:

  • Provide funds to allow a family member to give up work to care for you or, alternatively, to fund other home care
  • Allow you to repay debts including mortgage, personal loans, guarantees, credit cards and store cards
  • Pay for any major renovations required to your home (eg to permit wheelchair access).

Trauma cover

Trauma cover provides a lump sum on the diagnosis, or occurrence, of one of a list of specific injuries and illnesses such as heart attack, cancer or stroke. It can:

  • Pay for unexpected medical costs
  • Provide for lifestyle changes
  • Provide for necessary professional care at home
  • Repay large debts such as a mortgage
  • Allow you to make lifestyle changes, such as reducing work hours, by providing additional income.

Optional extras

A range of extra-cost options can be added to the core covers shown above to further tailor cover to individual needs.

Please refer to the PDS and policy conditions.

Get a quote or apply

You can apply for your client’s life insurance via Adviser Assist.

Adviser Assist is a secure online service offered to advisers. It's open to all advisers, and gives you access to Zurich LifeXpress (an online risk quoting tool).

Contact our Adviser Service Centre
For more information and help from our Business Development Managers, contact our Adviser Service Centre.

Tel: 1800 500 655
Fax: +61 2 9995 3797
Email: adviser.service@zurich.com.au

pdf
Zurich Wealth Protection PDS & Application form - 21 December 2015

Type: pdf (2.8Mb)

Issue date: 21 December 2015