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Zurich Life Insurance Review Australia

Russell Cain
Russell Cain Updated: 06 July 2020

Zurich Life Insurance is one of Australia’s leading life insurance companies, with their headquarters in North Sydney. Zurich Australia products include death cover, TPD, trauma cover, income protection and business expenses. Each product is designed to help you find the life insurance option best suited to your requirements, lifestyle and budget.

Zurich Wealth Protection products

Known as Zurich’s flagship product suite, Wealth Protection offers comprehensive life insurance policies, including:

Compare premiums, features and benefits before deciding whether they offer a policy that suits your requirements and budget.

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Zurich insurance Australia products

Zurich Insurance is a Swiss-based global insurance company that was founded in 1872 and has operated in Australia since 1920. For over 135 years, they have offered high-quality life risk, general insurance, and investment products to personal and corporate customers.

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Maximum CoverMaximum Entry AgeExpiry Age
Maximum Cover $1,000,000 Maximum Entry Age 64 Expiry Age No expiry age if policy remains in force Get Quotes

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Maximum Cover $1,500,000 Maximum Entry Age 64 Expiry Age No expiry age if policy remains in force Get Quotes

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Maximum Cover $1,500,000 Maximum Entry Age 69 Expiry Age 99 Get Quotes

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Zurich provides four main life insurance products, including:

Take note: Futurewise, Active, and Sumo products were all sold via Macquarie policies, which has now come across the Zurich following the acquisition. The Futurewise product is closed for new business, but current policies remain in place, however, they are not available for increases.

Review the relevant Zurich Product Disclosure Statement (PDS) for the specific product you are interested in.Zurich Wealth Protection policie

Zurich Wealth Protection policies

Be sure to read the Wealth Protection PDS for clarification on cover amounts and which benefits can for free and which requires an extra fee.

Zurich Protection Plus

Protection Plus is a flexible package, which you can create yourself by choosing any combination of Death cover, TPD (total and permanent disablement), and Trauma insurance. Each of these policies includes built-in benefits and optional extras that you can purchase for an additional fee.

Death Cover

A lump sum will be paid to your nominated beneficiaries if you, as the life insured, die or are diagnosed with a terminal illness as specified by Zurich. This lump sum can be used by your loved ones to help meet household expenses, pay any outstanding bills, and generally maintain their current lifestyle.

Advancement for funeral expenses

Up to $15,000 will generally be paid, from your death benefit to your beneficiaries, which can be used to pay for funeral expenses, once a valid death certificate has been provided.

Accidental injury benefit

Either 25% of your Death cover or $500,000 (whichever is less) will be paid if you lose the use of a hand, foot, or one eye due to an accident. 100% of your Death cover, up to $2 million, will be paid should you lose the use of either hand, or both feet, or both eyes, or any combination of these.

Premium waiver option

If you become disabled and can’t work, prior to turning 70 years old, then this optional benefit waives your premiums for the period of disablement. You can add this to your policy for an additional fee.

Buyback death option

If you have combined Death and TPD cover and have claimed for a TPD benefit, then you have the options of having your Death cover reinstated 12 months after the TPD benefit was paid. You can purchase this benefit for an additional fee.

Key exclusion of death cover

A claim, generally, won’t be paid if your death results from suicide within 13 months of your policy commencing or being reinstated.

TPD Cover

Zurich offers you two options when it comes to their total and permanent disability cover:

  1. Platinum TPD
  2. Essential TPD

Both will pay out the TPD benefit if you become totally and permanently disabled, however, the Platinum option also includes a Partial impairment benefit. This benefit pays out 40% or 65% of the TPD benefit, depending on the level of cover you choose, when you suffer from functional impairment of 2 or 3 activities that you perform in your daily life, like feeding and bathing yourself.

TPD advancement benefit

25% of the TPD benefit, up to $500,000, will be paid if you suffer a partial loss of a limb or partial loss of sight.

Double TPD option

If you choose to take out TPD together with Trauma cover.

Premium waiver option

This optional benefit can be added to your policy for an additional fee. Should you become disabled and can’t work, then you won’t have to pay your premiums during the period of disablement.

A key exclusion

Your claim won’t be paid if your disablement was due to an intentional, self-inflicted act or attempted suicide.

Trauma Cover

Trauma cover pays out a lump sum if you suffer from one of the specified trauma conditions listed in the Zurich PDS. You have a choice between Platinum Trauma and Extended Trauma, depending on the level of cover you want.

Generally, the main difference between Platinum and Extended is the level of cover that you will receive when you lodge a claim.

Trauma benefit

A lump is paid if you’re diagnosed with a condition as specified by Zurich Australia. There are 38 specified conditions, including deafness, advanced diabetes, blindness, heart attack, multiple sclerosis, and Parkinson’s disease.

Partial trauma benefit

Pays out a partial benefit for some conditions if you’ve selected to include this benefit in your policy. This benefit applies if your trauma benefit amount is $100,000 or more and you have been diagnosed with one of the 12 conditions listed in the PDS, for example, Type 1 diabetes and early-stage melanoma.

Paralysis booster benefit

Pays out 200% of the trauma benefit if you’re diagnosed with diplegia (a form of cerebral palsy), hemiplegia, paraplegia, or quadriplegia.

Funeral benefit

Your beneficiaries will, generally, receive $5,000 to pay for your funeral expenses if you die and don’t have Death cover.

Trauma reinstatement option

If you have Trauma cover, then your policy could be reinstated 12 months after a trauma benefit has been paid.

Double trauma option

If you chose to combine your Trauma and Death cover and you’ve claimed for a trauma benefit, your Death cover could be reinstated 14 days after the payment has been made.

Premium waiver option

You can purchase this optional benefit so that should you become disabled and can’t work, then you won’t have to pay premiums for the period of disablement.

Key exclusions

Usually a trauma claim won’t be paid if the claim results from an intentional, self-inflicted injury or attempted suicide. Additionally, certain trauma conditions might not be claimed for if the condition arises within the first 90 days of your policy commencing or being reinstated.

Child Cover

If you’ve added this additional option onto your policy and your child is diagnosed with a critical illness Zurich Child cover will provide a lump sum payment which could be used to cover additional expenses and help you are your partner take time off work to care for your child.

There are 18 conditions which you can claim for, including bacterial meningitis, major head trauma, severe burns, deafness, and major organ transplant.

Children between the age of 2 and15 can be covered by this policy and once the child turns 15, the policy can be converted to an adult policy, without any more health evidence required.

Injury advancement benefit

$10,000 will be paid in advance if your child loses a single limb or eye or suffers a severe accident or illness and needs intensive care.

Carer benefit

If you have chosen a policy worth $200,000 or more, you will receive $5,000 per month for up to 3 months if you or your partner stop working to care for the child who is seriously ill – but not suffering from a specified condition. This is an optional paid for option.

Key exclusions

Any claims that arise from an intentional, self-inflicted act or suicide attempt by the child within the first 13 months of your policy commencing or being reinstated. Additionally, no claim will be paid if the policyholder or another beneficiary intentionally injured the child.

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Zurich Income Protector

Protects you against a loss of income if you’re unable to work due to sickness or injury for a specified period of time. Provides a monthly benefit, generally up to 75% of your pre-tax income, which you can use to pay your bills, mortgage, and generally support your family.

Confined to Bed benefit

If you’re disabled and confined to bed for more than 2 days, you’ll usually receive benefits right away during the waiting period (max 180 days). This benefit is automatically included with Income Protector Plus.

Funeral benefit

If you die, then your beneficiaries will receive up to 4 times the monthly insured benefit to help with your final expenses. This benefit is included with both levels of cover at no additional cost to you.

Waiver of premium

This feature of your policy means that you won’t pay premiums while your claim is being paid to you.

Recurrent disability

There are no waiting periods if your qualifying disability recurs from a related cause within 12 months.

Family Care option

You can purchase this option to ensure that benefits are still paid to your surviving partner for up to 5 years should you die while your claim is being paid.

Key exclusions

No benefit will be paid for any period while you are in jail, and no benefit will be paid for a disability due to elective or donor transplant surgery unless these actions took place 6 months after commencement or reinstatement date.

Business Expenses Cover

If you own and run your own business and are unable to work for a specified period of time due to an illness or injury, then business expenses cover is a product worth looking into.

Zurich Business Expenses insurance pays out a monthly benefit to reimburse up to 100% of qualifying business expenses, like rent, rates, or electricity, or to reimburse up to 75% of key person replacement costs.

A key person replacement cost is simply what a business would have to pay to replace an insured key person in the business. You’ll be able to choose which benefit type you want to be paid out for when you apply for this policy.

Discounts from Zurich life

Zurich offers several loyalty discounts with their policies, particularly through the Protection Plus product range. For instance, if you purchase more than one Zurich Protection Plus policy, you’ll only pay one management fee instead of paying the management fee for each policy.

Multi-policy discount: Generally, you’ll receive a discount when you purchase more than one Protection Plus policy type. This discount applies whether you combine your policies or have multiple stand-alone policies.

Family discount: You’ll save on your premiums when one or more members of your family purchase a Zurich Protector Plus policy or one multi-life policy. The more family members involved, the more you save.

How to lodge a Zurich insurance claim?

You can lodge a Zurich claim by following these 3 steps:

  1. Contact Zurich Australia Customer Care as soon as possible.
  2. The Customer Care team will provide you with all relevant claims form.
  3. Complete, sign, and return the claims forms and any additional requested documentation to Zurich via the email address or postal address provided.

Alternatively, you can access the claims forms on their website and follow their suggested steps to lodging the claim.

Frequently asked questions

  • What is Ezicover life insurance?

    Ezicover life insurance is an award-winning life coverage option from Zurich which pays out a lump sum between $50,000 and $1.5 million to your beneficiaries in the event of your death.

    Generally, you don’t need to undergo a medical exam to apply for Ezicover life insurance, so the application process is generally fast and easy.

    Key features of Ezicover life insurance:
    • Worldwide
    • Funeral advancement benefit of up to $15,000.
    • Receive a 10% discount when you cover a second life and both applications are submitted at the same time.
    • Typically, your first month’s cover is free.
  • Why did ANZ sell its life insurance company to Zurich?

    ANZ reportedly decided to sell their life insurance company OnePath in order to more effectively distribute life insurance products. Zurich has bought ANZ life for $2.85 billion, although the sale is still subject to regulations and approvals.

    The deal is expected to be completed in late 2018 and includes a 20-year agreement which will see both companies working together to develop a truly exceptional life insurer in Australia.

    This deal builds on Zurich’s acquisition of Macquarie’s life insurance company and is expected to reinforce their commitment to the Australian market.
  • What happens to my Macquarie life insurance policy?

    On 4 March 2016, Zurich Life expanded its life insurance business in Australia by purchasing Macquarie Life’s risk business. This deal was said to deliver approximately 4% more market share and was concluded on 1 October 2016.

    If you are Macquarie life insurance policyholder and are concerned about what will happen to your Macquarie life insurance policy following the takeover o by Zurich Life, then you will be glad to know that your contract will remain intact and will be honoured by Zurich. Meaning, all the terms and conditions of your coverage will stay the same as it was prior to the agreement between Zurich and Macquarie.

    Another significant change that took place following the completion of the deal was that Zurich FutureWise has been closed to new customers as of 31 July 2017. However, Zurich was quick to confirm that many of the features which customers enjoyed about FutureWise would be available through their Wealth Protection offering.
  • How can I get a Zurich life insurance quote?

    Getting a Zurich life insurance quote is easy, especially now that you’ve done your research and know more about the products offered. Simply fill in the quote form above to compare premiums, features and benefits side-by-side from the comfort of your computer.

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