Zurich has made a number of changes to its protection proposition, including a reprice of its term assurance and critical illness cover.
The firm says the changes will provide advisers and their clients with wider choice and greater flexibility.
One of the most significant changes has been to offer different sums assured within the same plan. Consumers can now select critical illness at a lower level than the life cover also offered within the plan. Zurich says this will allow customers with limited budgets to protect their mortgage fully against the risk of death whilst retaining some element of critical illness cover.
Zurich has also repriced its term assurance and critical illness cover, in particular its integrated income protection benefit. This benefit can be selected alongside life cover, life and earlier critical illness cover and standalone critical illness cover. When purchased with either of the critical illness benefits the cost of the integrated income protection is up to 30% cheaper than when purchased with life cover.
Zurich has also increased its non-medical underwriting limits, to ease the underwriting process and speed time to issue, and increased the maximum sum assured for critical illness cover. The maximum for critical illness cover for both personal and business cover has been increased to £1.5m and £2m respectively. In addition, total and permanent disability (TPD) cover under Zurich’s critical illness cover is now available to intermediaries for cases on themselves on an ‘own occupation’ basis.
Peter Hamilton, Zurich UK Life’s protection management director, says: “Since the launch of our interactive underwriting service at the turn of the year, we’ve been delighted with the increased volume of protection business coming through to us and we’d like to thank intermediaries for the support they’ve given us.
“We’re on a journey of continuous improvement - we hope this latest range of changes demonstrates that.”
Zurich is now also offering customers free cover for whole life plans being used for IHT mitigation purposes. This facility ensures that if the customer was to die during the free cover period, a cash sum of up to £1m would be paid out. Should a customer undergo a change of health whilst the original application is being processed, the plan will be put in place without any change to the original terms.
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