Zurich Financial Services Australia has introduced an income protection product that provides cover for people who plan to work up until the age of 70.
The ‘genuine’ cover policy comes into play any time a successful claim is made up until the age of 70, as distinct from some policies which may continue up until the age of 70 but only if the claim was made prior to the age of 65, according to Phil Kewin, head of sales for life risk at Zurich.
“We know that Australians are working for much longer and now seek the reassurance of extended income protection cover. Traditionally, income protection policies have expired at age 65, leaving those who rely on an extended working life out in the cold when serious illness or injury occur,” he said.
As well as the existing ‘loss of income’ and ‘inability to perform a duty of the job’ criteria, Zurich have added a 10-hour rule allowing a person to continue working up to 10 hours per week without diminishing their claim benefit, Kewin said.
Zurich said it was one of only two insurers to offer income protection with an ‘age 55’ benefit option, meaning policy holders could choose ages 55, 60, 65 or 70, or benefit periods of two or five years.
