zurichZurich has updated their Wealth Protection Products from September 2012. There are no major additional products or additional definitions in this upgrade however Zurich has made a number of valuable improvements to its existing product definitions.

Of note is Zurich’s move further into the mining industry with the improvement of occupational risk ratings and thus the lowering of premiums for over 12 mining related occupations. Zurich has also increased availability to its Income Protection products, adding an extra 34 occupations. The improvement in occupational risk rating for the mining industry may see lower income protection premiums for mining related occupations and access to improved benefits.

Zurich’s Trauma Insurance also obtains an improvement to its cancer definition to include;

  • A reduction in the threshold of early stage malignant melanoma from 1.5mm to 1.0mm for a trauma insurance partial payment.
  • Widening the scope of breast cancer to include a benefit payable for surgery followed by specific therapy.

The improvement to the cancer definitions means that payments can be made at lower thresholds on diagnosis of either melanoma. The improvements now mean that Carcinoma of the Breast will result in full trauma payment where removal of the breast is required or breast conserving surgery and radiotherapy/chemotherapy is required. The improvements to Zurich’s cancer definition now see payments made for less radical surgery including lumpectomy that is followed by radiotherapy/chemotherapy.

The upgrade also sees the following improvements;

  • Specified Injury Benefit under Income Protection now includes an automatic payment of 1.5 months benefit for a fracture of the jaw.
  • Income Protection Interim Cover extended to all Income Protection applications providing a higher level of certainty between making an application and acceptance of coverage.
  • Future Insurability now offered at no cost to the Income Replacement Premier policy and the cost to add the option to Zurich’s other Income Protection policies has been reduced from 15% of base premium to 3% of base premium, a reduction of 80%!
Zurich has not released a new Product Disclosure Statement for the upgrades, however has released a Supplementary Product Disclosure Statement (dated 14th September 2012) for the existing Zurich Wealth Protection PDS dated March 2012.

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About the Author – Benjamin Irons

Benjamin Irons

Benjamin has been involved in the financial services industry since 2004. Benjamin has a Bachelor in Business, Diploma of Financial Services (Financial Planning). Previously a Financial Adviser and a business owner, Benjamin has worked with hundreds of individuals and businesses to implement simple strategies to improve wealth. Benjamin writes for a number of websites to assist people take control of their finances and find their financial freedom!

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