Ten things you need to know about Zurich’s Life Risk Update


On May 15 Zurich announced a major revamp of its life insurance offering.

Here’s an outline of ten things you need to know about the changes that have been made.

1. ‘Best of breed’ offering to truly tailor your advice

This is our first major product update since acquiring the Macquarie Life risk business in October 2016, and the improvements we’ve made will deliver better quality cover, value for money and more flexibility. Zurich now offers the biggest on-sale range in the market, providing advisers with more choice than ever before.

We now offer advisers more ways to truly tailor their advice to the needs of their clients, with our on-sale range including our flagship Wealth protection offering, severity-based Active, and Sumo, our VIP offering for high net worth clients.

2. Enhanced flagship Wealth Protection suite

We’ve woven some of the best features of FutureWise into our relaunched flagship Wealth Protection suite. This helps us ensure as many Australians as possible have access to high quality life insurance protection.

3. Fresh approach to TPD and Super Optimiser

We’re taking a fresh approach to Total and Permanent Disablement (TPD), with four definitions available, the introduction of new non-occupation based assessment criteria to reduce reliance on traditional occupation assessments. We’ve also added a partial impairment benefit to enable disability to be measured on a sliding scale, and a more flexible super optimiser facility.

4. New ways to recommend Child cover and Business Expenses

Both Child Cover and Business Expenses will be available as standalone policies, with our Business Expense solution offering Key Person cover.

5. Improved trauma definitions

Under Zurich’s upgrade guarantee, improved trauma definitions are being passed back to all existing Wealth Protection customers, so they can be more confident that their cover is the most up-to-date available.

6. Simplified and more generous SmartValue bundling discount

We’ve made our SmartValue bundling discount even simpler, with broader eligibility making it easier for advisers to qualify, and more generous savings.

7. Quote and apply via ZXpress

Our quote and apply process has now been streamlined, with Wealth Protection being joined by Active and Sumo on our ZXpress quote and apply platform, available for download from our ZLife Portal. You’ll need to log off ZXpress and then back on, to update to new features and ensure the changes are applied.

8. ZLife mobile app – VIP service is now mobile

Caring for clients is now easier and truly mobile with our Zlife Mobile app for iOS and Android. As well as putting key client information at your fingertips, the app allows push notifications that can be tailored, and a VIP tagging function, allowing advisers to be more proactive in serving their most valued clients. You can download the app now.

9. Ordering new PDSs and more information

New Product Disclosure Statements are available for Wealth Protection, Active and Sumo, automatically accompanied by a new, single application form for all three products when you order PDSs, through ZLife.

As we transition to the new PDSs and Application form, we are able to accept old application forms (relating to previous PDSs) which were signed prior to 15 May, up to and including 14 June 2017. 

10. And the rest

We have also introduced stamp duty and commission changes with this update, taking the opportunity to simplify our commission, with commissions for new Active and Sumo policies aligned with the existing Zurich approach. A new Adviser Guide is also available. And we’re now charging applicable stamp duty rates on a state-by-state basis for all products, consistent with market treatment of stamp duty.

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