Protection Guru has worked with Zurich to create a concise objective analysis of their product range.
Zurich in their own words
Zurich Critical Illness pays out a lump sum to your client if they’re diagnosed with one of the conditions covered by the policy. We offer your clients comprehensive protection and the flexibility to change their cover at any time to suit their personal circumstances. Your clients can easily change the sum assured, switch between Core and Select level of cover, as well as add or remove policy benefits such as children’s benefit, waiver of premium or multi-fracture cover. Where we can, we’ve also made it possible for you to make these changes on behalf of your client without going through underwriting.
Options to tailor cover to clients
When recommending critical illness, it is important that the needs of each individual client are recognised. Whether the client has budget constraints, wants to start or increase their family or would like to keep their options open with regard to how long they are covered for, Zurich’s critical illness cover can be tailored to meet their needs.
Where budget is a consideration, Zurich provide core critical illness which provides full cover for the conditions most commonly claimed on plus additional cover for carcinoma in situ of the breast and low grade prostate cancer. Zurich will pay 25% of the sum assured up to £25,000 for these two conditions.
For clients that want a comprehensive plan, Select critical illness covers them for more full payment conditions and additional payment conditions. Again for additional payment conditions, Zurich will pay the lesser of 25% of the sum assured and £25,000.
Children’s cover is provided as an optional add on and the cover provided will either be core or enhanced based on the level of cover the life assured has. Both will pay 50% of the sum assured to £25,000 for full payment conditions and 25% of the sum assured to £25,000 for additional payment conditions.
Zurich offer fracture cover as an optional add on. This provides a lump sum of between £2,000 and £6,000 if the client fractures one of their specified bones, has a specified dislocation or ruptures either their knee ligament or achilles tendon. Multiple payouts can be made in a policy year up to a combined maximum of £6,000.
Zurich automatically include coverage for 5 complications of pregnancy within their Select critical illness regardless of whether children’s cover is added or not. This provides a lump sum of £5,000 if one of the conditions occurs where the mother is below the age of 45.
If a renewal option is added to either the core or select critical illness plan, the client is able to extend their cover for up to the same term (policy limits apply) when the normal term ends without further underwriting.
Competetive Adult Cover
By providing both core and Select options, Zurich are competetive in both the comprehensive and low cost ends of the market. This is refelected in our independent panel of doctors’ analysis of how likely each plan is to pay a claim.
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Enhanced payments when something exceptional happens
Suffering from a critical illness at any time will have a major impact on a client or their child’s life. Suffering from a degenerative condition at a particularly young age could make a significantly bigger impact. Where a child suffers from a condition where better treatment or the only treatment is available overseas could also mean that the client has to make difficult decisions on how to fund this if they are able to fund this at all.
diagnosis at a young age
If the client has Select cover and is diagnosed and meets the definition of one of ten critical illnesses before the age of 50, Zurich will pay the lesser of 100% of the sum assured or £100,000 in addition to the amount that would normally be paid.
- Loss of hands or feet
- Loss of speech
- Motor Neurone Disease
- Paralysis of limbs
- Parkinson’s disease
- Parkinson Plus Syndrome’s
- Traumatic brain injury
Critical Illness during application
Once a critical illness need is identified and accepted by the client, it would be tragic if the client was diagnosed with a critical illness before the plan is put in place. Delays in getting plans in force can be for multiple reasons and whether that be the need to obtain medical evidence or aligning the start date with the start of a mortgage it will be reassuring to know that the client still has some cover in place.
Zurich are one of only three insurers that offer both free cover during underwriting and free cover during mortgage completion on the critical illness element of their plan.
For critical illness, Zurich will provide up to £150,000 of cover during the underwriting process, whilst for free cover during mortgage completion they will provide up to £350,000.
This cover is not for show either as Zurich paid a claim within 5 days of notification in January 2020 for a diagnosis of necrotising fasciitis during the underwriting process. (Read more here)
Support for children from birth to adulthood
If children’s cover is important to a client, then having cover from as early an age as possible for as long as possible will be particularly appealing. Where children’s benefit is included within a plan, Zurich will cover the life assured’s children and any subsequent children they have during the term of the plan for critical illness from birth through to age 22.
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Enhanced Cancer payments
Medical care abroad
Cover that can adapt to your clients’ life
As a clients life changes, so will their protection needs. Whether this is changes to the family, their living arrangements and debt related to this it is important that their critical illness plans keep track and remain suitable
Zurich’s critical illness plans enable advisers to change the level of cover the client has online without the need for paper applications and as such ensure that the client always has suitable cover in place for their specific needs at any given time.
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Claims Statistics H1 2020
Most common reasons for a claim
Emily was 43 years old and married with two children “made of fur”. She was diagnosed with cancer and fortunately doctors were able to remove the cancer before Emily found out. This video explains how being able to claim on her Zurich critical illness plan enabled her to focus on her mental and physical health following her diagnosis and not worry about her finances.
Glenn and his wife Janice run the Cherry Tree Home Bakery in Northern Ireland. In January 2019, during a routine check-up for the acid reflux, the doctors found something more serious, “Cancer”. Thankfully, Glenn had taken out a joint critical illness policy through Zurich with his mortgage 20 years ago to safeguard his family and the business. After his diagnosis, he was able to claim within days, it was accepted.
More than £100,000 paid for additional payment conditions in H1 2020
£575,000 in children's claims paid in H1 2020
Tools & Support
Zurich have created a range of tools to support advisers, their businesses and aid discussions with clients. The tools include:
- Medical evidence and BMI calculator
- Direct Debit collection date tool
Life Protection Platform Support
Zurich’s Life Protection Platform is hugely powerful and provides advisers with a huge amount of information. It gives advisers the ability to manage not only their new business pipeline but also their in force policies removing the need for paper forms. To help advisers navigate the platform and get the most from the system, Zurich have provided a range of videos and answers to their most frequently asked questions. These cover:
- Quote and Apply
- Underwriting decisions
- Issuing policies
- Policy servicing
Areas for improvement
- The amount paid for additional payment conditions is relatively low compared to some others in the market.
- We would like to see Zurich simplify their definitions more by amalgamating conditions where appropriate and even taking an impact based approach in certain areas.
Protection Guru has worked with Zurich to create a concise objective analysis of their product range. Zurich have had input to the design of this page and contributed to the cost of the construction and maintenance, however Protection Guru have maintained editorial control over the content to ensure objectivity.