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October 1 Product Updates

Adviser Information Hub

Everything you need to know about our product changes from 1 October, 2024

We’ve created this ‘Information Hub’ as a one-stop knowledge and resource centre to help you understand the changes we have implemented to our products from 1st October.

Excitingly, included in these changes is the introduction of a new optional Total and Permanent Disability (TPD) option called ‘Continuous Care’.

These changes are designed to better meet customer needs, add more flexibility and improve the premium efficiency of your protection solutions for both new and existing customers. The changes are set out below:

TPD cover remains crucial in financially protecting modern Australians and their families in the event of a life-changing disability.

Zurich now has a solution that allows you to tailor TPD protection to be more; aligned to client needs, affordable, and fit for purpose by including our new Continuous Care option for new or existing TPD policies.

Find out everything you need to know about Continuous Care Option

Zurich Wealth Protection PDS I The Adviser Guide

For our customers with a 5 year benefit period income protection policy, we have extended our assessment period under the ‘own occupation’ definition to 5 years, giving them more certainty to take the time to recover. This only applies to customers with 30, 60 or 90 day waiting period.

Existing assessment period

New assessment period

2 years - Own Occupation

Followed by 3 years – Any occupation

Increased to 5 years – Own Occupation

Applies to: Zurich Wealth Protection and Active – New & existing policy holders of Zurich Income Safeguard (existing policy holders since 27 September 2021)

Zurich Wealth Protection PDS I Zurich Active PDS I The Adviser Guide

After an extensive review with our medical experts, we have changed our Trauma medical definitions.

What has changed

The benefit

Changes to Trauma Definitions;

Added definition covering Parkinson-Plus Syndrome

Better alignment of trauma definitions with customer needs and medical practices.

Applies to: Zurich Wealth Protection and Active – New policy holders and some upgrades for existing policy holders

Zurich Wealth Protection PDS I Zurich Active PDS I The Adviser Guide

To ensure our premium labels and more aligned with the nature of premiums, we have changed the names to be consistent with the industry.

Existing labels	New labels
Stepped	Variable age-stepped
Level	Variable

Applies to: Zurich Wealth Protection and Active – New & existing policy holders

Zurich Wealth Protection PDS I Zurich Active PDS I The Adviser Guide

Together with our new product changes we have made changes to our new business pricing, representing, on average, more value for money. Pricing continues to reflect multi-policy benefits through Smart Value discounts when Lump Sum and Income Protection is taken together.

The new rates will automatically apply when quoting new business through the Zurich Adviser Portal from 1 October 2024.

Zurich Wealth Protection PDS I Zurich Active PDS I The Adviser Guide

The new Wealth Protection and Active PDS terms applies to applications submitted from 1 October 2024. Any applications submitted prior to this will remain on the previous PDS terms, plus any upgrades which will be communicated to customers and available on our website.

New pricing applies to quotes from 1 October 2024, including any quotes that have not yet been submitted. Existing customers and new business applications that have been submitted prior to 1 Oct 2024 will not be impacted by the pricing changes.

Any quotes generated from the Zurich Adviser Portal prior to 1 October 2024, and saved will be honoured for a maximum of 60 days from the date of the quote.

Zurich Wealth Protection PDS I Zurich Active PDS I The Adviser Guide