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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
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
We know that getting back to work after a serious injury or illness can be challenging. We're here to partner with claimants and their healthcare professionals, to find the right support service for them.
What has changed |
The benefit |
We currently pay a maximum amount of 12 times the insured monthly benefit for participating in a reasonable rehabilitation or retraining program that will improve the life insured’s ability to return to work. We have increased this by another 12 months, bringing the maximum payable under this feature to 24 times the monthly benefit. |
Helping our customers achieve their recovery and work goals. |
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
The coverage for inability to perform Extended Activities of Daily Living has been simplified.
What has changed |
The benefit |
Removal of partially unable to do in the scoring method for self-care, communication, physical activity, sensory function, hand functions, advanced functions |
Clearer understanding of what meets the extended activities of daily living criteria. |
Applies to: Zurich Wealth Protection and Active – New 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