As a member of the Financial Services Council of Australia (the FSC), Zurich is bound by the Life Insurance Code of Practice (the Code) with effect from 1 July 2017. The Code outlines the standards that we are committed to in providing life insurance services to you. The Code can be found at www.fsc.org.au.
This information updates the information set out in the Zurich Wealth Protection, Zurich Active and Zurich Sumo PDSs, all dated 15 May 2017 and the Zurich FutureWise PDS dated 1 October 2016, but only in relation to the eligible products outlined below.
As part of our commitment to the Code, Zurich is pleased to be able to provide policyholders with even greater certainty about the strength of their trauma insurance definitions.
In order to create a minimum standard across the market for the most commonly claimed trauma conditions, the Code now sets out minimum standard trauma definitions for the following three conditions:
At claim time, where there is a minimum standard trauma definition in the Code for your trauma condition, we will assess your claim against:
so that you get the better of the two definitions.
The definitions for these conditions have been incorporated into the Code, and can be found on the FSC website www.fsc.org.au. The definitions will be regularly reviewed and updated as necessary to ensure that any required tests, treatments and grading systems are aligned with up-to-date medical practice in Australia. Any updated definitions will automatically apply once they are adopted into the Code.
Minimum standard trauma definitions apply to the first $2million of any trauma cover issued under Zurich Protection Plus and Zurich Child Cover (Wealth Protection), Zurich Child Cover (Active), Zurich Life Insurance (Sumo) and Zurich Trauma Insurance (FutureWise) on or after 1 July 2017. They specifically do not apply to health events cover issued under Zurich Active, which provides tiered benefits for health events and is structured differently to trauma cover. Minimum standard trauma definitions also do not apply to any trauma cover issued as part of an income protection policy.
This information updates the information set out in the Zurich FutureWise PDS, dated 1 October 2016. The relevant section of the PDS is the Glossary, which begins on page 64.
Zurich has made a number of changes to policy definitions to ensure that they continue to reflect modern procedures and terminology. These definitions affect life and trauma cover, including optional trauma benefits under Disability Income Insurance.
Effective from 15 May 2017:
The new definitions which apply from 15 May 2017 are set out below:
The presence of one or more malignant tumours, including lymphoma (including Hodgkin’s and non Hodgkin’s disease), leukaemia, multiple myeloma and malignant bone marrow disorders, that are characterised by the uncontrolled growth and spread of malignant cells and the invasion and destruction of normal tissue.
The following cancers are excluded:
Prostatic cancer which is TNM classification T1 or less and which has a Gleason score of 6 or less is covered if it results in the entire removal of the prostate. This procedure must be performed specifically to arrest the spread of malignancy and be considered the appropriate and necessary treatment by a medical practitioner.
idiopathic pulmonary arterial hypertension (previously primary pulmonary hypertension)
Idiopathic pulmonary arterial hypertension characterised by enlargement of the right ventricle as a result of high pulmonary artery pressure. It must have resulted in significant cardiac and respiratory impairment leading to impairment equivalent to at least Class III of the New York Heart Association functional classification system.
If the policy is not issued to the trustee of a superannuation fund: any condition caused by illness or injury, where despite all reasonable medical treatment, the life insured is expected to live for no more than 24 months as confirmed and certified* by:
If the policy is issued to a trustee of a superannuation fund: any condition caused by illness or injury, where despite all reasonable medical treatment, the life insured is expected to live for no more than 24 months as confirmed and certified* by:
* The period of life expectancy, certified by each medical practitioner, must not have ended.
This information updates the information set out in the Zurich Income Replacement PDS, dated 21 December 2015. The relevant section of the PDS is the Definitions for specified trauma conditions section, which begins on page 35.
Zurich has made a number of changes to policy definitions to ensure that they continue to reflect modern diagnostic procedures, treatments and terminology.
Effective from 1 September 2016, the following Trauma definitions are updated:
Effective from 15 May 2017, the following Trauma definitions are updated:
The definitions which apply from the above effective dates are all set out in the Zurich Wealth Protection PDS dated 15 May 2017
This information updates the Zurich Income Replacement PDS, dated 21 December 2015.
Part 1 of the PDS contains management fee information (refer to page 11). The amounts set out in the PDS were current up to 29 February 2016 and subsequently updated on the Zurich website on 1 March 2016. From 1 March 2017, the management fees will be indexed in line with the consumer price index. The new management fees are as follows:
Management fee payable
The management fees above apply for new policies until 28 February 2018. The management fee increases each year on the policy anniversary in line with the consumer price index.
This information updates the information set out on page 54 of the Zurich FutureWise PDS, dated 1 October 2016.
A policy fee per insured person per application is also payable each year and is shown on your policy schedule. If more than one Zurich FutureWise policy is issued as a result of a single application for an insured person, only one policy fee is payable.
As at 1 March 2017, the policy fee is $98.61 per annum if the premium is paid annually or $8.22 per month if the premium is paid monthly, plus any stamp duty that is applicable. The policy fee will be adjusted each year on 1 March by the consumer price index, and will be effective from the cover start date or cover anniversary on or following 1 March.
If there is no 1 March PDS issued in any year, we will advise the updated policy fees on our website, zurich.com.au
For Zurich FutureWise please use Insurance Online. For more information on quote and apply click here. A project to migrate all products onto Zurich's platform during 2017 is underway and advisers will be kept informed on the progress of this integration project.
No. until late July 2017 the quote and apply process will be via two systems, Zurich's ZXpress and Macquarie's Insurance Online. This means the Life Insured Statement/Personal Statement will be virtually unchanged, and continue to be product-specific.
Zurich only offers insurance cover to Australian residents who apply for insurance from within Australia.
Zurich will send through commission reports for Wealth Protection, Active and Sumo products. Commission reports for Zurich FutureWise will be sent to you via email by Macquarie.
Macquarie will administer the payment of commission on in-force business on behalf of Zurich, until the finalisation of the transfer of business to Zurich, which is anticipated to be 1 November 2017. From early to mid 2017 all new Zurich Active and Sumo business will be written on the Zurich systems and therefore will be paid by Zurich.
You will be able to access information for your Macquarie clients through Insurance Online until October 2017.
Please use the contact details below.
Phone: 1800 208 130
Fax: 1800 065 145
Mail: GPO Box 4443 Sydney NSW 2001
For any FutureWise, Zurich Active related queries please contact 1800 005 057 or email@example.com.
For any Zurich Sumo related queries please contact 1800 631 807 or firstname.lastname@example.org.
Click here to see all contacts.
Please post, email or fax your Wealth Protection, Active or Sumo applications to:
Fax: 02 9995 3797
Mail: Underwriting/New Business
Locked Bag 994
North Sydney NSW 2059
Please post or email your Zurich FutureWise applications to:
Mail: GPO Box 5216 Brisbane QLD 4001
Data feeds will not be available initially through XPLAN for Zurich FutureWise (Macquarie clients). But data feeds are available for Wealth Protection products, download below.