Zurich enhances risk policies

Zurich Financial Services has implemented an upgrade to over 52,000 of its life risk insurance policies, which will be automatically provided to its clients at no additional expense.

Zurich Australia national life risk sales manager Kevin Goss said: “The idea was to do something different from a Zurich perspective in upgrading the existing policies as a benefit to advisers reinforcing their advice, as well as creating goodwill with the end client.”

The improvements to Zurich’s life policies mean the terminal illness benefit can now be up to 100 per cent of the policy death cover, and the expiry age of all death cover has now been extended to the policy anniversary following the insured’s 99^th birthday.

Other enhancements have also been made, including access to financial planning advice for clients.

“What that allows is in the event of a claim a benefit is available for individuals which gives them a credit to apply for the services of a financial planner . . . They are now in a different situation, and they need advice because they are receiving a lump sum amount of benefits or income protection benefits, and at that time a lot of people don’t think about the fact that they need financial advice, but it is very important for them to do that. It’s just a way of encouraging them to do that,” Goss explained.

Other improvements include additional benefits to accident injury, future insurability and indexation limits.

The upgrades are effective immediately for current policyholders.

“Many of the new policies have already been sent out and we’re currently sending out the last set of upgraded documents,” Goss said.