Zurich introduces second improvement package for insurance
Zurich Financial Services Australia has released a number of improvements to its life risk policies, taking into account a client’s previous 24-month income history when they make a claim for indemnity income benefits.
Zurich also improved a number of its trauma definitions, paying a full benefit for those diagnosed at the lowest category of T1, when there is medical intervention, and provided customers with a simpler application process and easier access to benefits for life insurance.
This is Zurich’s second improvement package for its insurance policies this year.
Zurich has also introduced a two-pronged definition for income products, allowing the insurer to be assessed for loss of income and duties measure, and reduced the number of required medical checks as part of the application process for insurance.
Marc Fabris, Zurich strategic marketing manager, life risk, said Zurich has heard the requests of advisers for a simpler application process, simpler eligibility criteria and simpler access to benefits.
AUTHOR
Benjamin Levy
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
