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The purpose of both TPD and Income Protection is to replace customers' short and long-term income whilst being able to focus on their health journey and adjust to the changing circumstances they face.
TPD also helps to cover the additional costs our claimants incur because of their disability, which can vary in size depending on the severity of the condition.
This can make all the difference when the rubber hits the road. The resilience of our claimants has been inspiring, and their unique journeys to better health have always been supported collectively by you, us, their support networks and of course their medical professionals.
Please watch a video update from Kieran Forde who details the challenges and opportunities with TPD in an evolving market.
We must continually review our premiums to ensure they fairly reflect the claims experience of that portfolio and reflect the true cost of providing that valuable protection. To ensure the offerings' sustainability, we need to increase the price of our TPD policies and legacy IP policies for existing customers.
These increases are in addition to age and CPI increases. These updates will not apply for any policies within their two-year rate lock until the end of the rate lock.
In addition to these changes there will also be a reshape in rates for new business quoted after the 24th of February 2024.
We will be removing the management fee on all Wealth Protection policies quoted after 24th of February 2024.
Changes to premium rates will be effective from 24th of February 2024.
This means that renewal notices going out from this date will include the new higher rates and customers will need to pay the new higher premiums from their first policy anniversary 42 days after 24th of February 2024, or if they make an alteration on their policy after 24th of February 2024.
If a quote has been produced before 24th of February 2024, this can be honoured for 60 days from the quote date or until renewal (whichever is first).
Policy alteration quote requests before 24th of February 2024, but quote is provided after – New rates will apply.
We have curated global thought leadership for you to read. Please take a look.
Health is a journey that’s always changing. No matter how life evolves for the people we insure, they can count on us to support them every step of the way.
These two customers recognise the value of insurance and understand how vital it is to financial security. However, cost of living pressures are a concern. Explore how they can make insurance more affordable.
Changes to premium rates will be effective from 24th of February 2024
This means that renewal notices going out from this date will include the new higher rates and customers will need to pay the new higher premiums from their first policy anniversary 42 days after 24th of February 2024, or if they make an alteration on their policy after 24th of February 2024.
The cost of care whitepaper brings together detailed research across the broad spectrum of injury and disease. The research is designed to help financial advisers better understand the underlying costs that may be incurred and the prevalence of various common illnesses and conditions in Australia today.
In 2022 Zurich Retail life paid more than $390 million in life insurance claims to 2,797 customers, which gives you the confidence that if things go wrong, we will be there.
Changes to premium rates will be effective from 24th of February 2024
This means that renewal notices going out from this date will include the new higher rates and customers will need to pay the new higher premiums from their first policy anniversary 42 days after 24th of February 2024, or if they make an alteration on their policy after 24th of February 2024.
The cost of care whitepaper brings together detailed research across the broad spectrum of injury and disease. The research is designed to help financial advisers better understand the underlying costs that may be incurred and the prevalence of various common illnesses and conditions in Australia today.
In 2022 Zurich Retail life paid more than $390 million in life insurance claims to 2,797 customers, which gives you the confidence that if things go wrong, we will be there.
