What types of life insurance do Zurich offer?
Zurich offers a variety of life insurance types to suit your needs. At the start of your life insurance plan, you can choose between the following:
- Level cover
- Increasing cover
- Decreasing cover
Level cover means the amount of cover will remain the same throughout the policy, unless you choose to change it. The downside with this is that inflation can erode the real value over time.
Increasing cover means your cover amount increases in line with inflation. But it also means your payments will increase each year as well.
Decreasing cover, on the other hand, means your cover level reduces each year as the amount you owe on your mortgage declines. Zurich also lets you change the rate at which the cover level decreases at any time.
What benefits does Zurich life insurance include?
The Zurich Life Protection policy offers life insurance, critical illness cover and both types of cover together. The life cover element pays out a lump sum if you die as well as if you’re diagnosed with a terminal illness and have a life expectancy of less than 12 months.
You can also add further benefits to your policy at extra cost, with the benefits available depending on whether you have chosen life insurance, critical illness cover or both.
The Zurich Protection Plan means you can choose the amount of cover and how long you want it. The term for Zurich’s life insurance and critical illness cover is limited to between 1 and 5 years. While the life cover has a maximum length of 50 years, its 40 years for the critical illness cover.
Children’s benefit is available with Zurich’s critical illness cover. Zurich will pay the lower of £25,000 or 50% of the lump sum if your child is diagnosed with a critical illness during the policy term.
Some policies include Zurich’s milestone benefit, which means you won’t have to tell Zurich about changes in you circumstances when you want to increase the amount of cover on your policy provided this is done within 90 days of a significant event, including moving house, having a child or getting married.
Similarly, Zurich lets those with a joint policy cancel and start individual policies instead in the event of a separation, divorce of the dissolution of a civil partnership – it means you could enter into a new policy without having to give Zurich additional information about your personal circumstances.
Zurich offers a range of life insurance policies and types. Not all policies and types may be available through our website. Before buying life insurance we recommend you check the cover and benefits included.