This update includes our adherence to APRA’s sustainability measures for individual disability income insurance which means we have removed the offer of Agreed Value and Endorsed Agreed Value Income Protection for new policies, effective April 1 2020.
Any Agreed Value submissions have until June 30 to complete. If you are unable to meet this deadline due to COVID-19 delays in preparing advice - please contact your BDM for further guidance.
From April 1 2020, you can order printed copes of the new PDS via the Zurich Adviser Portal. Electronic versions will also be available for download from April 1 2020.
Update to our new business pricing
We have re-shaped our new business pricing across customer demographics and products. The new rates and applicable discounts will be applied automatically to all quotes from April 1.
The following changes will apply to new business policies only, from April 1:
- SmartValue discounts will no longer be offered on new business from April 1 2020.
- A Zurich LiveWell discount of up to 7.5% will still be available to eligible customers who qualify for a discount.
- A 2 year rate guarantee applies to the base premium rate tables (excluding management fee) for new Zurich Wealth Protection policies (and to the income protection cover issued under Zurich Active), to give you and your clients more peace of mind and certainty.
Changes for new applications
To ensure we are managing our risk appropriately, in an environment with evolving social, health and economic impacts, we are making some changes to the way we manage and process new applications. During this period, we have a responsibility to all customers to ensure any new business is taken on sustainably.
To this point, all applications are currently being sent to our underwriting team to review and assess accordingly given the current situation, we also will not be accepting paper applications with all applications required to be submitted electronically through the Zurich Adviser Portal.
We hope you understand that you may experience longer turnaround times due to these updated processes; although we will continue to work tirelessly to help your clients get the valuable protection the need in place.
If you would like to discuss an application with an underwriter before making a submission, please contact our national underwriting hotline on 1800 244 306.
Our products, pricing and service will continue to deliver the quality and choice and commitment that you and your clients expect from Zurich. We want to work with you and your clients in partnership during this challenging time. Please continue to submit your business through to our teams who will be giving every case a personal and expert touch.