Protection Plus Life Insurance

Zurich Protection Plus Life Insurance offers Life Cover that 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

It may be possible to combine Life Cover with TPD Insurance and / or Trauma Insurance under a Zurich Protection Plus Life Insurance policy.

Benefits

A brief outline of the benefits provided under Zurich's Life Cover (via the Zurich Protection Plus policy) is set out below. Full details, including any benefit limitations and exclusions, can be found in the Zurich Wealth Protection PDS (pdf 2.3Mb).

Standard benefits

Refer to the Wealth Protection PDS for information about which benefits are not available if the cover is structured with superannuation ownership.

  • Death benefit

    A lump sum benefit is payable on your death.
  • Terminal illness benefit

    If you are diagnosed as terminally ill with 12 months or less to live, the Death benefit can be paid in advance.
  • Advancement for funeral expenses

    While a claim is being settled, up to $15,000 of the Death benefit can be advanced to help with funeral expenses.
  • Accidental injury benefit

    If you suffer a specific injury, some or all of the Death benefit can be advanced.
  • Buy back benefits

    If Death cover is taken in conjunction with other covers, the following benefits also apply:

    • If TPD cover is also selected and you make a TPD claim, your Death benefit will reduce by the TPD claim amount. This benefit allows the Death benefit to be reinstated after 12 months.

    • If Trauma cover is also selected and you make a Trauma claim, your Death benefit will reduce by the Trauma claim amount. This benefit allows the Death benefit to be reinstated over a three-year period.
  • Future insurability business benefit

    If the cover is taken out for business purposes, on certain occasions related to business circumstances such as re-valuation of your business, Death cover can be increased within guidelines without any further health assessment.

In-built policy provisions which apply to all Protection Plus policies:

  • Interim cover

    While your application is being assessed, interim cover against specific accidental injury can apply for up to 90 days.
  • Inflation protection

    Cover can be increased each year to allow for inflation by the greater of the CPI and five per cent.
  • Future insurability

    On certain occasions related to personal circumstances such as marriage or birth of a child, cover can be increased within guidelines without any further health assessment.
  • Financial planning advice

    After a Death benefit is paid, up to $3,000 of financial planning advice cost can be reimbursed.
  • Premium freeze

    You may elect to freeze premiums if affordability becomes an issue in the future, in which case you will continue to pay the same amount and the cover will reduce each year.
  • Premium holiday

    Allows a 3, 6, 9, or 12 month break in cover (max 12 months over life of policy) to ease financial pressure. Not available under platform.

Optional benefits

Additional (extra cost) options are available with Death cover, allowing cover to be tailored to your needs.

Refer to the Wealth Protection PDS for information about which benefits are not available if the cover is structured with superannuation ownership.

  • Premium waiver option

    Your premiums will be waived for all benefits under the policy if you are totally disabled prior to age 70.
  • Accidental death option

    A nominated lump sum amount is payable on your accidental death. Cover is available from $50,000 to $1 million.
  • Living activities TPD option

    A nominated lump sum amount is payable if you become unable to perform at least two activities of daily living, suffer cognitive impairment or suffer a specific loss.
  • Business future cover option

    If cover is taken out for business insurance purposes, you can increase the cover annually in line with changes in the value of the business or key person, without providing further evidence of good health.
  • Needlestick cover option

    If you work in an exposure prone occupation (eg doctor, nurse, pathologist), a lump sum (between $50,000 and $1,000,000) is payable if you contract HIV, hepatitis B or hepatitis C in the course of your normal occupation.
  • Insured child option

    Your children (aged between 2 and 18) can be covered for death, terminal illness and 18 specified trauma events.

    Up to $500,000 is payable if an insured child suffers a specified Trauma event and up to $200,000 is payable for death or terminal illness.

    The carer benefit allows you to take time off work to care for a child who is confined to bed (provided the sum insured is $200,000 or more), paying a monthly benefit of $5,000 for up to three months.
     

How to apply

Financial Adviser

Get a quote or apply through a financial adviser

A financial adviser can help to
determine the most appropriate
cover for you, based on your
personal circumstances.

Compare Zurich Life Cover policies

 

Protection Plus
Life Insurance

Superannuation
Term Life Plus

Ezicover
Life Insurance

Ezicover
Accidental Death

Death Cover yes yes yes yes
Terminal Illness yes yes yes  
TPD cover yes yes
 

 
Trauma cover option cover yes
 

 

 
Child cover option yes
 

 

 
Needlestick option yes
 

 

 
Available through super yes
External trustee
yes yes
External trustee

 
Policy ownership Individual
Business
SMSF
Zurich Master
Super Fund
Individual
Business
SMSF
Individual
Business
SMSF
Minimum sum insured $50,000 $50,000 $50,000 $50,000
Maximum age at entry Depends on cover Depends on cover Depends on cover 70
How to purchase Through an adviser
Find an Adviser
Through an adviser
Find an Adviser
Direct from Zurich
Get a quote
Direct from Zurich
Get a quote

Documents

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

Type: pdf (2.8Mb)

Issue date: 21 December 2015