Zurich Financial Services Australia (Zurich) has announced the launch of a new, industry-first Total and Permanent Disability (TPD) offering designed specifically to cover ongoing care requirements in the event of a severe accident or illness.

TPD cover provides a lump sum payment if an individual becomes totally and permanently disabled and is unable to work. 

Zurich’s new ‘Continuous Care’ option allows for a more tailored TPD solution by providing specific cover in the event of more severe accident or illness that requires ongoing support from a carer – whether provided by a professional or a family member – and/or modification of an individual’s home or vehicle.

‘Continuous Care’ is designed to improve the affordability of traditional TPD products by allowing individuals to better structure their cover to meet their financial needs.

Jacqui Lennon, Head of Retail at Zurich said: “Advancements in modern medicine, paired with significant changes to the makeup of Australia’s workforce, have led to almost 80 per cent of Zurich TPD claims* not requiring ongoing, continuous care.”

“This landscape shift, paired with cost-of-living pressures, has created the need for a modern TPD solution that provides customers with more control over the structure and affordability of their cover,” Ms Lennon said.

The launch of ‘Continuous Care’ comes as part of a broader suite of changes to TPD and Income Protection products across the Zurich and OnePath brands, including: changes to assessment periods; improved rehabilitation offerings; and simplification of definitions and premium labels.

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