Life Insurance documents, forms and updates.

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    PDS updates

    New Zurich Wealth Protection management fees, effective 1 March 2019

    This information updates the information set out on page 46 of the Zurich Wealth Protection PDS, dated 15 May 2017.

    The amounts set out in the PDS were current up to 28 February 2018 and subsequently updated on the Zurich website on 1 March 2018.

    From 1 March 2019, the management fees will be indexed in line with the change in the consumer price index. The new management fees are as follows:

    Premium frequency Management fee payable Annual equivalent
    Monthly $9.61 $115.32
    Quarterly $28.80 $115.20
    Half-yearly $48.03 $96.06
    Yearly $96.05 $96.05

    The management fees above apply for new policies until 29 February 2020. The management fee increases each year on the policy anniversary in line with the change in the consumer price index.

    New Zurich Sumo management fees, effective 1 March 2019

    This information updates the information set out on page 21 of the Zurich Sumo PDS, dated 15 May 2017.

    The amounts set out in the PDS were current up to 28 February 2018 and subsequently updated on the Zurich website on 1 March 2018.

    From 1 March 2019, the management fees will be indexed in line with the change in the consumer price index. The new management fees are as follows:

    Premium frequency Management fee payable Annual equivalent
    Monthly $26.52 $318.24
    Quarterly $79.56 $318.24
    Half-yearly $159.12 $318.24
    Yearly $318.24 $318.24

    The management fee will be adjusted each year on 1 March by the greater of 3% and the change in the consumer price index, and will be effective from the policy commencement date or policy anniversary on or following 1 March.

    New Zurich FutureWise management fees, effective 1 March 2019

    This information updates the information set out on page 54 of the Zurich FutureWise PDS, dated 1 October 2016.

    The amounts set out in the PDS were current up to 28 February 2017 and subsequently updated on the Zurich website on 1 March 2017 and again on 1 March 2018.

    Policy fee

    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 2019, the policy fee is $102.29 per annum if the premium is paid annually or $8.53 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 change in 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 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.

    Zurich FutureWise - new definitions, effective 15 May 2017

    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 following Trauma definitions are updated:
      • cancer
      • idiopathic pulmonary arterial hypertension (previously primary pulmonary hypertension)
    • the definition of terminal illness has been updated.

    The new definitions which apply from 15 May 2017 are set out below:

    cancer

    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:

    • tumours which are histologically described as premalignant or show the malignant changes of carcinoma in situ (including cervical dysplasia CIN III and lower). Carcinoma in situ of the breast is covered if it results directly in the removal of the entire breast (including nipple sparing mastectomy). This procedure must be performed specifically to arrest the spread of malignancy and be considered the appropriate and necessary treatment
    • melanomas which are less than stage T1bN0M0
    • all hyperkeratoses and basal cell carcinomas, and squamous cell or intra-epidermal carcinomas of skin unless there is spread to other organs
    • chronic lymphocytic leukaemia less than Rai stage 1, and
    • prostatic cancers which are TNM Classification T1 or less and have a Gleason score of 6 or less.

    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.

    terminal illness
    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:

    • a specialist registered medical practitioner treating the condition with supporting evidence of the condition, possible medical treatment and the prognosis, and
    • if required by us, a specialist registered medical practitioner approved by us who is an expert in the condition.

    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:

    • a specialist registered medical practitioner treating the condition with supporting evidence of the condition, possible medical treatment and the prognosis, and
    • a registered medical practitioner approved by us.

    * The period of life expectancy, certified by each medical practitioner, must not have ended.

    Zurich Income Replacement - new Trauma definitions, effective 1 September 2016 and 15 May 2017

    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:

    • out of hospital cardiac arrest and
    • severe rheumatoid arthritis with permanent daily life impact (previously severe rheumatoid arthritis).

    Effective from 15 May 2017, the following Trauma definitions are updated:

    • carcinoma in situ
    • deafness
    • dementia (including Alzheimer’s disease)
    • early stage melanoma
    • heart attack
    • idiopathic pulmonary arterial hypertension (replaces primary pulmonary hypertension)
    • loss of hearing in one ear
    • malignant cancer and
    • Parkinson’s disease.

    The definitions which apply from the above effective dates are all set out in the Zurich Wealth Protection PDS dated 15 May 2017

  • Existing customers

    Current PDSs

    Forms

    Policy Updates (Improvements passed back to you)

    When we make changes to our products, we pass back as many improvements as we can to existing customers for new conditions occurring after the effective date of the change. Details of our most recent enhancements are set out here.  Not all of the improvements will apply to your policy – you should refer to your policy schedule and for more detail about the cover you hold, and contact your adviser if you need more information.

    If you have Optional Protection Benefits attached to a Zurich Superannuation Plan (ZSP), then the changes which apply to your cover are the same as those outlined for Wealth Protection for Superannuation Term Life Plus, Superannuation Income Protector and Superannuation Income Replacement (as applicable) – however prior to 2011, the date when each change is effective corresponds to the relevant ZSP PDS issue date and not the Wealth Protection PDS issue date. This is also the case for 2019, when changes are effective 1 July 2019.

    Policy Updates for Wealth Protection Customers

    The above summary document sets out all the changes made to Wealth Protection over time which have been passed back to existing customers under the guarantee of upgrade.

    The information below explains the most recent changes on 27 May 2019.


    Terms for all of the following improvements can be found in the relevant section of the Zurich Wealth Protection PDS dated 27 May 2019. Where the improvement is in relation to a defined term, please refer to the definitions section.

    Any claims for conditions which first occurred after the effective date indicated, will be assessed against the original terms set out in your policy, as well as the new terms indicated. Zurich takes this ‘dual approach’ to ensure we provide you with the best possible level of protection, as you can qualify under either approach.
     

    Effective from 27 May 2019:

    Death cover, TPD cover and Trauma cover

    • The Future insurability provision will now allow a cover increase when the life insured's child turns 18. And exercising the benefit is now more flexible - increases can be made within 30 days of either when the event occurs or the next policy anniversary.
    • The Business future cover option no longer expires if it is not used in three consecutive years (with provision for years when an increase could not be supported). The increases can now be made once in any policy year until the option ends.

    TPD cover

    • We have deleted the word 'Essential' in the name of the non-Platinum TPD cover, which will now be referred to simply as TPD cover.  The cover itself is unchanged.

    Trauma cover, Child Cover and Income Protection Trauma advancement option

    • All of the definitions which apply to trauma cover and child trauma cover have been reviewed to ensure that they are up to date with current diagnostic techniques and treatments.  A number of definitions have been updated and most have changed their name to be more transparent about the cover provided, for example the covered event 'malignant cancer' is now 'cancer (excluding early stage cancers)'.

    Policy Updates for Active Customers

    The above summary document sets out all the changes made to Active over time which have been passed back to existing customers under the guarantee of upgrade.

    The information below explains the most recent changes on 27 May 2019.


    Terms for all of the following improvements can be found in the relevant section of the Zurich Active PDS dated 27 May 2019. Where the improvement is in relation to a defined term, please refer to the definitions section.

    Any claims for conditions which first occurred after the effective date indicated, will be assessed against the original terms set out in your policy, as well as the new terms indicated. Zurich takes this ‘dual approach’ to ensure we provide you with the best possible level of protection, as you can qualify under either approach.
     

    Effective from 27 May 2019:

    Health events cover

    • The Future insurability/Future increases provision will now allow a cover increase when the life insured takes out a new investment property loan or when his/her child starts secondary school. And exercising the benefit is now more flexible - increases can be made either in the six months following the date when the event occurs or at the next policy anniversary.
    • All of the definitions which apply to health events and child trauma cover have been reviewed to ensure that they are up to date with current diagnostic techniques and treatments. A number of definitions have been updated, encephalitis has moved to a higher benefit category (benefit category C), and a new event aortic surgery has been added (benefit category D).

    Child Cover and Income Protection Trauma advancement option

    • All of the definitions which apply to trauma cover and child trauma cover have been reviewed to ensure that they are up to date with current diagnostic techniques and treatments.  A number of definitions have been updated and most have changed their name to be more transparent about the cover provided, for example the covered event 'malignant cancer' is now 'cancer (excluding early stage cancers)'.

    Policy Updates for Sumo Customers

     Zurich Sumo – Summary of changes
    Issue date: 27 May 2019

    The above summary document sets out all the changes made to Sumo over time which have been passed back to existing customers.

    The information below explains the most recent changes on 27 May 2019.



    Terms for all of the following improvements can be found in the relevant section of the Zurich Sumo PDS dated 27 May 2019. Where the improvement is in relation to a defined term, please refer to the definitions section.

    Any claims for conditions which first occurred after the effective date indicated, will be assessed against the original terms set out in your policy, as well as the new terms indicated. Zurich takes this ‘dual approach’ to ensure we provide you with the best possible level of protection, as you can qualify under either approach.
     

    Effective from 27 May 2019:

    Death cover, TPD cover and Trauma cover

    • The Future increases provision is now more flexible - increases can be made either in the six months following the date when the event occurs or at the next policy anniversary.

    Trauma cover

    • All of the definitions which apply to trauma cover have been reviewed to ensure that they are up to date with current diagnostic techniques and treatments.  A number of definitions have been updated and most have changed their name to be more transparent about the cover provided, for example the covered event 'heart attack' is now 'heart attack (of specified severity)'.

    Policy Updates for FutureWise Customers

    The above summary document sets out all the changes made to FutureWise over time which have been passed back to existing customers.

    The information below explains the most recent changes on 27 May 2019.


    Terms for all of the following improvements can be found in the Zurich FutureWise Supplementary PDS dated 27 May 2019.

    Any claims for conditions which first occurred after the effective date indicated, will be assessed against the original terms set out in your policy, as well as the new terms indicated. Zurich takes this ‘dual approach’ to ensure we provide you with the best possible level of protection, as you can qualify under either approach.
     

    Effective from 27 May 2019:

    All FutureWise policies

    • The Premium and policy suspension feature has been replaced by the Premium holiday feature.  This feature allows a break in cover (maximum of 12 months over the life of the policy) to ease financial pressure.

    Life insurance, TPD insurance, Trauma Insurance

    • The Future increases provision will now allow a cover increase when the life insured takes out a new investment property loan or when his/her child starts secondary school. And exercising the benefit is now more flexible - increases can be made either in the six months following the date when the event occurs or within 30 days of the next policy anniversary.

    Trauma Insurance

    • All of the definitions which apply to trauma cover and child trauma cover have been reviewed to ensure that they are up to date with current diagnostic techniques and treatments.  A number of definitions have been updated.

    Income Protection Extra Benefits option

    • The Future increases provision will now allow a cover increase within 30 days of the policy anniversary, providing a longer window (previously it had to be in the 30 days prior to policy anniversary)
    • The definitions which apply to the Trauma benefit have been reviewed to ensure that they are up to date with current diagnostic techniques and treatments.  A number of definitions have been updated.

    Policy Updates for Super Protector Customers

    The above summary document sets out all the changes made to Super Protector over time which have been passed back to existing customers.

    The information below explains the most recent change on 27 May 2019.


    Zurich has recently completed a product review and we are pleased to apply the following improvements to your policy, effective from 27 May 2019.

    The Future increases provision will now allow a cover increase when the life insured takes out a new investment property loan or when his/her child starts secondary school. And exercising the benefit is now more flexible - increases can be made either in the six months following the date when the event occurs or within 30 days of the next policy anniversary.  The updated wording of this benefit is set out below.

    The definitions which apply to the Trauma benefit (under the Extra Benefits Option) have been reviewed to ensure that they are up to date with current diagnostic techniques and treatments.  Definitions for the following conditions have been updated. In some cases the change is to alter the name of the condition to better reflect the breadth of cover provided.

    - chronic lung disease
    - coma
    - encephalitis (with impairment level) -
    previously encephalitis
    - heart valve surgery
    - multiple sclerosis with impairment level
    - loss of hands or feet -
    previously loss of limbs
    - loss of hearing
    - loss of sight
    - out of hospital cardiac arrest

    Updated definitions are set out below.  Should any of the updated definitions result in a less favourable outcome for you in the event of a claim, the definitions in your existing policy will apply, so that you are never disadvantaged by our upgrades.

    Future Increases

    Under this feature, after certain events you can apply to increase your existing Life and/or TPD sums insured until the insured person turns 55, and we will accept the increase without the need for medical underwriting. However, satisfactory evidence of the personal or business event or change in financial position for which the increase is sought will be required. The application for an increase under this feature must be made on the appropriate form, available from your adviser or by contacting us on 131 551.

    The table sets out the events and the maximum amounts by which you can apply to increase the sum insured.

    Only increases of $10,000 or more are eligible for applications under the Future Increases feature. An increase under this feature cannot be made until 12 months after the cover start date for the applicable insurance cover.

    The increase in cover must be requested either:

    • in the six month period following the date of any covered event or
    • within 30 days the policy anniversary following the date of any covered event.

    Only one increase may be applied for in any 12 month period under this feature. The maximum amount by which the applicable sum insured can be increased under the Future Increases feature on your Super Protector policy is $1 million.

    The TPD Insurance cannot be increased above $3 million for the own occupation, any occupation and superannuation optimiser definitions combined; $2 million for the modified TPD definition and $1 million for the domestic duties definition. These maximum limits apply inclusive of all cover for the insured person held with us or another insurer.

    If included in a Life Insurance Policy or connected to a Life Insurance Policy through Flexible Linking the TPD sum insured cannot be increased to an amount greater than the Life sum insured.

    Personal events Maximum increase

    Marriage of the insured person
    The insured person or their partner gives birth to or adopts a child
    The insured person's child starts secondary school.


    The lesser of

    • 25% of the applicable sum insured when your policy started; and
    • $200,000.
    The insured person takes out a new mortgage or increases an existing mortgage (excluding refinance or draw down)
    The insured person takes out a new investment property loan.

    The lowest of:

    • 25% of the applicable sum insured when your policy started;
    • $200,000; and
    • the increase in the size of the mortgage or size of the new investment property loan.

    The income of the insured person increases by 15% or more in a 12 month period

    The lowest of:

    • 25% of the applicable sum insured when your policy started;
    • $200,000; and
    • five times the increase in income.
    Business events Maximum increase


    An increase in the insured person’s value to the business (if the insured person is a key person in your business)


    The lowest of:

    • 25% of the applicable sum insured when your policy started;
    • $200,000; and
    • the increase in the value of the insured person’s value to the business.

    An increase in the value of the insured person’s interest/share in the business (if the insured person is a partner, shareholder or similar principal in the business and this policy supports a buy/sell, share purchase or business succession agreement)

    The lowest of:

    • 25% of the applicable sum insured when your policy started;
    • $200,000; and
    • the increase in the value of the insured person’s interest/share in the business.

    Increase in the size of a business loan where the insured person has an interest in the business or is a key person for the business

    The lesser of:

    • 25% of the applicable sum insured when your policy started;
    • $200,000; and
    • the increase in the size of the loan


    Any premium adjustments, exclusions or special conditions which apply to the Life or TPD Insurance will also apply to any increases made to each of these insurances under this feature.

    This feature is not available for each insurance if:

    • the Insurance was issued with a premium adjustment in the form of a medical loading of 75% or more; or
    • a claim has or can be made for the insured person under any policy of Life or TPD Insurance provided by us.

    If an event or condition giving rise to a claim occurs during the first six months after an increase in the sum insured under this feature, we will only pay a claim in respect of the increased cover if:

    • the condition for which the claim is being made is due to an accident; and
    • the accident occurs after the date of the increase.

    Trauma definitions for the Extra Benefits Option

    chronic lung disease
    End stage lung disease requiring permanent and continuous oxygen therapy, a persistent FEV1 less than 30% predicted or DLCO less than 40% predicted.

    coma
    A state of unconsciousness with no reaction to external stimuli or internal needs, resulting in a documented Glasgow Coma Scale of 8 or less, for a continuous period of at least 72 hours.

    encephalitis (with impairment level)
    Acute inflammation of the brain caused by viral or bacterial infection, resulting in neurological deficit and leading to:

    • permanent and irreversible whole person impairment of at least 25%, or
    • total and irreversible inability to perform at least one of the numbered activities of daily living.

    heart valve surgery
    The undergoing of surgery that is considered necessary to replace or repair cardiac valves as a consequence of heart valve defects or abnormalities that cannot be corrected by non-surgical techniques.

    Specifically excluded are angioplasty and intra-arterial procedures.

    multiple sclerosis with impairment level
    Unequivocal diagnosis of multiple sclerosis with more than one episode of well defined neurological deficit with persisting neurological abnormalities, and evidenced by appropriate neuro-imaging and spinal fluid abnormalities, leading to neurological deficit and resulting in:

    • permanent and irreversible whole person impairment of at least 25%, or
    • total and irreversible inability to perform at least one of the numbered activities of daily living.

    If spinal fluid abnormalities are not present or the test was not completed, we will consider other medical evidence acceptable to us that supports the diagnosis.

    loss of hands or feet
    The total and irreversible loss of the use of two or more of:

    • an entire hand or
    • an entire foot.

    loss of hearing
    Irreversible hearing loss in the better ear which even with amplification, results in a hearing threshold of 91dB or greater as measured at 500, 1000 and 1500 Hz.

    loss of sight
    The permanent and irrecoverable loss of sight, to the extent that:

    • even when aided, eyesight is reduced in both eyes to 6/60 or worse of central visual acuity on the Snellen test chart or
    • the degree of vision is less than or equal to 20 degrees of arc.

    out of hospital cardiac arrest
    Cardiac arrest that occurs outside of a hospital due to cardiac asystole or ventricular fibrillation with or without ventricular tachycardia.

    The cardiac arrest must not be related to any medical procedure and must be documented by an electrocardiogram (ECG).

    If an ECG is not available, we will consider medical evidence which is acceptable to us as confirming that an out of hospital cardiac arrest has occurred.

    Examples of suitable evidence includes but is not limited to: Ambulance and Hospital Medical Reports confirming cardiac arrest or the administration of Cardiopulmonary Resuscitation (CPR) by an attending ambulance officer or hospital clinical staff or Automated External Defibrillator (AED) data.

     

    The information below explains an earlier change, effective 15 May 2017:


    Zurich has recently completed a review of policy definitions to ensure that they continue to reflect modern procedures and terminology.

    The new terms are automatically passed on to Super Protector policy holders for insured events which occur on or after the date of the change.  Any claims lodged for these conditions, which first occurred after the date indicated, will be assessed against the original definition set out in your policy, as well as the new definition. Zurich takes this ‘dual approach’ to ensure we provide the best possible level of protection, as the life insured can qualify under either definition.

    Effective from 15 May 2017, the definition of terminal illness has been improved so that it is now an advance payment of the Death benefit if the life insured is diagnosed as terminally ill and expected to live for no more than 24 months (certain medical certification requirements apply). The definition previously restricted payments to life expectancy of less than 12 months.

    The new definition which applies from 15 May 2017 is set out below:

    terminal illness means 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:

    • a specialist registered medical practitioner treating the condition with supporting evidence of the condition, possible medical treatment and the prognosis, and
    • a registered medical practitioner approved by us.

    * The period of life expectancy, certified by each medical practitioner, must not have ended.

    Policy Updates for Superannuation Insurance Customers (Macquarie Superannuation Plan)

    The above summary document sets out the changes made to insurance sold with the Macquarie Superannuation Plan between 1999 and 2008 (excluding Super Protector and FutureWise), which have been passed back to existing customers.

    The information below explains the most recent change on 27 May 2019.


    Zurich has recently completed a product review and we are pleased to apply the following improvements to your policy, effective from 27 May 2019.

    The Future increases provision will now allow a cover increase when the life insured takes out a new investment property loan or when his/her child starts secondary school. And exercising the benefit is now more flexible - increases can be made either in the six months following the date when the event occurs or within 30 days of the next policy anniversary.

    The updated wording of this benefit is set out below:

    Future Increases

    Under this feature, after certain events the insured person can apply to us for specified amounts of additional Death or TPD cover until the insured person turns 55, and we will accept the application without the need for medical underwriting. However, satisfactory evidence of the personal or business event or change in financial position for which the increase is sought will be required. The application for additional cover under this feature must be made on the appropriate form – contact us on 131 551 and we will send you a copy.

    A new policy will be issued for the additional cover under the equivalent product and premium rates available at the time the request for additional cover is made, subject to the special rules outlined below. The additional cover only takes effect from when we approve the application for the additional cover.

    The following table sets out the events and the maximum amounts by which the insured person can apply for additional cover.

    Only applications for additional cover of $10,000 or more are eligible under the Future Increases feature.

    The additional cover must be requested either:

    • in the six month period following the date of any covered event or
    • within 30 days the policy anniversary following the date of any covered event.

    Only one increase may be applied for in any 12 month period under this feature. The maximum amount for which additional cover can be applied for each type of cover under the Future Increases feature is $1 million.

     

    Personal events Maximum increase


    Marriage of the insured person


    The lesser of

    • 25% of the applicable agreed benefit when cover commenced for the insured person, and
    • $200,000.

    The insured person or their partner gives birth to or adopts a child

    The insured person's child starts secondary school.

    The insured person takes out a new mortgage or increases an existing mortgage (excluding refinance or draw down)
    The insured person takes out a new investment property loan.

    The lowest of:

    • 25% of the applicable agreed benefit when cover commenced for the insured person,
    • $200,000, and
    • the increase in the size of the mortgage or size of the new investment property loan.

    The income of the insured person increases by 15% or more in a 12 month period

    The lowest of:

    • 25% of the applicable agreed benefit when cover commenced for the insured person,
    • $200,000, and
    • five times the increase in income.
    Business events Maximum increase


    An increase in the insured person’s value to the business (if the insured person is a key person in the business)


    The lowest of:

    • 25% of the applicable agreed benefit when cover commenced for the insured person,
    • $200,000, and
    • the increase in the value of the insured person’s value to the business.

    An increase in the value of the insured person’s interest/share in the business (if the insured person is a partner, shareholder or similar principal in the business and this cover supports a buy/sell, share purchase or business succession agreement)

    The lowest of:

    • 25% of the applicable agreed benefit when cover commenced for the insured person,
    • $200,000, and
    • the increase in the value of the insured person’s interest/share in the business.

    Increase in the size of a business loan where the insured person has an interest in the business or is a key person for the business

    The lesser of:

    • 25% of the applicable agreed benefit when cover commenced for the insured person,
    • $200,000, and
    • The increase in the size of the loan

     

    The combined total of TPD cover under this contract and the additional TPD cover for the insured person cannot be greater than $3 million. Any additional TPD cover will be provided on the basis of the any occupation definition of TPD under the equivalent product available at the time the request for additional cover is made. These maximum limits apply inclusive of all cover for the insured person held with us or another insurer.

    For additional cover, the TPD cover cannot be greater than any Death cover applied for under the Future Increases feature.

    Additional cover provided under the Future Increases feature is only available as variable payout / fixed insurance, which means the additional cover is a fixed dollar amount of insurance and is paid over and above the accumulated balance in the account held in respect of the insured person in the fund.

    Any premium adjustments, exclusions or special conditions which apply to the Death or TPD cover will also apply to any additional cover provided under this feature.

    This feature is not available for each cover if:

    • the cover was issued with a premium adjustment in the form of a medical loading of 75% or more, or
    • a claim has or can be made for the insured person under any policy of Death or TPD cover provided by us.

    If an event or condition giving rise to a claim occurs during the first six months after the commencement of the additional cover under this feature, we will only pay a claim in respect of the additional cover if:

    • the condition for which the claim is being made is due to an accident, and
    • the accident occurs after the date of the additional cover commences.

     

    The information below explains an earlier change effective 15 May 2017:


    Zurich has recently completed a review of policy definitions to ensure that they continue to reflect modern procedures and terminology.

    The new terms are automatically passed on to Superannuation Insurance policy holders for insured events which occur on or after the date of the change.  Any claims lodged for these conditions, which first occurred after the date indicated, will be assessed against the original definition set out in your policy, as well as the new definition. Zurich takes this ‘dual approach’ to ensure we provide the best possible level of protection, as the life insured can qualify under either definition.

    Effective from 15 May 2017, the definition of terminal illness has been improved so that it is now an advance payment of the Death benefit if the life insured is diagnosed as terminally ill and expected to live for no more than 24 months (certain medical certification requirements apply). The definition previously restricted payments to life expectancy of less than 12 months.

    The new definition which applies from 15 May 2017 is set out below:

    terminal illness means 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:

    • a specialist registered medical practitioner treating the condition with supporting evidence of the condition, possible medical treatment and the prognosis, and
    • a registered medical practitioner approved by us.

    * The period of life expectancy, certified by each medical practitioner, must not have ended.

    PDS archives

    Zurich Wealth Protection

     2017 Zurich Wealth Protection and Zurich Insurance-only Superannuation Plan Product Disclosure Statement
    Zurich Wealth Protection PDS issue date: 15 May 2017; Zurich Insurance-only Superannuation Plan PDS issue date: 18 December 2017

     2017 Zurich Wealth Protection and Zurich Insurance-only Superannuation Plan Product Disclosure Statement
    Zurich Wealth Protection PDS issue date: 15 May 2017; Zurich Insurance-only Superannuation Plan PDS issue date: 12 March 2018

    Zurich Active

     2017 Zurich Active PDS and Zurich Insurance-only Superannuation Plan PDS
    Zurich Active PDS issue date: 15 May 2017; Zurich Insurance-only Superannuation Plan PDS issue date: 18 December 2017

     2017 Zurich Active PDS and Zurich Insurance-only Superannuation Plan PDS
    Zurich Active PDS issue date: 15 May 2017; Zurich Insurance-only Superannuation Plan PDS issue date: 12 March 2018

     2018 Zurich Active PDS and Zurich Insurance-only Superannuation Plan PDS
    Zurich Active PDS issue date: 30 April 2018; Zurich Insurance-only Superannuation Plan PDS issue date: 12 March 2018

    Zurich FutureWise

     2016 Zurich FutureWise and Zurich Insurance-only Superannuation Plan PDS
    Zurich FutureWise PDS issue date: 1 October 2016; Zurich Insurance-only Superannuation Plan PDS issue date: 18 December 2017

     2016 Zurich FutureWise and Zurich Insurance-only Superannuation Plan PDS
    Zurich FutureWise PDS issue date: 1 October 2016; Zurich Insurance-only Superannuation Plan PDS issue date: 12 March 2018

    Zurich Superannuation Plan – optional protection benefits