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PDS Updates

New Zurich Wealth Protection management fees, effective 1 March 2020

This information updates the information set out on page 49 of the Zurich Wealth Protection PDS, dated 27 May 2019.

As part of your premium, we charge a management fee which contributes to the cost of administering your policy. The fee payable depends on the frequency of your premium payments. Only one management fee is payable if more than one policy is applied for at the same time, for the same life insured.

Premium frequency Management fee payable Annual equivalent
Monthly $9.78 $117.36
Quarterly $29.32 $117.28
Half-yearly $48.89 $97.78
Yearly $97.78 $97.78

The management fees above apply for new policies until 28 February 2021. The management fee increases each year on the policy anniversary in line with the consumer price index.

New Zurich Sumo management fees, effective 1 March 2020

This information updates the information set out on page 23 of the Zurich Sumo PDS, dated 27 May 2019.

As part of your premium, we charge a management fee which contributes to the cost of administering your policy. The fee payable depends on the frequency of your premium payments.

Premium frequency Management fee payable Annual equivalent
Monthly $27.32 $327.84
Quarterly $81.95 $327.80
Half-yearly $163.89 $327.78
Yearly $327.78 $327.78

The management fees above apply for new policies until 28 February 2021. The management fee increases each year on the policy anniversary by the greater of 3% and the change in the consumer price index.

New Zurich FutureWise management fees, effective 1 March 2020

This information updates the information set out on page 5 of the Zurich FutureWise Supplementary PDS, dated 27 May 2019.

A management fee per insured person per application is payable each year and is shown on your policy schedule. The management fee contributes to the cost of administering your policy. If more than one Zurich FutureWise policy is issued as a result of a single application for an insured person, only one management fee is payable.

Premium frequency Management fee payable Annual equivalent
Monthly $8.68 $104.16
Quarterly $26.01 $104.04
Half-yearly $52.02 $104.04
Yearly $104.03 $104.03

The management fees above apply to new policies until 28 February 2021.

Each year, the management fee increases on the policy anniversary. The increase is based on the annual consumer price index increase to the end of the September quarter and determined as at 31 December each year. If the policy anniversary is in:

  • April through to December, we use the annual CPI increase to the end of the September quarter of the previous calendar year
  • January through to March, we use the annual CPI increase to the end of the September quarter one year earlier.

If there is no PDS issued on 1 March in any year, we will advise the updated policy fees on our website, zurich.com.au

Zurich Wealth Protection - Financial planning advice benefit in the Zurich Insurance-only Superannuation Plan, effective 18 December 2017

The Zurich Wealth Protection Financial planning advice reimbursement benefit will continue to be a ‘standard built-in benefit’ of the product and be payable in the circumstances described in the PDS.  For applications for a Zurich Wealth Protection policy to be issued into the Zurich Insurance-only Superannuation Plan of the Aon Master Trust made from 18 December 2017, the benefit will not form part of the main policy contract terms.  Instead it will be provided under a separate insurance certificate, made by Zurich directly to the Life Insured.

Insurance Certificate from Zurich Australia Limited

Financial planning advice reimbursement benefit for
Zurich Wealth Protection members of the
Zurich Insurance-only Superannuation Plan

Zurich Australia Limited (Zurich) undertakes to provide an additional payment to help reimburse the cost of financial planning advice which you or your dependants may take about how to best use a benefit to be paid under a policy held for you by the trustee of the Zurich Insurance-only Superannuation Plan, a division of the Aon Master Trust (Fund).  Zurich will provide the Financial planning Advice Reimbursement Benefit (Benefit) in recognition of your contributions to the Fund, which the Fund trustee will use to pay the premiums for the insured benefits from that Fund that are financed by your policy.  However, the Benefit is not provided by your policy in the Fund, but as an additional payment under this Certificate, that is provided directly to you or your dependants by Zurich.

Zurich will require a copy of the Statement of Advice and invoice from a licensed financial planner as proof of the expense before the Benefit can be paid.  This reimbursement is only paid once in respect of each policy held by the Fund trustee for you, is payable directly to the person who incurred the expense and may be split between them where more than one of your dependants takes advice and seeks reimbursement.  The maximum total reimbursement amount was described in the product disclosure statement for your policy.  The Benefit is separate from and replaces of any benefit of this type described in your policy document.

The Zurich Wealth Protection Product Disclosure Statement with issue date of 15 May 2017 (20 April 2017 Preparation Date) is accordingly updated as follows:

  1. The heading ‘In built policy provisions’ is replaced with ‘Additional in-built product features’ on pages 6, 7 & 10
  2. The following words are added to the explanation of the ‘Financial planning advice’ reimbursement benefit at the foot of page 17. 

This benefit is provided under a separate policy certificate provided by Zurich, and not as part of the Zurich Protection Plus policy contract terms.

Financial Ombudsman Service (FOS) - new contact details, effective 11 December 2017

The contact number for the Financial Ombudsman Service (FOS) has changed.  The following PDSs are updated to reflect that change:

  • Zurich Wealth Protection, with issue date of 15 May 2017
  • Zurich Active, with issue date of 15 May 2017
  • Zurich Sumo, with issue date of 15 May 2017
  • Zurich FutureWise, with issue date of 1 October 2016

The Complaints resolution section on the inside back cover of the Zurich Wealth Protection, Zurich Active and Zurich Sumo PDSs and on page 60 of the Zurich FutureWise PDS, is updated to include the new free call number, as set out below:

Complaints resolution

If you have a complaint about any product described in this PDS, you should contact Zurich Customer Care on 131 551. We will aim to acknowledge any complaint within 5 days and to resolve your complaint within 45 days. If you are not satisfied with the response you receive from us, or we fail to resolve the complaint within 45 days, you can raise the matter with the Financial Ombudsman Service (FOS). FOS is an independent body designed to help you resolve complaints relating to your Zurich product, as well as complaints relating to financial or investment advice and sales of financial or investment products.

You can contact FOS at GPO Box 3, Melbourne VIC 3001.

The telephone number is: 1800 367 287 (or 1800 FOS AUS) and the email address is: info@fos.org.au.

If you wish to complain about a policy which is held in super, you will need to contact the superannuation fund trustee.

Life Insurance Code of Practice - minimum standard trauma definitions, effective 1 July 2017

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.

Announcing our commitment to minimum standard trauma definitions for policies issued from 1 July 2017

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:

  • cancer – excluding specified early stage cancers
  • heart attack – with evidence of severe heart muscle damage
  • stroke – in the brain resulting in specified permanent impairment.

At claim time, where there is a minimum standard trauma definition in the Code for your trauma condition, we will assess your claim against:

  • the applicable definition in our PDS and
  • the corresponding minimum standard medical definition in the Code that is current at the time of the insured event

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.

Eligibility

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.

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