Zurich Australia launches Home Loan Protection

Zurich Financial Services Australia (Zurich) has announced the launch of Home Loan Protection (HLP), the first product in Australia to provide dynamic insurance cover based on a customer’s changing mortgage balance.

Utilising Open Banking technology, HLP automatically adjusts a customer’s level of cover and insurance premiums in line with their mortgage balance¹, ensuring individuals are only covered for what they need to be as they pay off their mortgage.

If a customer is unable to work due to illness or injury or is made unemployed through no fault of their own, HLP provides instalments to cover loan repayments or day-to-day expenses. In the event of death or terminal illness, HLP provides a lump sum which can be used to repay a customer’s home loan.

It follows recent research by Zurich² which found that although one in five Australians aspire to purchase their own home, a similar amount are worried about losing their job in the future and more than one in six worry about being able to pay off their mortgage.

Tim Kane, Head of Retail at Zurich said: “Buying a home is a significant milestone and it’s important that this is safeguarded. HLP provides essential financial security for homeowners so they can focus on what matters most without the stress of getting by if their income is compromised.”

“Importantly, as a customer pays off their loan, the level of cover and monthly premium will automatically adjust with it. This unique feature demonstrates the power of utilising data and technology to ensure customers receive a tailored solution that meets their needs,” Mr Kane said.

HLP can be purchased directly through Zurich’s website once a home loan is in place. More information can be found online at: https://direct.zurich.com.au/hlp

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^{1 For mortgages up to $1 million
2 Based on a nationally representative survey of 5,000 Australians conducted by Zurich in 2024}