Zurich life insurance

Zurich life insurance is part of the wider Zurich Insurance Group.

Its headquarters is based in Zurich, Switzerland and the international company serves customers in more than 170 countries.

Zurich logo

They offer a range of protection products, including personal insurance (car, home, property), pensions, savings/investments and of course life insurance.

At Reassured, we only sell Zurich's whole of life insurance policies, (as of 14/06/23).

Their mission statement is ‘doing the right thing, in the right way, for the right reason’.

But are Zurich the best life insurance provider for you? Let's take an in-depth look into their offering...

Zurich life insurance policy

There are various Zurich life insurance policies available, ranging from term cover to whole of life, with protection starting from £5 a month[1].

Like other forms of life insurance, the pay out from a Zurich life insurance policy can be used for whatever your loved ones deem fit.

This typically includes helping to cover:

  • Lost income
  • Debts
  • The mortgage
  • Funeral costs
  • Future living costs

The right policy type for you will depend on what aspects within your life you're looking to protect.

So, let’s take a look at the various types available in our Zurich life insurance review…

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Term-based life insurance

Zurich level term life insurance

Level term life insurance provides your loved ones with a fixed pay out sum if you were to pass away during the defined policy term.

You continue to make premium payments throughout the life of your policy and if you pass away before the end of the term, your loved ones receive a fixed pay out.

Because this pay out sum remains the same in value throughout the policy, it's ideal for helping to cover fixed costs such as, an interest-only mortgage or providing an inheritance.

Zurich increasing term life insurance

Increasing term life insurance prevents your loved ones from experiencing the negative effects of inflation when receiving a pay out.

You can arrange for your pay out sum to increase yearly by 3%, 5% or in line with the RPI (Retail Prices Index).

This increase will then be reflected within the cost of your monthly premiums.

This helps to provide loved ones with sufficient funds to maintain their existing lifestyle if the worst were to happen to you.

Increasing life insurance isn’t currently something that’s offered by Reassured.

Zurich decreasing term life insurance

Decreasing term life insurance provides a one-off lump sum pay out if you were to pass away during the policy term.

However, unlike level term cover, the size of a pay out reduces in value over time.

It's ideal for helping to protect a repayment mortgage and is generally the cheapest form of cover.

It's possible to change your life insurance with Zurich to increase by a fixed rate of interest of between 2% and 18% per year.

How much life insurance do you need?

Work out how much life insurance you may need based on your current financial commitments and what you want your policy to cover. Simply fill in the fields which apply to you for an instant calculation.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Zurich mortgage life insurance

The term mortgage life insurance is often used interchangeably with either level or more commonly decreasing term cover.

Essentially, it refers to a life insurance policy taken out for the sole purpose of helping to cover an outstanding mortgage.

The type of life insurance arranged, in this instance, will be affected by the type of mortgage you have.

For example, level term is well suited to help cover an interest-only mortgage, whereas decreasing term is better suited to help cover a repayment mortgage.

Over 50 life insurance, (Zurich don't offer over 50s plans)

An over 50s life insurance policy provides guaranteed acceptance for UK residents aged 50-85 without the need to provide any medical details.

As a result, it's ideal for anyone who may experience abnormally high premiums due to poor health.

Unfortunately, Zurich don't currently offer over 50 life cover, however, at Reassured, we can help you compare over 50 life insurance from other leading providers.

If this is the type of cover you require, simply get in touch and we can help you secure our best possible deal.

Zurich whole life insurance

Whole of life insurance offers protection for the rest of your life, guaranteeing a pay out after you're gone.

You'll make premium payments for as long as you live and there's no upper age limit at which a claim can be made.

However, it's possible to pay more into a whole of life insurance policy than the overall sum assured.

Therefore, if taken out earlier in life or when in particularly good health, the possibility of this increases.

Unlike most other providers, Zurich offers the ability to arrange whole of life insurance on a joint basis; meaning two people are covered simultaneously.

This can save on average 25% compared with paying for two single policies.

Usually, it's a pitfall that only the first death is covered, which can leave the surviving partner uninsured and needing to arrange new cover at an older age.

Whilst a joint policy will only make one pay out, it's possible to select whether or not this pay out is made on the first or second death.

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Joint Zurich life insurance

When arranging Zurich life insurance, it's possible to cover two people simultaneously with one policy.

Whilst this can save you on average 25%, it does only cover one death.

This either leaves the surviving partner unprotected and needing to secure new cover at an older age or requires them to find the funds to cover financial loss of the first death.

Unlike most joint life insurance policies, if you were to separate, Zurich presents you with the opportunity to split it into two separate policies without the need to provide further personal information.

Zurich life insurance in trust

When arranging life insurance with Zurich, it's possible to opt to write your policy in trust.

This means that you sign the rights to your policy over to a trustee upon your passing, who'll manage the pay out on your behalf.

The key benefits of doing this are:

  • Reducing/avoiding 40% inheritance tax
  • Avoiding the probate process
  • Gaining more control over what the pay out is used for

At Reassured, we offer a free trust writing service for customers who arrange Zurich cover through our broker service.

We can guide you through the process, answering any questions you have, ensuring you get the most out of your Zurich life insurance.

Cost of Zurich life insurance

As with all other life insurance providers, the cost of your premiums is based on the amount/type of cover you choose, your age, health, smoking status and lifestyle.

Those who pose more of a risk to the insurer will find themselves paying more each month.

The cost of your premiums will remain fixed unless you select increasing term cover or change your form of cover during the term.

Life insurance with Zurich starts from as little as £5 a month[1].

Zurich life insurance benefits

Arranging life insurance with Zurich presents the opportunity for a number of benefits.

Up to £100 in vouchers

You can receive up to £100 of vouchers for Love2shop, Amazon or John Lewis. The free gift is redeemable after 6th monthly premium has been paid.

The value you received will be the equivalent to the sum of your first 6 months premiums paid, rounded down to the nearest £5 with a maximum of £100.

  • Vouchers could take up to 82 days to arrive following payment of your 6th premium
  • To receive the full £100 you would have to be paying at least £17.50
  • A monthly premium payment of £10 a month would provide £60 worth of vouchers
  • Policies must be arranged on their website only, using the promotion code ZOFFERS 100
  • You must also not have had a policy in place with Zurich within the past 12 months

Please note, you won't receive this gift if purchasing a Zurich policy through Reassured.

Zurich support service

Upon your passing, your loved ones will be provided help from an independent support service working closely with Zurich.

This can be used to overcome emotional issues, such as dealing with grief, or more practical issues, such as financial worries.

The helpline is available 24/7 and one-to-one counselling can be offered for up to 6 sessions, (if required).

Protection that plants trees

For every customer which arranges life insurance cover with Zurich, Tree-Nation will plant one new tree to help protect the environment.

Children’s conversion benefit

When having a critical illness element added to your Zurich life insurance plan, it allows your children to arrange their own life insurance and critical illness cover between the ages of 16-22 without the need for providing any personal information.

Multi-fracture cover

This benefit can only be applied if you don't currently have it in place with an existing Zurich insurance policy

This cover provides a £2,000, £4,000 or £6,000 a year maximum.

If a fracture, dislocation or ligament tear occur, a pay out will be made unless it recurs as a result of mountain biking, cage fighting or other stated sports.

Whilst Zurich offers a wide range of benefits, it's important to remember that ultimately what matters most is that you arrange the right cover to meet your needs.

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Zurich life insurance with critical illness cover

It's possible to add critical illness cover to your Zurich life insurance for an additional cost.

This means that if you were diagnosed with a serious, yet non-life-threatening illness, you could make a claim.

This covers you for 40 conditions, including cancer, heart attack and stroke.

The pay out could then be used to help make necessary adaptations to your home, cover a lost income or simply enjoy with your family.

It's important to remember that if you make a claim for a critical illness, your policy will end and no further pay out will be made upon your passing.

Furthermore, Zurich critical illness cover will extend to your children for the value of £25,000 or 50% of the overall lump sum if they're diagnosed with a critical illness.

The passing of your child will result in a £5,000 pay out.

Zurich life insurance with terminal illness cover

Zurich term life insurance comes with terminal illness cover as standard.

This means that if you were to be diagnosed with a terminal illness and given less than 12 months to live you could make an early claim.

This pay out could then be used to help get your financial affairs in order, fund private medical treatment or simply to enjoy with your loved ones.

Cancellation policy

Cancelling your policy within the first 30 days will result in a full refund of all premiums.

Equally, you have the right to cancel your policy any time after this first 30 days, but all premiums paid in will be lost.

Life insurance claims

Making a claim with Zurich life insurance is a simple process.

Your loved ones should contact Zurich by calling 0370 243 0827 or visit www.zurich.co.uk/life-insurance/claim.

Equally, if cover was arranged through Reassured, feel free to contact our customer service team and we'll gladly help.

Zurich life insurance claim statistics

In 2020, Zurich paid out 98% of all life insurance claims[2].

If the likelihood of your loved ones filing a successful claim is of concern, it's not likely to be an issue when arranging cover through Zurich.

However, the industry-standard highlighted that many other providers offer a very high pay out percentage.

To ensure you get the right cover to meet your unique needs, it's important to consider more than this alone

At Reassured, we can compare quotes from multiple insurers to provide you with all the information you need to make an informed decision.

Zurich life insurance customer service

Zurich life insurance customer services can be reached on 0800 096 6233.

Their offices are open 08:30 - 18:00 Monday-Friday, (excluding bank holidays).

Equally, for any general life insurance enquiries or if you're looking for cover, feel free to get in touch with us.

Compare Zurich life insurance quotes

Life insurance policies can vary in cost, depending on the policy type and personal circumstances.

Therefore, to ensure you’re getting a good deal, it's important to compare quotes from Zurich amongst other insurers.

At Reassured, we can source these quotes for you.

We'll decipher any insurance jargon, answer all your questions and furthermore our award-winning service is completely fee-free.

Get in touch to start your journey towards securing your loved one's financial future.

Compare Zurich Life Insurance Quotes »

Sources:

All information regarding Zurich's product offerings is correct as of 14/06/23. This is subject to change by Zurich at any time

[1] https://www.zurich.co.uk/life-insurance

[2] https://www.zurich.co.uk/en/about-us/media-centre/life-news/2021/zurich-protection-claims-payments-up-23-percent-in-2020

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