Were you a Macquarie life customer

Life Insurance

Were you a Macquarie Life customer?

We are excited to extend our award winning service to you.

Following Zurich Australia’s acquisition of Macquarie Life's insurance business, we are pleased to welcome transferring Macquarie Life insurance customers and employees into our family.

Rest assured you remain protected by your existing life insurance policy that is now backed by the strength of the global Zurich brand. 

To speak to somebody about a product you purchased from Macquarie Life contact us by calling 1800 005 057.

Or you can email: life.insurance@zurich.com.au 

 

Information for advisers can be found here.
 

The Zurich Group

Zurich Australia is part of the global Zurich Insurance Group which has served customers around the world for more than 135 years. Today our group’s 50,000 experts are located in more than 170 countries. You can visit our group’s website here.

 

Frequently Asked Questions

Who is Zurich?

Zurich is part of the worldwide Zurich Insurance Group, a global insurance specialist founded in 1872 and employing more than 50,000 people in 170 countries.

Our Australian heritage dates back to 1921.

Our global strength gives our customers the peace of mind that we will be there for them when it matters the most.

Why did Zurich acquire the Macquarie Life risk business?

We wanted to build on our existing strength and provide a broader range of products and services to our policyholders.

Macquarie Life was a successful business with a strong brand and shared our commitment to providing quality products, value for money and exceptional customer service.

We now have an opportunity to provide a ‘best of both worlds’ offering to both new and existing Zurich customers.

Is Zurich financially strong?

The Zurich Insurance Group is listed on the Swiss Stock exchange and has a market value of more than US $50 billion. We are financially very strong and as at January 1 2016 the group’s solvency (as measured under the Swiss Solvency Test) was 189 percent.

Our financial strength gives all customers the confidence we will be there when we are needed.

Do I need to do anything as a result of the transfer?

Provided you don’t want to make changes to your policy, your cover will continue to operate as it previously did with no action needed by you. For example all existing payment methods will remain in place (as outlined below).

Will Zurich change my cover?

The terms and conditions of your policy will remain unchanged, although our upgrade guarantee means you will automatically benefit from any no-cost improvements we make.

An example of this is that from October 1 the heart attack definition applying to trauma cover through  Sumo and FutureWise has been improved at no extra cost to policyholders. Existing policyholders automatically benefit from this improvement.

Will my premiums change as a result of the transfer to Zurich?

No, premiums will not change as a result of the transfer. Naturally the normal age and indexation (if applicable) related increases will continue to apply on renewal.

Of course future pricing is not guaranteed and, like all insurers, Zurich regularly reviews its rates to ensure they accurately reflect the cost of providing cover.

Should we need to make any change to underlying premium rates in the future, you will be given notice in advance. And of course, any changes can only apply from the next policy anniversary after the changes were first announced.

Will my payment method change?

No, your existing payment method remains unchanged, meaning no action is required from you to keep your cover in place. Notwithstanding the transfer of your policy to Zurich, your premium payments will continue to be identified on bank or credit card statements (if applicable) as ‘Macquarie Life’ until early 2017 (we will let you know when this is about to change).

Do I need to tell my bank about the change?

As above, you can continue to pay for your policy in the same way you previously did. You don’t need to sign any new direct debit or credit card authorities.

Will my policy become out of date?

Absolutely not.

All customers will still be able to make changes to their policy (including changes to sums insured and policy ownership) and add optional extras – now and in the future.

Furthermore all policyholders will continue to benefit from an automatic upgrade guarantee, ensuring they can automatically take advantage of any enhanced features, benefits and definitions which do not increase premiums (similar to the upgrade promise previously made to Macquarie Life policyholders).

I have a claim in process - what happens now?

If you have a claim underway, the same team will continue to look after that claim for you in the same way as before. There is no need for you to contact us to re-lodge your claim. While responsibility for assessing and administering claims has now passed to Zurich it does not affect the way we handle claims, either new or existing.

To make a new claim, you can contact us directly at

insurance.claims@zurich.com.au or on 1800 208 130.

Do I need to tell my financial adviser about this change?

This shouldn’t be necessary because financial advisers have also been contacted about this change, so your adviser should already be aware.

No action is needed on your adviser’s part.

Who can I discuss my policy with?

In the first instance your adviser is available to discuss any aspect of your policy. You can also speak to one of our customer service consultants on 1800 005 057.