Is Zurich income protection any good and are they the right…
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.
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 30/03/22).
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...
There are various Zurich life insurance policies available, ranging from term cover to whole of life, with protection starting from £5 a month.
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:
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…
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 covering 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.
Ensuring your loved ones receive sufficient funds to maintain their existing lifestyle if the worst were to happen to you.
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 paying off 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.
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 covering 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 cover an interest-only mortgage, whereas decreasing term is better suited to cover a repayment mortgage.
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 have a number of insurers on our panel which do.
If this is the type of cover you require, simply get in touch and we can help you secure the best possible deal.
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.
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.
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:
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.
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.
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. 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.
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.
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.
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.
The pay out could then be used to 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.
Like all other term or whole of life insurance policies arranged through Reassured, Zurich life policies come 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 get your financial affairs in order, fund private medical treatment or simply to enjoy with your loved ones.
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.
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.
In 2020, Zurich paid out 98% of all life insurance claims, which is higher than the 97% industry average.
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 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.
Life insurance policies can vary in cost, depending on the policy type and personal circumstances.
Therefore, to ensure you receive the best 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.
All information regarding Zurich's product offerings is correct as of 01/11/2021. This is subject to change by Zurich at any time
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry